Gerdau S.A. (GGB) Sees Significant Increase in Short Interest
Gerdau S.A. (NYSE:GGB) was the target of a significant growth in short interest during the month of September. As of September 15th, there was short interest totalling 28,644,321 shares, a growth of 18.2% from the August 31st total of 24,236,407 shares. Based on an average trading volume of 9,433,004 shares, the days-to-cover ratio is presently 3.0 days.
Gerdau (NYSE:GGB) opened at 3.58 on Wednesday. The firm’s market capitalization is $6.12 billion. The company’s 50-day moving average is $3.66 and its 200-day moving average is $3.29. Gerdau has a 52-week low of $2.60 and a 52-week high of $4.39.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 11th. Shareholders of record on Thursday, August 24th were issued a dividend of $0.005 per share. The ex-dividend date of this dividend was Tuesday, August 22nd. This represents a $0.02 annualized dividend and a yield of 0.56%. Gerdau’s dividend payout ratio (DPR) is currently -3.23%.
Several research firms have recently weighed in on GGB. Zacks Investment Research upgraded Gerdau from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research report on Monday, August 28th. Credit Suisse Group cut Gerdau from an “outperform” rating to a “neutral” rating in a research report on Thursday, September 7th. Sandler O’Neill upgraded Gerdau from a “hold” rating to a “buy” rating in a research report on Wednesday, September 13th. J P Morgan Chase & Co raised Gerdau from a “neutral” rating to an “overweight” rating in a research note on Friday, September 1st. Finally, Santander raised Gerdau from a “hold” rating to a “buy” rating in a research note on Tuesday, September 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. Gerdau has a consensus rating of “Hold” and an average target price of $4.25.
A number of institutional investors and hedge funds have recently made changes to their positions in GGB. Global X Management Co. LLC lifted its holdings in shares of Gerdau by 6.2% in the second quarter. Global X Management Co. LLC now owns 34,134 shares of the basic materials company’s stock valued at $104,000 after purchasing an additional 1,997 shares in the last quarter. Stevens Capital Management LP acquired a new stake in shares of Gerdau in the second quarter valued at approximately $104,000. Lazard Asset Management LLC grew its position in shares of Gerdau by 108.5% in the second quarter. Lazard Asset Management LLC now owns 41,700 shares of the basic materials company’s stock valued at $127,000 after purchasing an additional 21,700 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Gerdau by 5.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 41,695 shares of the basic materials company’s stock worth $144,000 after purchasing an additional 2,236 shares in the last quarter. Finally, Tower Research Capital LLC TRC purchased a new position in shares of Gerdau during the 2nd quarter worth approximately $152,000. Institutional investors own 5.32% of the company’s stock.
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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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