US Bancorp DE lowered its position in shares of Gerdau S.A. (NYSE:GGB – Free Report) by 79.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 59,405 shares of the basic materials company’s stock after selling 235,163 shares during the quarter. US Bancorp DE’s holdings in Gerdau were worth $293,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Russell Investments Group Ltd. raised its position in shares of Gerdau by 11.1% during the first quarter. Russell Investments Group Ltd. now owns 3,001,375 shares of the basic materials company’s stock worth $14,847,000 after acquiring an additional 300,638 shares during the last quarter. Personal CFO Solutions LLC raised its position in shares of Gerdau by 9.9% during the first quarter. Personal CFO Solutions LLC now owns 32,681 shares of the basic materials company’s stock worth $161,000 after acquiring an additional 2,939 shares during the last quarter. Wrapmanager Inc. raised its position in shares of Gerdau by 13.3% during the first quarter. Wrapmanager Inc. now owns 30,182 shares of the basic materials company’s stock worth $149,000 after acquiring an additional 3,534 shares during the last quarter. Metis Global Partners LLC raised its position in shares of Gerdau by 4.7% during the first quarter. Metis Global Partners LLC now owns 115,771 shares of the basic materials company’s stock worth $571,000 after acquiring an additional 5,202 shares during the last quarter. Finally, Donoghue Forlines LLC raised its position in shares of Gerdau by 6.0% during the first quarter. Donoghue Forlines LLC now owns 94,562 shares of the basic materials company’s stock worth $466,000 after acquiring an additional 5,331 shares during the last quarter. Institutional investors own 2.64% of the company’s stock.
Gerdau Stock Up 2.4 %
NYSE:GGB opened at $5.16 on Tuesday. Gerdau S.A. has a 1 year low of $4.09 and a 1 year high of $6.34. The company has a current ratio of 2.94, a quick ratio of 1.29 and a debt-to-equity ratio of 0.22. The stock has a market cap of $9.07 billion, a price-to-earnings ratio of 4.63 and a beta of 1.61. The stock has a 50-day moving average price of $5.44 and a two-hundred day moving average price of $5.15.
Gerdau Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 6th. Shareholders of record on Tuesday, August 22nd will be paid a $0.0878 dividend. This represents a $0.35 dividend on an annualized basis and a yield of 6.81%. This is a boost from Gerdau’s previous quarterly dividend of $0.00. The ex-dividend date of this dividend is Monday, August 21st. Gerdau’s payout ratio is presently 46.69%.
Wall Street Analysts Forecast Growth
Separately, Scotiabank cut Gerdau from an “outperform” rating to a “sector perform” rating in a research note on Friday, July 21st.
Get Our Latest Report on Gerdau
Gerdau Profile
Gerdau SA, together with its subsidiaries, operates as a steel producer company. It operates through Brazil Business, North America Business, South America Business, and Special Steel Business divisions. The company provides semi-finished products, including billets, blooms, and slabs; common long rolled products, such as rebars, wire rods, merchant bars, light shapes, and profiles to the construction and manufacturing industries; drawn products comprising barbed and barbless fence wires, galvanized wires, fences, concrete reinforcing wire mesh, nails, and clamps for manufacturing, construction, and agricultural industries; and special steel products used in auto parts, light and heavy vehicles, and agricultural machinery, as well as in the oil and gas, wind energy, machinery and equipment, mining and rail, and other markets.
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