Gerdau (NYSE:GGB) Shares Down 4.2% – Here’s What Happened

Gerdau S.A. (NYSE:GGB)’s share price dropped 4.2% on Wednesday . The stock traded as low as $3.17 and last traded at $3.17. Approximately 4,484,656 shares were traded during trading, a decline of 48% from the average daily volume of 8,603,465 shares. The stock had previously closed at $3.31.

Gerdau Price Performance

The business has a fifty day simple moving average of $3.32 and a two-hundred day simple moving average of $3.29. The company has a current ratio of 2.98, a quick ratio of 1.53 and a debt-to-equity ratio of 0.21. The stock has a market cap of $6.47 billion, a PE ratio of 6.79 and a beta of 1.73.

Gerdau Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Thursday, November 21st will be given a dividend of $0.0528 per share. This is a boost from Gerdau’s previous quarterly dividend of $0.00. This represents a $0.21 dividend on an annualized basis and a yield of 6.79%. The ex-dividend date is Thursday, November 21st. Gerdau’s dividend payout ratio (DPR) is 43.48%.

Hedge Funds Weigh In On Gerdau

Several institutional investors and hedge funds have recently modified their holdings of GGB. Tidal Investments LLC purchased a new stake in Gerdau during the 3rd quarter valued at $525,000. Virtu Financial LLC bought a new stake in Gerdau in the 3rd quarter worth about $189,000. Rehmann Capital Advisory Group purchased a new position in Gerdau in the 3rd quarter worth about $37,000. Public Employees Retirement System of Ohio purchased a new position in Gerdau in the 3rd quarter worth about $1,741,000. Finally, XTX Topco Ltd lifted its stake in Gerdau by 63.1% during the 3rd quarter. XTX Topco Ltd now owns 202,528 shares of the basic materials company’s stock valued at $709,000 after acquiring an additional 78,350 shares during the period. 1.49% of the stock is currently owned by institutional investors.

Gerdau Company Profile

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.