The JPMorgan Chase & Co. lowers the Stock rating of Gerdau SA (GGB)

The JPMorgan Chase & Co. lowers the Stock rating of Gerdau SA (GGB)

Gerdau SA (NYSE:GGB) was downgraded by JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a note issued to investors on Monday.

Several other analysts have also recently issued reports on the company. Zacks Investment Research cut Gerdau SA from a “buy” rating to a “hold” rating in a report on Friday, September 9th. Morgan Stanley raised Gerdau SA from an “equal weight” rating to an “overweight” rating in a report on Thursday, August 18th. Finally, Credit Suisse Group AG raised Gerdau SA from a “neutral” rating to an “outperform” rating in a report on Thursday, August 4th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $3.00.

Shares of Gerdau SA (NYSE:GGB) opened at 2.91 on Monday. The company’s market capitalization is $5.00 billion. The stock has a 50 day moving average of $2.77 and a 200-day moving average of $2.21. Gerdau SA has a 1-year low of $0.79 and a 1-year high of $3.19.

The business also recently declared a dividend, which was paid on Monday, September 12th. Investors of record on Thursday, August 25th were issued a dividend of $0.008 per share. The ex-dividend date was Tuesday, August 23rd. Gerdau SA’s payout ratio is presently -2.53%.

A number of hedge funds have recently added to or reduced their stakes in GGB. JPMorgan Chase & Co. raised its stake in Gerdau SA by 79.9% in the first quarter. JPMorgan Chase & Co. now owns 3,517,677 shares of the company’s stock valued at $6,261,000 after buying an additional 1,562,278 shares during the last quarter. Edmond DE Rothschild Holding S.A. raised its stake in Gerdau SA by 485.6% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 263,500 shares of the company’s stock valued at $469,000 after buying an additional 218,500 shares during the last quarter. Wellington Management Group LLP bought a new stake in Gerdau SA during the first quarter valued at $19,937,000. Renaissance Technologies LLC raised its stake in Gerdau SA by 62.5% in the first quarter. Renaissance Technologies LLC now owns 9,796,599 shares of the company’s stock valued at $17,438,000 after buying an additional 3,768,699 shares during the last quarter. Finally, AMP Capital Investors Ltd raised its stake in Gerdau SA by 70.1% in the first quarter. AMP Capital Investors Ltd now owns 139,032 shares of the company’s stock valued at $253,000 after buying an additional 57,300 shares during the last quarter. Institutional investors own 6.08% of the company’s stock.

About Gerdau SA

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