Gerdau (NYSE:GGB) Shares Gap Up – Should You Buy?

Shares of Gerdau S.A. (NYSE:GGB) gapped up before the market opened on Monday . The stock had previously closed at $2.85, but opened at $2.99. Gerdau shares last traded at $2.99, with a volume of 870,628 shares.

Gerdau Trading Up 1.8 %

The company has a market cap of $6.39 billion, a P/E ratio of 6.71 and a beta of 1.73. The company has a quick ratio of 1.53, a current ratio of 2.98 and a debt-to-equity ratio of 0.21. The business has a 50-day moving average price of $3.02 and a two-hundred day moving average price of $3.20.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. FMR LLC lifted its holdings in shares of Gerdau by 11.1% in the third quarter. FMR LLC now owns 88,979,025 shares of the basic materials company’s stock valued at $311,427,000 after purchasing an additional 8,898,975 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Gerdau in the third quarter valued at about $29,750,000. Two Sigma Advisers LP lifted its holdings in shares of 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 in the last quarter. American Century Companies Inc. lifted its holdings in shares of Gerdau by 6.0% in the fourth quarter. American Century Companies Inc. now owns 3,355,896 shares of the basic materials company’s stock valued at $9,665,000 after purchasing an additional 188,877 shares in the last quarter. Finally, Rockefeller Capital Management L.P. lifted its holdings in shares of Gerdau by 0.3% in the third quarter. Rockefeller Capital Management L.P. now owns 3,332,715 shares of the basic materials company’s stock valued at $11,665,000 after purchasing an additional 11,428 shares in 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.