Short Interest in Gerdau SA (GGB) Grows By 59.7%

Gerdau SA (NYSE:GGB) was the recipient of a large growth in short interest during the month of January. As of January 31st, there was short interest totalling 40,223,773 shares, a growth of 59.7% from the January 12th total of 25,185,577 shares. Based on an average daily trading volume, of 12,755,195 shares, the days-to-cover ratio is presently 3.2 days.

A number of research analysts recently issued reports on GGB shares. Zacks Investment Research downgraded Gerdau from a “buy” rating to a “hold” rating in a research note on Tuesday, October 24th. Credit Suisse Group upgraded Gerdau from a “neutral” rating to an “outperform” rating in a research note on Friday, February 2nd. ValuEngine upgraded Gerdau from a “sell” rating to a “hold” rating in a research note on Thursday, December 7th. Bank of America upgraded Gerdau from a “neutral” rating to a “buy” rating and set a $4.00 price target on the stock in a research note on Monday, November 27th. Finally, Goldman Sachs Group restated a “buy” rating on shares of Gerdau in a research note on Monday, October 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $4.50.

A number of large investors have recently added to or reduced their stakes in the stock. Two Sigma Securities LLC grew its stake in shares of Gerdau by 466.8% in the 4th quarter. Two Sigma Securities LLC now owns 71,626 shares of the basic materials company’s stock valued at $266,000 after purchasing an additional 58,989 shares during the last quarter. Two Sigma Investments LP grew its stake in shares of Gerdau by 18.2% in the 4th quarter. Two Sigma Investments LP now owns 1,302,614 shares of the basic materials company’s stock valued at $4,846,000 after purchasing an additional 200,577 shares during the last quarter. Two Sigma Advisers LP grew its stake in shares of Gerdau by 62.9% in the 4th quarter. Two Sigma Advisers LP now owns 469,700 shares of the basic materials company’s stock valued at $1,747,000 after purchasing an additional 181,400 shares during the last quarter. Amundi Pioneer Asset Management Inc. purchased a new position in shares of Gerdau in the 4th quarter valued at approximately $9,563,000. Finally, Alliancebernstein L.P. grew its stake in shares of Gerdau by 19.3% in the 4th quarter. Alliancebernstein L.P. now owns 979,388 shares of the basic materials company’s stock valued at $3,643,000 after purchasing an additional 158,329 shares during the last quarter. Hedge funds and other institutional investors own 4.74% of the company’s stock.

Gerdau (NYSE GGB) traded up $0.25 during trading hours on Wednesday, reaching $4.64. The company had a trading volume of 9,549,601 shares, compared to its average volume of 14,192,284. The stock has a market cap of $7,210.00, a P/E ratio of -12.89 and a beta of 2.46. The company has a quick ratio of 1.16, a current ratio of 1.89 and a debt-to-equity ratio of 0.57. Gerdau has a 12-month low of $2.60 and a 12-month high of $4.79.

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About Gerdau

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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