Gerdau (NYSE:GGB) Shares Gap Down – Time to Sell?

Gerdau S.A. (NYSE:GGB)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $3.47, but opened at $3.30. Gerdau shares last traded at $3.34, with a volume of 202,032 shares trading hands.

Gerdau Stock Performance

The business has a 50 day moving average of $3.34 and a 200 day moving average of $3.34. The company has a market capitalization of $7.15 billion, a P/E ratio of 7.40 and a beta of 1.75. The company has a quick ratio of 1.53, a current ratio of 2.98 and a debt-to-equity ratio of 0.21.

Gerdau Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Thursday, November 21st will be paid a dividend of $0.0528 per share. The ex-dividend date is Thursday, November 21st. This is a positive change from Gerdau’s previous quarterly dividend of $0.00. This represents a $0.21 dividend on an annualized basis and a yield of 6.23%. Gerdau’s dividend payout ratio is presently 19.64%.

Hedge Funds Weigh In On Gerdau

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Abacus Wealth Partners LLC lifted its stake in shares of Gerdau by 23.2% in the 3rd quarter. Abacus Wealth Partners LLC now owns 17,173 shares of the basic materials company’s stock valued at $60,000 after purchasing an additional 3,235 shares during the last quarter. QRG Capital Management Inc. lifted its stake in shares of Gerdau by 5.5% in the 2nd quarter. QRG Capital Management Inc. now owns 70,404 shares of the basic materials company’s stock valued at $232,000 after purchasing an additional 3,640 shares during the last quarter. Inspire Advisors LLC lifted its stake in shares of Gerdau by 10.2% in the 3rd quarter. Inspire Advisors LLC now owns 45,892 shares of the basic materials company’s stock valued at $161,000 after purchasing an additional 4,229 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of Gerdau by 132.8% in 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. Finally, Johnson Investment Counsel Inc. lifted its stake in shares of Gerdau by 20.0% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 32,760 shares of the basic materials company’s stock valued at $108,000 after purchasing an additional 5,460 shares during the last quarter. 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.