Today, BNP Paribas Arbitrage SA Sold shares of Gerdau SA (GGB)

Today, BNP Paribas Arbitrage SA Sold shares of Gerdau SA (GGB)

BNP Paribas Arbitrage SA decreased its position in shares of Gerdau SA (NYSE:GGB) by 26.3% during the third quarter, Holdings Channel reports. The institutional investor owned 1,409,790 shares of the company’s stock after selling 503,500 shares during the period. BNP Paribas Arbitrage SA’s holdings in Gerdau SA were worth $3,835,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Itau Unibanco Holding S.A. purchased a new stake in Gerdau SA during the second quarter worth $1,210,000. Jane Street Group LLC raised its stake in shares of Gerdau SA by 11.9% in the second quarter. Jane Street Group LLC now owns 938,789 shares of the company’s stock worth $1,708,000 after buying an additional 99,609 shares in the last quarter. Barclays PLC raised its stake in shares of Gerdau SA by 60.6% in the second quarter. Barclays PLC now owns 484,221 shares of the company’s stock worth $881,000 after buying an additional 182,800 shares in the last quarter. Parametric Portfolio Associates LLC raised its stake in shares of Gerdau SA by 27.3% in the second quarter. Parametric Portfolio Associates LLC now owns 6,892,034 shares of the company’s stock worth $12,544,000 after buying an additional 1,478,508 shares in the last quarter. Finally, Oaktree Capital Management LP raised its stake in shares of Gerdau SA by 8.0% in the second quarter. Oaktree Capital Management LP now owns 9,501,727 shares of the company’s stock worth $16,913,000 after buying an additional 699,822 shares in the last quarter. Institutional investors and hedge funds own 6.41% of the company’s stock.

Gerdau SA (NYSE:GGB) traded up 3.63% during trading on Monday, hitting $4.28. 7,034,473 shares of the company were exchanged. The stock’s market capitalization is $7.31 billion. Gerdau SA has a 1-year low of $0.79 and a 1-year high of $4.30. The firm’s 50 day moving average price is $3.42 and its 200-day moving average price is $2.54.

The firm also recently announced a dividend, which will be paid on Thursday, December 8th. Shareholders of record on Friday, November 25th will be given a dividend of $0.005 per share. The ex-dividend date is Tuesday, November 22nd. Gerdau SA’s dividend payout ratio (DPR) is -2.27%.

GGB has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lowered shares of Gerdau SA from an “overweight” rating to a “neutral” rating in a research note on Monday, October 10th. Scotiabank lowered shares of Gerdau SA from a “sector perform” rating to an “underperform” rating in a research note on Tuesday, October 25th. Zacks Investment Research lowered shares of Gerdau SA from a “buy” rating to a “hold” rating in a research note on Friday, September 9th. Morgan Stanley upgraded shares of Gerdau SA from an “equal weight” rating to an “overweight” rating in a research note on Thursday, August 18th. Finally, Credit Suisse Group AG upgraded shares of Gerdau SA from a “neutral” rating to an “outperform” rating in a research note on Thursday, August 4th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. Gerdau SA has a consensus rating of “Hold” and a consensus target price of $3.00.

About Gerdau SA

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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