Gerdau S.A. (GGB) : Traders are bullish on Gerdau S.A. (GGB) as it has outperformed the S&P 500 by a wide margin of 43.49% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 12.58%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 12.55% in the last 1 week, and is up 44.04% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
Gerdau S.A. is up 93.83% in the last 3-month period. Year-to-Date the stock performance stands at 161.67%. The stock has recorded a 20-day Moving Average of 22.08% and the 50-Day Moving Average is 47.58%.
Gerdau S.A. (NYSE:GGB): The stock opened at $3.15 on Friday but the bulls could not build on the opening and the stock topped out at $3.17 for the day. The stock traded down to $3.04 during the day, due to lack of any buying support eventually closed down at $3.14 with a loss of -0.32% for the day. The stock had closed at $3.15 on the previous day. The total traded volume was 14,727,655 shares.
Also, Equity analysts at the Brokerage firm Morgan Stanley upgrades its rating on Gerdau S.A. (NYSE:GGB). The rating major has initiated the coverage with overweight rating on the shares. Earlier, the shares were rated a Equal-weight by the brokerage firm. The rating by the firm was issued on August 18, 2016.
Gerdau S.A. (Gerdau) is a producer of long rolled steel. The Company operates in five segments: Brazil (Brazil Business Operation), which includes the steel operations in Brazil (except special steel) and the metallurgical and coking coal operation in Colombia; North America (North America Business Operation), which includes all North American operations, except Mexico and special steel; Latin America (Latin America Business Operation), which includes all Latin American operations, except the operations in Brazil and the metallurgical and coking coal operations in Colombia; Special Steel (Special Steel Business Operation), which includes the special steel operations in Brazil, Spain, the United States and India, and Iron Ore (Iron Ore Business Operation), which includes the iron ore operations in Brazil. The Companys mills are located in Argentina, Brazil, Canada, Chile, Colombia, Spain, the United States, Guatemala, India, Mexico, Peru, the Dominican Republic, Uruguay and Venezuela.