Point72 Asset Management L.P. Makes New $3.28 Million Investment in Gerdau S.A. (NYSE:GGB)

Point72 Asset Management L.P. purchased a new position in shares of Gerdau S.A. (NYSE:GGB) in the 3rd quarter, Holdings Channel reports. The firm purchased 938,100 shares of the basic materials company’s stock, valued at approximately $3,283,000.

Several other hedge funds also recently bought and sold shares of the stock. Blue Trust Inc. grew its position in shares of Gerdau by 132.8% in the third quarter. Blue Trust Inc. now owns 8,681 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 4,952 shares during the period. Insight 2811 Inc. purchased a new stake in shares of Gerdau in the second quarter valued at $36,000. Wedbush Securities Inc. purchased a new stake in shares of Gerdau in the second quarter valued at $38,000. HighTower Advisors LLC purchased a new stake in shares of Gerdau in the third quarter valued at $38,000. Finally, Absolute Gestao de Investimentos Ltda. purchased a new stake in shares of Gerdau in the second quarter valued at $46,000. Hedge funds and other institutional investors own 1.49% of the company’s stock.

Gerdau Price Performance

Shares of NYSE:GGB opened at $3.46 on Tuesday. The company has a market cap of $7.18 billion, a P/E ratio of 7.54 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. Gerdau S.A. has a 52 week low of $2.92 and a 52 week high of $4.10. The business has a fifty day simple moving average of $3.35 and a 200-day simple moving average of $3.30.

Gerdau Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Thursday, November 21st will be issued a $0.0528 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $0.21 dividend on an annualized basis and a yield of 6.11%. This is a boost from Gerdau’s previous quarterly dividend of $0.00. Gerdau’s dividend payout ratio (DPR) is presently 43.64%.

Gerdau 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.