Gerdau (NYSE:GGB) Shares Gap Down – What’s Next?

Gerdau S.A. (NYSE:GGB)’s share price gapped down before the market opened 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.

Gerdau Trading Down 1.5 %

The company has a market cap of $6.98 billion, a P/E ratio of 7.33 and a beta of 1.75. 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 business has a 50 day moving average price of $3.35 and a 200-day moving average price of $3.32.

Gerdau Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Thursday, November 21st will be paid a dividend of $0.0528 per share. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $0.21 dividend on an annualized basis and a dividend yield of 6.29%. This is a boost from Gerdau’s previous quarterly dividend of $0.00. Gerdau’s dividend payout ratio is currently 43.64%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC lifted its position in shares of Gerdau by 11.1% during the 3rd quarter. FMR LLC now owns 88,979,025 shares of the basic materials company’s stock worth $311,427,000 after buying an additional 8,898,975 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Gerdau during the 3rd quarter worth $29,750,000. Marshall Wace LLP raised its position in Gerdau by 1,988.2% in the second quarter. Marshall Wace LLP now owns 6,186,152 shares of the basic materials company’s stock valued at $20,414,000 after purchasing an additional 5,889,913 shares during the last quarter. Two Sigma Advisers LP raised its position in Gerdau by 298.1% in the third quarter. Two Sigma Advisers LP now owns 6,097,460 shares of the basic materials company’s stock valued at $21,341,000 after purchasing an additional 4,565,900 shares during the last quarter. Finally, Acadian Asset Management LLC raised its position in Gerdau by 48.1% in the second quarter. Acadian Asset Management LLC now owns 13,391,548 shares of the basic materials company’s stock valued at $44,181,000 after purchasing an additional 4,351,666 shares during the last quarter. 1.49% of the stock is owned by institutional investors and hedge funds.

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.