Fidelity Management & Research Co recently announced the acquisition of new stake in Gerdau S.A. ADR (NYSE:GGB). The institutional investor has increased its shareholding in the Basic Materials company by 187,190.55% to 16.47 million shares with purchase of 16.46 million shares. This fresh investment now brings its stake to 1.42% valued currently at $71.47 million. In addition, Dimensional Fund Advisors LP raised its holdings by 31027.0 to 14.01 million shares. And Arrowstreet Capital LP has lifted its position by 1,349.51% or 11.94 million shares – to 12.83 million shares.
With over 6.26 million Gerdau S.A. ADR (GGB) shares trading Monday and a closing price of $4.74 on the day, the dollar volume was approximately $29.66 million. The shares have shown a negative half year performance of -5.39% and its price on 11/20/23 lost nearly -5.58%. Currently, there are 1.15B common shares owned by the public and among those 1.15B shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 11 analysts who have offered their price forecasts for GGB have a consensus price objective of $6.19. The analysts have set the share’s price value over the next 12 months at a high of $6.95 and a low of $4.99. The average price target is 23.42% above its recent price level and an upside to the estimated low will see the stock gain 5.01% over that period. But an upside of 31.8% will see the stock hit the forecast high price target while median target price for the stock is $6.34.
The top 3 mutual fund holders in Gerdau S.A. ADR are American Funds New Perspective Fu, American Funds New World Fund, and Capital Income Builder. American Funds New Perspective Fu owns 41.24 million shares of the company’s stock, all valued at over $179.0 million. American Funds New World Fund sold -12.07 million shares to see its total holdings shrink to 24.34 million shares valued at over $105.64 million and representing 2.11% of the shares outstanding. Capital Income Builder now owns shares totaling to 0.81% of the shares outstanding.
Shares of Gerdau S.A. ADR (NYSE: GGB) opened at $4.80, down -$0.22 from a prior closing price of $5.02. However, the script later moved the day high at 4.8300, down -5.58%. The company’s stock has a 5-day price change of -1.04% and -6.32% over the past three months. GGB shares are trading -8.30% year to date (YTD), with the 12-month market performance down to -8.66% lower. It has a 12-month low price of $4.20 and touched a high of $6.21 over the same period. GGB has an average intraday trading volume of 5.88 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.80%, 1.49%, and -5.34% respectively.
Institutional ownership of Gerdau S.A. ADR (NYSE: GGB) shares accounts for 24.98% of the company’s 1.15B shares outstanding. Mutual fund holders own 11.29%, while other institutional holders and individual stakeholders account for 13.58% and — respectively.
It has a market capitalization of $5.45B and a beta (3y monthly) value of 1.74. The stock’s trailing 12-month PE ratio is 5.20, while the earnings-per-share (ttm) stands at $0.91. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.66% over the week and 2.20% over the month.
Analysts forecast that Gerdau S.A. ADR (GGB) will achieve an EPS of $0.18 for the current quarter, $0 for the next quarter and $0.68 for 2024. The lowest estimate earnings-per-share for the quarter is $0.17 while analysts give the company a high EPS estimate of $0.18. Comparatively, EPS for the current quarter was $0.38 a year ago. Earnings per share for the fiscal year are expected to decrease by -29.74%, and -27.39% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate Gerdau S.A. ADR (GGB) as a “Strong Buy” at a consensus score of 1.91. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 5 of the 11 advise that investors “hold,” and 0 rated it as a “Sell.”
