Gerdau (NYSE:GGB) Rating Increased to Overweight at JPMorgan Chase & Co.

Gerdau (NYSE:GGB) was upgraded by stock analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research report issued on Monday, MarketBeat reports. The brokerage currently has a $6.00 price objective on the basic materials company’s stock, up from their previous price objective of $5.00. JPMorgan Chase & Co.‘s price target indicates a potential upside of 40.35% from the company’s previous close.

Gerdau Price Performance

Shares of GGB stock opened at $4.28 on Monday. Gerdau has a twelve month low of $4.11 and a twelve month high of $6.16. The stock has a market capitalization of $7.51 billion, a price-to-earnings ratio of 5.09 and a beta of 1.73. The stock has a fifty day simple moving average of $4.34 and a two-hundred day simple moving average of $4.47. The company has a current ratio of 2.59, a quick ratio of 1.24 and a debt-to-equity ratio of 0.20.

Shares of Gerdau are going to split on Tuesday, April 30th. The 6-5 split was announced on Tuesday, April 30th. The newly created shares will be issued to shareholders after the closing bell on Tuesday, April 30th.

Gerdau (NYSE:GGB) last issued its earnings results on Thursday, March 28th. The basic materials company reported $0.07 earnings per share for the quarter. Gerdau had a return on equity of 15.05% and a net margin of 10.80%. The business had revenue of $2.97 billion during the quarter. On average, analysts predict that Gerdau will post 0.56 EPS for the current fiscal year.

Institutional Investors Weigh In On Gerdau

Hedge funds have recently made changes to their positions in the stock. Belpointe Asset Management LLC purchased a new stake in shares of Gerdau during the 1st quarter worth $37,000. Fortis Capital Advisors LLC purchased a new stake in shares of Gerdau during the 1st quarter worth $37,000. Clear Street Markets LLC purchased a new stake in shares of Gerdau during the 4th quarter worth $38,000. Blue Trust Inc. lifted its stake in shares of Gerdau by 175.0% during the 4th quarter. Blue Trust Inc. now owns 8,074 shares of the basic materials company’s stock worth $39,000 after purchasing an additional 5,138 shares during the last quarter. Finally, Atlas Capital Advisors LLC lifted its stake in shares of Gerdau by 424.8% during the 4th quarter. Atlas Capital Advisors LLC now owns 7,353 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 5,952 shares during the last quarter. 1.49% of the stock is currently owned by hedge funds and other institutional investors.

About Gerdau

Gerdau SA, together with its subsidiaries, operates as a steel producer company. It operates through Brazil Business, North America Business, South America Business, and Special Steel Business divisions. The company 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.