Gerdau SA (NYSE:GGB) herded to higher levels by HSBC analysts

Posted by Michael Korte August 20, 2013 0 Comment 1014 views

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.

The company

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

About Michael Korte

Michael Korte an investigative reporter at GDP Insider and is a breaking news reporter. Michael work includes investigations of misconduct by federal prosecutors and industrial air pollution around the nation's schools. His reporting has been recognized with the Hillman Prize for Newspaper Journalism, the Grantham Prize for Excellence in Reporting on the Environment, and the Philip Meyer Journalism Award for reporting that incorporates social science methods.

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