Gerdau (NYSE:GGB) Shares Gap Down – Here’s What Happened

Gerdau S.A. (NYSE:GGB)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $3.41, but opened at $3.33. Gerdau shares last traded at $3.36, with a volume of 1,185,116 shares changing hands.

Gerdau Stock Performance

The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.53 and a current ratio of 2.98. The stock’s 50-day simple moving average is $3.34 and its two-hundred day simple moving average is $3.33. The stock has a market cap of $7.01 billion, a price-to-earnings ratio of 7.44 and a beta of 1.75.

Gerdau Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Thursday, November 21st will be given a $0.0528 dividend. This is an increase from Gerdau’s previous quarterly dividend of $0.00. This represents a $0.21 annualized dividend and a yield of 6.27%. The ex-dividend date of this dividend is Thursday, November 21st. Gerdau’s payout ratio is currently 43.64%.

Institutional Investors Weigh In On Gerdau

Hedge funds have recently modified their holdings of the business. Blue Trust Inc. raised its stake in Gerdau by 132.8% during the 3rd quarter. Blue Trust Inc. now owns 8,681 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 4,952 shares during the last quarter. Rehmann Capital Advisory Group acquired a new position in shares of Gerdau during the third quarter valued at about $37,000. Insight 2811 Inc. bought a new stake in shares of Gerdau in the second quarter valued at about $36,000. HighTower Advisors LLC acquired a new stake in Gerdau during the third quarter worth about $38,000. Finally, Wedbush Securities Inc. acquired a new stake in Gerdau during the second quarter worth about $38,000. 1.49% of the stock is owned by institutional investors.

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.