Gerdau SA (GGB) Short Interest Up 42.4% in October

Gerdau SA (NYSE:GGB) saw a significant growth in short interest in October. As of October 31st, there was short interest totalling 80,594,597 shares, a growth of 42.4% from the October 15th total of 56,613,722 shares. Based on an average trading volume of 17,334,199 shares, the short-interest ratio is currently 4.6 days.

A number of hedge funds have recently added to or reduced their stakes in GGB. Northern Trust Corp lifted its position in Gerdau by 5.8% during the first quarter. Northern Trust Corp now owns 900,233 shares of the basic materials company’s stock valued at $4,195,000 after purchasing an additional 49,064 shares during the last quarter. Fisher Asset Management LLC bought a new position in Gerdau during the second quarter valued at $8,025,000. BNP Paribas Arbitrage SA lifted its position in Gerdau by 12.4% during the second quarter. BNP Paribas Arbitrage SA now owns 134,750 shares of the basic materials company’s stock valued at $477,000 after purchasing an additional 14,883 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in Gerdau by 96.8% during the second quarter. Daiwa Securities Group Inc. now owns 919,000 shares of the basic materials company’s stock valued at $3,253,000 after purchasing an additional 452,000 shares during the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of Gerdau by 24.8% in the 2nd quarter. Sei Investments Co. now owns 2,073,568 shares of the basic materials company’s stock worth $7,340,000 after acquiring an additional 411,709 shares during the last quarter. Institutional investors and hedge funds own 4.67% of the company’s stock.

GGB stock opened at $4.34 on Friday. Gerdau has a 52 week low of $2.89 and a 52 week high of $5.32. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.36 and a quick ratio of 1.39. The firm has a market cap of $7.58 billion, a price-to-earnings ratio of 48.22, a price-to-earnings-growth ratio of 0.41 and a beta of 2.19.

Gerdau (NYSE:GGB) last released its quarterly earnings data on Wednesday, August 8th. The basic materials company reported $0.12 EPS for the quarter. Gerdau had a negative net margin of 0.43% and a positive return on equity of 6.25%. The business had revenue of $3.35 billion during the quarter. Research analysts anticipate that Gerdau will post 0.44 EPS for the current fiscal year.

The firm also recently disclosed a special dividend, which will be paid on Monday, December 10th. Shareholders of record on Monday, November 26th will be given a dividend of $0.0345 per share. The ex-dividend date of this dividend is Friday, November 23rd. Gerdau’s dividend payout ratio (DPR) is currently 33.33%.

GGB has been the subject of several research analyst reports. HSBC raised shares of Gerdau from a “hold” rating to a “buy” rating in a research note on Monday, September 17th. Bank of America reaffirmed a “buy” rating on shares of Gerdau in a research note on Thursday, August 16th. Finally, Zacks Investment Research upgraded shares of Gerdau from a “hold” rating to a “buy” rating and set a $4.75 price objective for the company in a research report on Tuesday, October 16th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $4.38.

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About Gerdau

Gerdau SA provides steel-related products and services worldwide. It operates through four segments: Brazil Operations, North America Operations, South America Operations, and Special Steel Operations. The company offers semi-finished products, including billets, blooms, and slabs; common long rolled products, such as rebars, wire rods, merchant bars, light shapes, and profiles, which are used primarily in the construction and manufacturing industries; and drawn products comprising barbed and barbless fence wires, galvanized wires, fences, concrete reinforcing wire meshes, nails, and clamps, as well as mines and produces iron ore.

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