Gerdau SA (NYSE:GGB) was the target of a significant increase in short interest in the month of December. As of December 15th, there was short interest totalling 26,204,809 shares, an increase of 15.5% from the November 30th total of 22,679,107 shares. Based on an average trading volume of 7,139,730 shares, the days-to-cover ratio is presently 3.7 days.
Shares of Gerdau (NYSE:GGB) opened at $4.63 on Friday. Gerdau has a one year low of $2.60 and a one year high of $4.69. The company has a quick ratio of 1.16, a current ratio of 1.89 and a debt-to-equity ratio of 0.57. The firm has a market cap of $7,500.00, a P/E ratio of -12.51 and a beta of 2.27.
A number of equities analysts recently commented on the stock. ValuEngine raised shares of Gerdau from a “sell” rating to a “hold” rating in a research report on Thursday, December 7th. Zacks Investment Research downgraded shares of Gerdau from a “hold” rating to a “sell” rating in a research note on Tuesday, November 28th. Bank of America upgraded shares of Gerdau from a “neutral” rating to a “buy” rating and set a $4.00 price objective on the stock in a research note on Monday, November 27th. Finally, Goldman Sachs Group reiterated a “buy” rating on shares of Gerdau in a research note on Monday, October 23rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. Gerdau currently has a consensus rating of “Hold” and a consensus target price of $4.13.
Several institutional investors and hedge funds have recently bought and sold shares of GGB. Advisors Asset Management Inc. boosted its stake in shares of Gerdau by 36.7% in the 2nd quarter. Advisors Asset Management Inc. now owns 87,564 shares of the basic materials company’s stock valued at $267,000 after purchasing an additional 23,501 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Gerdau by 126.1% in the 2nd quarter. SG Americas Securities LLC now owns 150,885 shares of the basic materials company’s stock valued at $460,000 after purchasing an additional 84,147 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Gerdau by 44.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,567,511 shares of the basic materials company’s stock worth $10,881,000 after buying an additional 1,094,545 shares during the period. Airain ltd acquired a new stake in Gerdau during the 2nd quarter worth approximately $213,000. Finally, Commerzbank Aktiengesellschaft FI boosted its position in Gerdau by 32.5% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 305,584 shares of the basic materials company’s stock worth $932,000 after buying an additional 74,974 shares during the period. Institutional investors own 4.88% of the company’s stock.
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Gerdau Company Profile
Gerdau SA (Gerdau) is a manufacturer of long steel in the North and South America. The Company 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.
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