IPG Investment Advisors LLC boosted its stake in shares of Gerdau S.A. (NYSE:GGB) by 2.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 58,500 shares of the basic materials company’s stock after buying an additional 1,500 shares during the period. IPG Investment Advisors LLC’s holdings in Gerdau were worth $178,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Strs Ohio increased its stake in shares of Gerdau by 50.0% in the second quarter. Strs Ohio now owns 144,000 shares of the basic materials company’s stock valued at $439,000 after buying an additional 48,000 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Gerdau by 7.6% in the second quarter. Russell Investments Group Ltd. now owns 4,664,486 shares of the basic materials company’s stock worth $14,227,000 after buying an additional 331,440 shares in the last quarter. Aperio Group LLC raised its position in shares of Gerdau by 38.4% in the second quarter. Aperio Group LLC now owns 116,078 shares of the basic materials company’s stock worth $354,000 after buying an additional 32,213 shares in the last quarter. Credit Suisse AG raised its position in shares of Gerdau by 22.0% in the first quarter. Credit Suisse AG now owns 3,295,645 shares of the basic materials company’s stock worth $11,370,000 after buying an additional 594,247 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of Gerdau by 118.9% in the first quarter. Bank of America Corp DE now owns 5,409,654 shares of the basic materials company’s stock worth $18,663,000 after buying an additional 2,938,567 shares in the last quarter. 5.04% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Gerdau S.A. (GGB) opened at 3.52 on Friday. The company has a 50-day moving average of $3.39 and a 200 day moving average of $3.38. Gerdau S.A. has a 12-month low of $2.47 and a 12-month high of $4.39. The firm’s market cap is $6.02 billion.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Thursday, August 24th will be paid a $0.005 dividend. This represents a $0.02 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date is Tuesday, August 22nd.
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GGB has been the topic of a number of research reports. Zacks Investment Research raised shares of Gerdau from a “hold” rating to a “buy” rating and set a $3.25 target price on the stock in a research note on Tuesday, June 27th. BidaskClub upgraded shares of Gerdau from a “hold” rating to a “buy” rating in a report on Tuesday, July 11th. Finally, Scotiabank upgraded shares of Gerdau from an “underperform” rating to a “sector perform” rating in a report on Friday, June 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. Gerdau presently has a consensus rating of “Hold” and an average target price of $4.00.
Gerdau SA (Gerdau) is a manufacturer of long steel in the North and South America. The Company is engaged in the production and commercialization of steel products in general, through its mills located in Argentina, Brazil, Canada, Chile, Colombia, Spain, the United States, Guatemala, India, Mexico, Peru, the Dominican Republic, Uruguay and Venezuela.
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