Fmr LLC Buys 8,898,975 Shares of Gerdau S.A. (NYSE:GGB)

Fmr LLC increased its stake in Gerdau S.A. (NYSE:GGB) by 11.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 88,979,025 shares of the basic materials company’s stock after purchasing an additional 8,898,975 shares during the quarter. Fmr LLC’s holdings in Gerdau were worth $311,427,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of GGB. Blue Trust Inc. increased its position in Gerdau by 132.8% in the third quarter. Blue Trust Inc. now owns 8,681 shares of the basic materials company’s stock worth $29,000 after buying an additional 4,952 shares during the last quarter. Insight 2811 Inc. bought a new position in shares of Gerdau during the 2nd quarter worth $36,000. Wedbush Securities Inc. purchased a new stake in Gerdau in the 2nd quarter worth about $38,000. Absolute Gestao de Investimentos Ltda. bought a new stake in Gerdau in the 2nd quarter valued at about $46,000. Finally, MQS Management LLC bought a new stake in Gerdau in the 3rd quarter valued at about $56,000. Hedge funds and other institutional investors own 1.49% of the company’s stock.

Gerdau Price Performance

Shares of NYSE:GGB opened at $3.36 on Friday. The firm has a market capitalization of $6.98 billion, a PE ratio of 7.33 and a beta of 1.75. 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 company has a 50-day moving average price of $3.35 and a two-hundred day moving average price of $3.32. Gerdau S.A. has a twelve month low of $2.92 and a twelve month high of $4.10.

Gerdau Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Thursday, November 21st will be issued 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 dividend on an annualized basis and a yield of 6.29%. Gerdau’s payout ratio is presently 43.64%.

About Gerdau

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.