Mackenzie Financial Corp Sells 1,232,481 Shares of Gerdau S.A. (NYSE:GGB)

Mackenzie Financial Corp decreased its stake in Gerdau S.A. (NYSE:GGB) by 98.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,608 shares of the basic materials company’s stock after selling 1,232,481 shares during the period. Mackenzie Financial Corp’s holdings in Gerdau were worth $68,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in GGB. Quadrature Capital Ltd increased its holdings in shares of Gerdau by 91.0% in the 4th quarter. Quadrature Capital Ltd now owns 119,920 shares of the basic materials company’s stock worth $581,000 after buying an additional 57,122 shares during the last quarter. Abacus Wealth Partners LLC bought a new position in shares of Gerdau in the 1st quarter worth $59,000. Ballentine Partners LLC bought a new position in shares of Gerdau during the 1st quarter valued at $44,000. Prosperity Consulting Group LLC bought a new position in shares of Gerdau during the 1st quarter valued at $53,000. Finally, BNP Paribas Financial Markets grew its holdings in shares of Gerdau by 61.6% during the 1st quarter. BNP Paribas Financial Markets now owns 312,106 shares of the basic materials company’s stock valued at $1,380,000 after purchasing an additional 118,912 shares during the last quarter. Institutional investors own 1.49% of the company’s stock.

Gerdau Price Performance

GGB stock opened at $3.47 on Wednesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.36 and a current ratio of 2.83. Gerdau S.A. has a 52 week low of $2.92 and a 52 week high of $4.21. The firm’s fifty day moving average is $3.29 and its 200 day moving average is $3.38. The firm has a market cap of $7.31 billion, a P/E ratio of 5.68 and a beta of 1.74.

Gerdau (NYSE:GGB) last released its earnings results on Wednesday, July 31st. The basic materials company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.07 by $0.02. Gerdau had a net margin of 7.88% and a return on equity of 8.43%. The company had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.01 billion. Research analysts predict that Gerdau S.A. will post 0.53 earnings per share for the current year.

Gerdau Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were issued a dividend of $0.055 per share. The ex-dividend date was Tuesday, August 13th. This represents a $0.22 annualized dividend and a dividend yield of 6.35%. This is a positive change from Gerdau’s previous quarterly dividend of $0.06. Gerdau’s dividend payout ratio (DPR) is currently 13.11%.

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.