Gerdau (NYSE:GGB) Sees Strong Trading Volume – Here’s What Happened

Gerdau S.A. (NYSE:GGB) shares saw unusually-high trading volume on Friday . Approximately 23,852,043 shares were traded during trading, an increase of 179% from the previous session’s volume of 8,536,406 shares.The stock last traded at $3.29 and had previously closed at $3.40.

Gerdau Stock Performance

The firm has a market cap of $6.78 billion, a P/E ratio of 7.09 and a beta of 1.73. The company has a quick ratio of 1.53, a current ratio of 2.98 and a debt-to-equity ratio of 0.21. The firm has a fifty day moving average of $3.34 and a 200-day moving average of $3.30.

Gerdau Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Thursday, November 21st will be given a dividend of $0.0528 per share. This is a boost from Gerdau’s previous quarterly dividend of $0.00. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $0.21 annualized dividend and a dividend yield of 6.48%. Gerdau’s payout ratio is currently 43.48%.

Hedge Funds Weigh In On Gerdau

Several large investors have recently bought and sold shares of GGB. Blue Trust Inc. grew its holdings in Gerdau by 132.8% during the 3rd quarter. Blue Trust Inc. now owns 8,681 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 4,952 shares during the period. Insight 2811 Inc. bought a new stake in Gerdau in the second quarter valued at about $36,000. Rehmann Capital Advisory Group acquired a new position in Gerdau in the third quarter valued at about $37,000. Wedbush Securities Inc. bought a new position in Gerdau during the second quarter worth about $38,000. Finally, HighTower Advisors LLC acquired a new position in shares of Gerdau during the 3rd quarter worth about $38,000. 1.49% of the stock is currently owned by institutional investors and hedge funds.

Gerdau Company Profile

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.