The stock of Gerdau SA (ADR) (NYSE:GGB) is a huge mover today! The stock decreased 2.12% or $0.08 on November 16, hitting $3.7. About 9.56 million shares traded hands. Gerdau SA (ADR) (NYSE:GGB) has risen 78.30% since April 14, 2016 and is uptrending. It has outperformed by 73.62% the S&P500.
The move comes after 8 months negative chart setup for the $5.69 billion company. It was reported on Nov, 16 by Barchart.com. We have $3.48 PT which if reached, will make NYSE:GGB worth $341.40 million less.
Gerdau SA (ADR) (NYSE:GGB) Ratings Coverage
Out of 5 analysts covering Gerdau (NYSE:GGB), 3 rate it a “Buy”, 2 “Sell”, while 0 “Hold”. This means 60% are positive. Gerdau has been the topic of 6 analyst reports since August 10, 2015 according to StockzIntelligence Inc. The firm has “Buy” rating given on Monday, August 10 by Goldman Sachs. On Thursday, August 18 the stock rating was upgraded by Morgan Stanley to “Overweight”. Bank of America downgraded the stock to “Underperform” rating in Monday, February 22 report. The rating was upgraded by Credit Suisse to “Outperform” on Thursday, August 4. The rating was downgraded by Scotia Capital to “Underperform” on Tuesday, October 25.
According to Zacks Investment Research, “GERDAU S.A. throughout its 101 years of activities, they are largest long steel producer in Latin America, and have made an important contribution in building the history of the Brazilian industry. Gerdau Group dedicates itself to meeting the growing demands of several dynamic industries involved in the production of goods and in the development of the economy. Gerdau steel is used in construction and industry as well as in the automotive and agricultural sectors.”
GGB Company Profile
Gerdau S.A. (Gerdau), incorporated on November 20, 1961, is a maker of long steel in the North and South America. The Firm is engaged in the production and commercialization of steel products in general, through its mills located in Argentina, Brazil, Canada, Chile, Colombia, Spain, the United States, Guatemala, India, Mexico, Peru, the Dominican Republic, Uruguay and Venezuela. The Company’s divisions are Brazil Operations, which includes activities of steel and iron ore in Brazil, except Special Steels, and the operation of metallurgical coal and coke in Colombia; North America Operations, which includes all activities in North America, except those of Mexico and Special Steels; South America Operations, which includes all activities in South America, except Brazil and the operation of metallurgical coal and coke in Colombia, and Special Steel Operations, including special steel activities in Brazil, Spain, the United States and India.
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