Gerdau SA (NYSE:GGB) herded to higher levels by HSBC analysts
In Monday’s trading session, Shares of Gerdau S.A. (NYSE:GGB) stock rose by 5.03%. The opening price of the shares was $6.90 which reached an intraday high of $7.15 and closed at $7.10. More than 16.42 million shares were traded in Monday’s trading session and the average volume of shares traded over 30 days was 7.43 million. The company has a market cap of $12.07 billion.
When analysts opine
HSBC analysts upgraded GGB stock from a “neutral” to an “overweight” rating. Numerous analysts have made the company a subject of their research reports recently; Goldman Sachs Group’s analysts upgraded the company shares from a “neutral” to a “buy” rating on 27 June. Zacks analysts reiterated their “neutral” rating in the shares on 28 May and have now assigned a price target of $6.75 on the stock.
JPMorgan Chase analysts downgraded the company shares from “overweight” to “market perform” on 24 May.
Two research analysts have assigned a “hold” rating on the stock while 3 analysts have assigned it with a “buy” rating. At the moment, the average rating is a “buy” while the consensus price-target is $6.75. Very recently, the company also announced their special dividend which has been scheduled for 28 August. Shareholders on record as of 15 August were eligible for the $0.03/share.
Gerdau produces long rolled steel. It was formerly known as Companhia Siderurgica da Guanabara – Cosigua. This Brazil-based holding-company is involved in the manufacture as well as sale of various steel products. GGB and its subsidiaries produce flat steel and long steel items, primarily via fabrication in electrical-furnaces from scrap-metal as well as purchased pig-iron. The company also manufactures steel from iron-ore in a blast furnace and by direct-reduction.GBB operates numerous plants across Brazil, Chile, Colombia, Argentina, Guatemala, Mexico, Peru, Uruguay, Venezuela, Canada, Dominican Republic, the United States, Spain and India