SPX Gestao de Recursos Ltda Sells 1,257,332 Shares of Gerdau S.A. (NYSE:GGB)

SPX Gestao de Recursos Ltda cut its holdings in Gerdau S.A. (NYSE:GGB) by 57.1% in the third quarter, HoldingsChannel reports. The firm owned 945,138 shares of the basic materials company’s stock after selling 1,257,332 shares during the period. SPX Gestao de Recursos Ltda’s holdings in Gerdau were worth $3,308,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. FMR LLC increased its holdings in shares of Gerdau by 11.1% during the 3rd quarter. FMR LLC now owns 88,979,025 shares of the basic materials company’s stock valued at $311,427,000 after acquiring an additional 8,898,975 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Gerdau by 15.1% during the second quarter. Dimensional Fund Advisors LP now owns 16,005,117 shares of the basic materials company’s stock valued at $52,825,000 after purchasing an additional 2,100,969 shares during the last quarter. Acadian Asset Management LLC raised its position in shares of Gerdau by 48.1% in the second quarter. Acadian Asset Management LLC now owns 13,391,548 shares of the basic materials company’s stock valued at $44,181,000 after purchasing an additional 4,351,666 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Gerdau in the third quarter worth $29,750,000. Finally, Marshall Wace LLP boosted its holdings in shares of Gerdau by 1,988.2% during the 2nd quarter. Marshall Wace LLP now owns 6,186,152 shares of the basic materials company’s stock worth $20,414,000 after buying an additional 5,889,913 shares during the period. 1.49% of the stock is owned by institutional investors and hedge funds.

Gerdau Stock Performance

Shares of NYSE:GGB traded down $0.04 during midday trading on Friday, hitting $3.36. The company’s stock had a trading volume of 887,119 shares, compared to its average volume of 8,449,757. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.53 and a current ratio of 2.98. The stock’s 50 day simple moving average is $3.35 and its 200 day simple moving average is $3.30. The stock has a market capitalization of $6.98 billion, a price-to-earnings ratio of 7.43 and a beta of 1.73. Gerdau S.A. has a fifty-two week low of $2.92 and a fifty-two week high of $4.10.

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 issued a dividend of $0.0528 per share. The ex-dividend date is Thursday, November 21st. This is a positive change from Gerdau’s previous quarterly dividend of $0.00. This represents a $0.21 dividend on an annualized basis and a dividend yield of 6.29%. Gerdau’s payout ratio is 43.64%.

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.