# Gerdau S.A. (GGB)

> Source: Nexqual · https://nexqual.com/GGB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Gerdau S.A. (GGB), nexqual.com/GGB" · informational, not investment advice.

**Price:** USD 5.07 (-3.24% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 5.24 · day 5.02–5.23 · 52w 3.14–5.48 · market cap $9.95B · NYQ

## Key facts
- 1 of 80 tracked superinvestors hold GGB (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 24 Form 4 filings, $5.6M; 24 not under a Rule 10b5-1 plan ($5.6M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $782K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (5 analysts), mean target USD 5.9 (range 5.39–6.57).
- Total return with dividends: 1Y +53.5% vs S&P 500 +14.9%; 5Y +93.3% vs S&P 500 +80.3%.
- Next earnings: 2026-10-26, EPS estimate USD 1, revenue estimate $18.5B.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold GGB. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Sarah Ketterer | Causeway Capital Management | 0.32% | $29.2M | Added +5.7% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 24 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-23 | Johannpeter Claudio |  | 85,607 | $423K | 0% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-17 | Lopes Rafael Gamboa |  | 51,800 | $264K | 38.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-10 | Johannpeter Andre Bier Gerdau |  | 99,200 | $490K | 0% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-06 | Japur Rafael Dorneles |  | 10,000 | $51K | 10.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-08 | Mattiello Marcos Zilles |  | 10,387 | $53K | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-02 | Wang Chia Yuan |  | 30,935 | $139K | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-02 | Metz Mauricio |  | 7,000 | $34K | 23.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-26 | Metz Mauricio |  | 5,000 | $24K | 14.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-22 | Japur Rafael Dorneles |  | 5,000 | $24K | 4.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-19 | Peres Cesar Obino Da Rosa | Officer | 8,000 | $37K | 99.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-13 | Metz Mauricio |  | 5,000 | $24K | 12.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-08 | Da Cunha Gustavo Werneck | CEO and Board Member | 432,854 | $2.1M | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-05 | Metz Mauricio |  | 2,000 | $9K | 4.8% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-05 | Wang Chia Yuan |  | 40,000 | $190K | 55.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-30 | Wang Chia Yuan |  | 20,000 | $91K | 21.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-28 | Da Cunha Gustavo Werneck | CEO and Board Member | 88,000 | $396K | 99.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-28 | Wang Chia Yuan |  | 76,700 | $344K | 45.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-28 | Uhlein Clemir |  | 38,276 | $173K | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-28 | Metz Mauricio |  | 1,000 | $5K | 2.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-10 | Metz Mauricio |  | 1,000 | $4K | 2.3% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $782K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-12 | Da Cunha Gustavo Werneck | CEO and Board Member | 165,224 | $782K | 4.73 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 5 analysts; mean target USD 5.9 (low 5.39, high 6.57).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-04 | JP Morgan | Target raised | Overweight | $6 → $6.5 |
| 2026-08-27 | UBS | Target raised | Buy | $5.7 → $6.1 |
| 2026-06-25 | JP Morgan | Target raised | Overweight | $5.5 → $6 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +53.5% | +93.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +53.8% | +14.1% |
| Volatility (annualized) | 36.3% | 37.5% |
| Max drawdown | -28.3% (Jan 2026→Mar 2026) | -46.0% (Jul 2023→Apr 2025) |

## Peers (Steel)
CLF (Cleveland-Cliffs Inc.) USD 13.05 -6.99% · PKX (POSCO Holdings Inc.) USD 52.35 -6.27% · RS (Reliance, Inc.) USD 417.92 -0.75% · SIM (Grupo Simec, S.A.B. de C.V.) USD 25.82 -2.57% · STLD (Steel Dynamics, Inc.) USD 239.9 -3.25% · MT (Arcelor Mittal NY Registry Shar) USD 60.18 -5.18%

## More
Full page: https://nexqual.com/GGB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in GGB's own 20-F filed 2026-03-13 (https://www.sec.gov/Archives/edgar/data/1073404/000110465926027678/ggb-20251231x20f.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | Nucor (NUE) | "The Company's principal competitors include Commercial Metals Company (CMC), Nucor Corporation, and Steel Dynamics Inc." |

Other companies that name GGB in their own reports (relationship from GGB's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | TENARIS SA (TS) | 20-F 2026-03-31 | "In Brazil, we purchase principally from Gerdau S.A., ArcelorMittal Tubarão and Usiminas, a subsidiary of Ternium; and in Argentina, we purchase from Ternium Argentina S.A. ("Ternium Argentina"), a sub…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.00 | $0.83 | +20.2% | $18.53B | 2 |
| Next quarter (ends 2026-12-31) | $0.66 | $0.53 | +24.5% | $17.78B | 2 |
| Current fiscal year (ends 2026-12-31) | $2.89 | $2.70 | +6.8% | $70.66B | 3 |
| Next fiscal year (ends 2027-12-31) | $3.17 | $3.00 | +5.4% | $73.12B | 3 |