Gerdau SA (GGB) Short Interest Up 34.3% in September
Gerdau SA (NYSE:GGB) was the target of a significant increase in short interest during the month of September. As of September 15th, there was short interest totalling 39,592,957 shares, an increase of 34.3% from the August 31st total of 29,488,460 shares. Based on an average daily trading volume, of 10,714,743 shares, the short-interest ratio is currently 3.7 days.
Shares of Gerdau SA (NYSE:GGB) opened at 2.72 on Friday. Gerdau SA has a 1-year low of $0.79 and a 1-year high of $3.19. The firm’s market cap is $4.67 billion. The stock has a 50 day moving average of $2.79 and a 200-day moving average of $2.14.
The company also recently disclosed a dividend, which was paid on Monday, September 12th. Shareholders of record on Thursday, August 25th were given a $0.008 dividend. The ex-dividend date of this dividend was Tuesday, August 23rd. Gerdau SA’s dividend payout ratio (DPR) is -2.53%.
A number of research analysts have issued reports on the stock. Zacks Investment Research cut shares of Gerdau SA from a “buy” rating to a “hold” rating in a report on Friday, September 9th. Credit Suisse Group AG upgraded shares of Gerdau SA from a “neutral” rating to an “outperform” rating in a research note on Thursday, August 4th. Finally, Morgan Stanley upgraded shares of Gerdau SA from an “equal weight” rating to an “overweight” rating in a research note on Thursday, August 18th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. Gerdau SA has an average rating of “Hold” and an average target price of $3.00.
A number of hedge funds have recently modified their holdings of GGB. Itau Unibanco Holding S.A. purchased a new stake in shares of Gerdau SA during the second quarter valued at about $1,210,000. Jane Street Group LLC increased its stake in shares of Gerdau SA by 11.9% in the second quarter. Jane Street Group LLC now owns 938,789 shares of the company’s stock valued at $1,708,000 after buying an additional 99,609 shares during the period. Barclays PLC increased its stake in shares of Gerdau SA by 60.6% in the second quarter. Barclays PLC now owns 484,221 shares of the company’s stock valued at $881,000 after buying an additional 182,800 shares during the period. Parametric Portfolio Associates LLC increased its stake in shares of Gerdau SA by 27.3% in the second quarter. Parametric Portfolio Associates LLC now owns 6,892,034 shares of the company’s stock valued at $12,544,000 after buying an additional 1,478,508 shares during the period. Finally, Oaktree Capital Management LP increased its stake in shares of Gerdau SA by 8.0% in the second quarter. Oaktree Capital Management LP now owns 9,501,727 shares of the company’s stock valued at $16,913,000 after buying an additional 699,822 shares during the period. 6.08% of the stock is owned by institutional investors.
Gerdau SA Company Profile
Gerdau SA (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.
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