Gerdau SA (NYSE:GGB)’s share price gapped down prior to trading on Friday . The stock had previously closed at $4.51, but opened at $4.34. Gerdau shares last traded at $4.13, with a volume of 13670846 shares traded.

Separately, Morgan Stanley upgraded shares of Gerdau from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, June 5th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $4.50.

The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.54 and a current ratio of 2.36. The stock has a market capitalization of $7.46 billion, a price-to-earnings ratio of 24.11 and a beta of 2.40.

Gerdau (NYSE:GGB) last released its quarterly earnings data on Wednesday, May 9th. The basic materials company reported $0.08 EPS for the quarter. Gerdau had a negative net margin of 0.43% and a positive return on equity of 6.07%. The business had revenue of $3.20 billion during the quarter.

The firm also recently disclosed a special dividend, which will be paid on Monday, September 10th. Shareholders of record on Friday, August 24th will be given a dividend of $0.0373 per share. The ex-dividend date is Thursday, August 23rd. This represents a yield of 1.96%. This is a positive change from Gerdau’s previous special dividend of $0.02.

A number of hedge funds have recently added to or reduced their stakes in GGB. Stevens Capital Management LP bought a new position in Gerdau during the second quarter valued at $170,000. M&T Bank Corp bought a new position in Gerdau during the first quarter valued at $214,000. Envestnet Asset Management Inc. lifted its position in Gerdau by 37.9% during the fourth quarter. Envestnet Asset Management Inc. now owns 65,021 shares of the basic materials company’s stock valued at $242,000 after purchasing an additional 17,885 shares during the last quarter. Credit Agricole S A lifted its position in Gerdau by 145.3% during the second quarter. Credit Agricole S A now owns 73,600 shares of the basic materials company’s stock valued at $260,000 after purchasing an additional 43,600 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in Gerdau during the first quarter valued at $378,000. Institutional investors and hedge funds own 4.21% of the company’s stock.

About Gerdau

Gerdau SA provides steel-related products and services worldwide. It operates through four segments: Brazil Operations, North America Operations, South America Operations, and Special Steel Operations. The company offers semi-finished products, including billets, blooms, and slabs; common long rolled products, such as rebars, wire rods, merchant bars, light shapes, and profiles, which are used primarily in the construction and manufacturing industries; and drawn products comprising barbed and barbless fence wires, galvanized wires, fences, concrete reinforcing wire meshes, nails, and clamps, as well as mines and produces iron ore.

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