Gerdau SA (GGB) Short Interest Up 20.0% in November

Gerdau SA (NYSE:GGB) saw a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 96,678,468 shares, a growth of 20.0% from the October 31st total of 80,594,597 shares. Approximately 8.4% of the company’s shares are sold short. Based on an average daily trading volume, of 16,816,932 shares, the short-interest ratio is currently 5.7 days.

NYSE GGB opened at $4.02 on Friday. The firm has a market capitalization of $6.67 billion, a PE ratio of 44.67, a PEG ratio of 0.38 and a beta of 2.19. Gerdau has a 52 week low of $3.23 and a 52 week high of $5.32. The company has a quick ratio of 1.43, a current ratio of 2.42 and a debt-to-equity ratio of 0.60.

Gerdau (NYSE:GGB) last released its earnings results on Wednesday, November 7th. The basic materials company reported $0.15 EPS for the quarter. The company had revenue of $3.26 billion during the quarter. Gerdau had a return on equity of 9.41% and a net margin of 0.80%. As a group, equities research analysts expect that Gerdau will post 0.42 EPS for the current year.

The company also recently announced a special dividend, which will be paid on Monday, December 10th. Stockholders of record on Monday, November 26th will be paid a $0.0345 dividend. The ex-dividend date is Friday, November 23rd. Gerdau’s dividend payout ratio (DPR) is currently 22.22%.

Several equities research analysts have recently commented on GGB shares. Bank of America reissued a “buy” rating on shares of Gerdau in a research note on Thursday, August 16th. HSBC raised Gerdau from a “hold” rating to a “buy” rating in a research note on Monday, September 17th. Finally, Zacks Investment Research raised Gerdau from a “hold” rating to a “buy” rating and set a $4.75 target price for the company in a research note on Tuesday, October 16th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $4.75.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its stake in shares of Gerdau by 6.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,990,519 shares of the basic materials company’s stock valued at $7,046,000 after buying an additional 113,441 shares during the period. FMR LLC increased its stake in shares of Gerdau by 111.5% in the 2nd quarter. FMR LLC now owns 426,300 shares of the basic materials company’s stock valued at $1,509,000 after buying an additional 224,700 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Gerdau in the 3rd quarter valued at $2,433,000. Fisher Asset Management LLC increased its stake in shares of Gerdau by 112.1% in the 3rd quarter. Fisher Asset Management LLC now owns 4,807,069 shares of the basic materials company’s stock valued at $20,238,000 after buying an additional 2,540,235 shares during the period. Finally, Pinebridge Investments L.P. increased its stake in shares of Gerdau by 288.3% in the 2nd quarter. Pinebridge Investments L.P. now owns 1,338,833 shares of the basic materials company’s stock valued at $4,740,000 after buying an additional 994,045 shares during the period. 5.58% of the stock is owned by institutional investors.

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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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