JPMorgan Chase & Co. cut its position in Gerdau S.A. (NYSE:GGB – Get Rating) by 7.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,851,007 shares of the basic materials company's stock after selling 302,170 shares during the quarter. JPMorgan Chase & Co. owned about 0.22% of Gerdau worth $24,762,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Raymond James & Associates grew its stake in shares of Gerdau by 11.5% in the fourth quarter. Raymond James & Associates now owns 50,816 shares of the basic materials company's stock valued at $250,000 after buying an additional 5,227 shares in the last quarter. Vanguard Capital Wealth Advisors acquired a new stake in shares of Gerdau during the first quarter worth $172,000. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of Gerdau by 161.3% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 118,239 shares of the basic materials company's stock worth $760,000 after buying an additional 72,992 shares in the last quarter. Provida Pension Fund Administrator acquired a new position in Gerdau in the fourth quarter valued at about $422,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Gerdau in the fourth quarter valued at about $2,549,000. 2.12% of the stock is owned by institutional investors.
Get Gerdau alerts:Gerdau Stock Up 3.8 %
GGB stock opened at $4.64 on Friday. Gerdau S.A. has a 52 week low of $3.94 and a 52 week high of $6.62. The company has a quick ratio of 1.11, a current ratio of 2.22 and a debt-to-equity ratio of 0.20. The business has a 50-day simple moving average of $4.55 and a 200 day simple moving average of $5.29. The company has a market cap of $7.98 billion, a PE ratio of 2.54, a price-to-earnings-growth ratio of 0.15 and a beta of 1.61.
Gerdau Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Wednesday, August 17th were issued a dividend of $0.137 per share. This is a boost from Gerdau's previous quarterly dividend of $0.12. This represents a $0.55 annualized dividend and a dividend yield of 11.81%. The ex-dividend date of this dividend was Tuesday, August 16th. Gerdau's payout ratio is 30.60%.About Gerdau
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Gerdau SA provides steel products and services. The company operates through Brazil Business, North America Business, South America Business, and Special Steel Business segments. It offers 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; finished industrial products, including commercial rolled-steel bars, and light profiles and wires; agricultural products that include stakes and smooth wire products; and drawn products comprises barbed and barbless fence wires, galvanized wires, fences, concrete reinforcing wire meshes, nails, and clamps.
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