Price Action To Observe: A Reversal for Gerdau SA (ADR) Is Not Near. The Stock Reaches 52-Week High Today

Price Action To Observe: A Reversal for Gerdau SA (ADR) Is Not Near. The Stock Reaches 52 Week High Today

The stock of Gerdau SA (ADR) (NYSE:GGB) hit a new 52-week high and has $4.54 target or 6.00% above today’s $4.28 share price. The 9 months bullish chart indicates low risk for the $6.44B company. The 1-year high was reported on Nov, 28 by Barchart.com. If the $4.54 price target is reached, the company will be worth $386.40 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 4.64M shares traded hands. Gerdau SA (ADR) (NYSE:GGB) has risen 105.47% since April 25, 2016 and is uptrending. It has outperformed by 99.46% the S&P500.

Analysts await Gerdau SA (ADR) (NYSE:GGB) to report earnings on March, 21.

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. $9 is the highest target while $2.30 is the lowest. The $5.65 average target is 32.01% above today’s ($4.28) stock price. Gerdau has been the topic of 6 analyst reports since August 10, 2015 according to StockzIntelligence Inc. The company was upgraded on Thursday, August 18 by Morgan Stanley. Credit Suisse upgraded the stock to “Outperform” rating in Thursday, August 4 report. The rating was initiated by Goldman Sachs with “Buy” on Monday, August 10. The rating was downgraded by Bank of America to “Underperform” on Monday, February 22. The stock of Gerdau SA (ADR) (NYSE:GGB) earned “Underperform” rating by Scotia Capital 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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