Short interest in Gerdau SA (NYSE: GGB) increases by 44.0%

Gerdau SA (NYSE: GGB) benefited from a significant increase in overdraft interest during the month of October. As of October 29, there was overdraft interest totaling 9,920,000 shares, an increase of 44.0% from the total of 6,890,000 shares as of October 14. Currently, 0.9% of the company’s shares are sold short. Based on an average daily volume of 9,410,000 shares, the day / hedge ratio is currently 1.1 days.

A number of institutional investors and hedge funds have recently increased or reduced their stakes in the company. Quadrant Capital Group LLC increased its stake in Gerdau shares by 103.9% in the second quarter. Quadrant Capital Group LLC now owns 4,646 shares of the basic materials company valued at $ 27,000 after purchasing an additional 2,367 shares during the period. The New York State Pooled Retirement Fund purchased a new position in Gerdau shares in the second quarter valued at $ 37,000. Bingham Osborn & Scarborough LLC purchased a new position in Gerdau shares in the third quarter valued at $ 58,000. PDS Planning Inc bought a new position in Gerdau shares in the third quarter valued at $ 61,000. Finally, Squarepoint Ops LLC purchased a new position in Gerdau shares in the second quarter valued at $ 65,000. Institutional investors hold 2.63% of the company’s shares.

GGB shares opened at $ 4.33 on Friday. The company has a market cap of $ 7.45 billion, a price / earnings ratio of 3.05, a PEG ratio of 0.19, and a beta of 1.60. Gerdau has a twelve month low of $ 3.92 and a twelve month high of $ 7.27. The company has a current ratio of 2.70, a quick ratio of 1.51, and a debt ratio of 0.41. The company has a 50-day moving average price of $ 4.85 and a 200-day moving average price of $ 5.63.

Gerdau (NYSE: GGB) last released its results on Wednesday, October 27. The basic materials company reported earnings per share (EPS) of $ 0.62 for the quarter, beating consensus analysts’ estimates of $ 0.38 per $ 0.24. Gerdau had a net margin of 18.55% and a return on equity of 36.56%. The company posted revenue of $ 4.08 billion in the quarter, compared to a consensus estimate of $ 3.61 billion. As a group, research analysts predict Gerdau will post 1.55 earnings per share for the current year.

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The company also recently unveiled a variable dividend, which will be paid on Tuesday, November 23. Shareholders of record on Thursday, September 30 will receive a dividend of $ 0.0814 per share. This is an increase from Gerdau’s previous variable dividend of $ 0.01. This represents a yield of 7.2%. The ex-dividend date for this dividend is Wednesday, September 29. Gerdau’s payout ratio is currently 71.83%.

Several equity research analysts have weighed in on GGB shares recently. Morgan Stanley downgraded Gerdau from an “overweight” rating to an “equal weight” rating in a research note on Monday, October 18. Credit Suisse Group upgraded Gerdau from a “neutral” rating to an “outperformance” rating in a research note dated Thursday 9 September. Zacks Investment Research lifted Gerdau from a “sell” rating to a “conservation” rating in a research note on Monday, October 25. Citigroup downgraded Gerdau from a “neutral” rating to a “buy” rating and set a price target of $ 6.10 for the company in a research note on Friday, November 12. Finally, Scotiabank upgraded Gerdau from a “sector performance” rating to an “outperformance” rating in a research note dated Tuesday, September 7. Four analysts rated the stock with a conservation rating and three gave the stock a buy rating. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $ 6.18.

About Gerdau

Gerdau SA is engaged in the production and marketing of steel products. It operates through the following segments: Operation in Brazil, Operation in North America, Operation in South Africa and Operation in special steels. The Operation Brazil segment includes rebars, bars, shapes, drawn products, billets, blooms, slabs; wire rod, structural forms and iron ore.

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