Gerdau (NYSE:GGB – Get Free Report) was upgraded by analysts at Bank of America from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Friday, Marketbeat.com reports. The brokerage presently has a $5.00 price target on the basic materials company’s stock, up from their previous price target of $4.50. Bank of America‘s price objective points to a potential upside of 38.89% from the stock’s current price.
Separately, JPMorgan Chase & Co. raised shares of Gerdau from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $4.17 to $5.00 in a research note on Monday, April 15th.
Get Our Latest Analysis on Gerdau
Gerdau Stock Performance
Shares of Gerdau stock opened at $3.60 on Friday. The company has a market cap of $7.59 billion, a PE ratio of 5.92 and a beta of 1.74. The business has a 50 day moving average price of $3.58 and a 200-day moving average price of $3.69. Gerdau has a 52 week low of $3.42 and a 52 week high of $5.13. The company has a quick ratio of 1.29, a current ratio of 2.79 and a debt-to-equity ratio of 0.20.
Gerdau (NYSE:GGB – Get Free Report) last posted its quarterly earnings data on Friday, May 3rd. The basic materials company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.09 by $0.03. Gerdau had a return on equity of 11.04% and a net margin of 9.57%. The business had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.22 billion. Equities analysts anticipate that Gerdau will post 0.48 earnings per share for the current fiscal year.
Institutional Trading of Gerdau
A number of hedge funds have recently bought and sold shares of the company. Blue Trust Inc. increased its stake in Gerdau by 175.0% in the 4th quarter. Blue Trust Inc. now owns 8,074 shares of the basic materials company’s stock worth $39,000 after buying an additional 5,138 shares in the last quarter. Ballentine Partners LLC bought a new stake in shares of Gerdau in the 1st quarter worth about $44,000. Systematic Alpha Investments LLC bought a new position in shares of Gerdau during the third quarter valued at approximately $46,000. Prosperity Consulting Group LLC bought a new position in shares of Gerdau during the first quarter valued at approximately $53,000. Finally, KCM Investment Advisors LLC purchased a new stake in shares of Gerdau in the first quarter worth approximately $54,000. Hedge funds and other institutional investors own 1.49% of the company’s stock.
About Gerdau
Gerdau SA, together with its subsidiaries, operates as a steel producer company. The company operates through Brazil Business, North America Business, South America Business, and Special Steel Business segments. It also 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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Source: defenseworld.net
