Wetherby Asset Management Inc. Makes New Investment in Gerdau SA (NYSE:GGB)

Wetherby Asset Management Inc. bought a new position in Gerdau SA (NYSE:GGB) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 23,627 shares of the basic materials company’s stock, valued at approximately $74,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GGB. Bank of America Corp DE increased its position in shares of Gerdau by 7,324.0% during the second quarter. Bank of America Corp DE now owns 17,640,706 shares of the basic materials company’s stock worth $68,621,000 after acquiring an additional 17,403,089 shares in the last quarter. Nuveen Asset Management LLC increased its position in shares of Gerdau by 16,090.5% during the second quarter. Nuveen Asset Management LLC now owns 2,127,433 shares of the basic materials company’s stock worth $8,276,000 after acquiring an additional 2,114,293 shares in the last quarter. Sagil Capital LLP bought a new stake in shares of Gerdau during the second quarter worth $7,780,000. Provida Pension Fund Administrator bought a new stake in shares of Gerdau during the second quarter worth $7,238,000. Finally, Vanguard Group Inc. increased its position in shares of Gerdau by 12.6% during the second quarter. Vanguard Group Inc. now owns 11,170,635 shares of the basic materials company’s stock worth $43,454,000 after acquiring an additional 1,253,168 shares in the last quarter. Institutional investors own 8.43% of the company’s stock.

Shares of GGB stock traded down $0.08 during trading hours on Friday, hitting $3.61. 12,673,225 shares of the company were exchanged, compared to its average volume of 9,884,311. The business has a 50 day moving average of $3.21 and a two-hundred day moving average of $3.42. The company has a current ratio of 2.13, a quick ratio of 1.03 and a debt-to-equity ratio of 0.50. Gerdau SA has a 52 week low of $2.73 and a 52 week high of $4.39. The company has a market capitalization of $6.28 billion, a PE ratio of 9.03 and a beta of 1.88.

Gerdau (NYSE:GGB) last issued its quarterly earnings data on Wednesday, August 7th. The basic materials company reported $0.06 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by ($0.03). Gerdau had a return on equity of 5.34% and a net margin of 3.64%. The company had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.79 billion. On average, research analysts forecast that Gerdau SA will post 0.21 EPS for the current year.

Several equities research analysts have recently issued reports on GGB shares. ValuEngine raised shares of Gerdau from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. TheStreet downgraded shares of Gerdau from a “b-” rating to a “c+” rating in a research report on Friday, August 30th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Gerdau currently has a consensus rating of “Buy” and an average price target of $4.50.

Gerdau Company Profile

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.

Recommended Story: Elliott Wave Theory

Want to see what other hedge funds are holding GGB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Gerdau SA (NYSE:GGB).

Institutional Ownership by Quarter for Gerdau (NYSE:GGB)

Receive News & Ratings for Gerdau Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gerdau and related companies with MarketBeat.com's FREE daily email newsletter.