Profund Advisors LLC reduced its position in shares of Gerdau SA (NYSE:GGB) by 7.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 98,005 shares of the basic materials company’s stock after selling 7,960 shares during the period. Profund Advisors LLC’s holdings in Gerdau were worth $381,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the stock. Cadence Capital Management LLC purchased a new position in Gerdau in the 2nd quarter worth about $49,000. Wells Fargo & Company MN increased its stake in Gerdau by 2,993.8% in the 2nd quarter. Wells Fargo & Company MN now owns 15,500 shares of the basic materials company’s stock worth $60,000 after purchasing an additional 14,999 shares in the last quarter. NEXT Financial Group Inc increased its stake in Gerdau by 9.5% in the 2nd quarter. NEXT Financial Group Inc now owns 34,500 shares of the basic materials company’s stock worth $134,000 after purchasing an additional 3,000 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Gerdau by 194.6% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 54,500 shares of the basic materials company’s stock worth $212,000 after purchasing an additional 36,000 shares in the last quarter. Finally, Atria Investments LLC purchased a new position in Gerdau in the 2nd quarter worth about $213,000. 8.50% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts recently weighed in on GGB shares. TheStreet cut Gerdau from a “b-” rating to a “c+” rating in a research note on Friday, August 30th. ValuEngine raised Gerdau from a “sell” rating to a “hold” rating in a research note on Thursday, June 27th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $4.50.
Gerdau (NYSE:GGB) last issued its quarterly earnings results on Wednesday, August 7th. The basic materials company reported $0.06 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.09 by ($0.03). The company had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.79 billion. Gerdau had a return on equity of 7.97% and a net margin of 4.50%. On average, sell-side analysts expect that Gerdau SA will post 0.3 EPS for the current year.
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: What Does a Sell-Side Analyst Rating Mean?
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.