Gerdau (NYSE:GGB) Raised to Buy at UBS Group

Gerdau (NYSE:GGB) was upgraded by equities research analysts at UBS Group from a “neutral” rating to a “buy” rating in a research note issued to investors on Monday, Marketbeat reports.

Separately, Bank of America restated a “neutral” rating on shares of Gerdau in a research note on Monday, April 7th.

Gerdau Stock Up 0.3%

Shares of Gerdau stock opened at $2.97 on Monday. Gerdau has a 52-week low of $2.27 and a 52-week high of $3.62. The stock has a 50-day simple moving average of $2.65 and a 200-day simple moving average of $2.89. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.98 and a quick ratio of 1.53. The firm has a market cap of $6.17 billion, a price-to-earnings ratio of 6.91 and a beta of 1.38.

Hedge Funds Weigh In On Gerdau

A number of institutional investors and hedge funds have recently modified their holdings of the business. Private Advisor Group LLC purchased a new stake in shares of Gerdau during the 4th quarter valued at $32,000. Wealthfront Advisers LLC bought a new position in shares of Gerdau during the 4th quarter valued at $32,000. Wolverine Trading LLC purchased a new stake in shares of Gerdau during the fourth quarter valued at approximately $37,000. Carrera Capital Advisors purchased a new position in Gerdau during the 4th quarter valued at about $40,000. Finally, Xponance Inc. purchased a new stake in shares of Gerdau in the 1st quarter worth about $40,000. 1.49% of the stock is currently 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.