Short Interest in Gerdau S.A. (NYSE:GGB) Rises By 40.9%

Gerdau S.A. (NYSE:GGB) was the target of a large increase in short interest in the month of December. As of December 15th, there was short interest totalling 15,180,000 shares, an increase of 40.9% from the November 30th total of 10,770,000 shares. Currently, 1.1% of the company’s shares are sold short. Based on an average daily volume of 11,250,000 shares, the days-to-cover ratio is presently 1.3 days.

Gerdau Trading Down 0.3 %

GGB traded down $0.01 on Monday, hitting $2.90. The company had a trading volume of 8,288,395 shares, compared to its average volume of 8,661,225. The company has a current ratio of 2.98, a quick ratio of 1.53 and a debt-to-equity ratio of 0.21. The firm has a market cap of $6.03 billion, a P/E ratio of 6.33 and a beta of 1.73. The company’s fifty day moving average price is $3.29 and its 200 day moving average price is $3.29. Gerdau has a 1 year low of $2.86 and a 1 year high of $4.08.

Gerdau Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 23rd. Stockholders of record on Thursday, November 21st were paid a $0.0528 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This is a boost from Gerdau’s previous quarterly dividend of $0.00. This represents a $0.21 dividend on an annualized basis and a dividend yield of 7.28%. Gerdau’s payout ratio is presently 39.13%.

Hedge Funds Weigh In On Gerdau

Several hedge funds have recently bought and sold shares of GGB. FMR LLC increased its stake in shares of Gerdau by 11.1% during the third quarter. FMR LLC now owns 88,979,025 shares of the basic materials company’s stock worth $311,427,000 after buying an additional 8,898,975 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Gerdau in the 3rd quarter valued at approximately $29,750,000. Marshall Wace LLP lifted its position in shares of Gerdau by 1,988.2% during the 2nd quarter. Marshall Wace LLP now owns 6,186,152 shares of the basic materials company’s stock worth $20,414,000 after purchasing an additional 5,889,913 shares during the last quarter. Two Sigma Advisers LP grew its stake in shares of Gerdau by 298.1% during the third quarter. Two Sigma Advisers LP now owns 6,097,460 shares of the basic materials company’s stock worth $21,341,000 after purchasing an additional 4,565,900 shares in the last quarter. Finally, Acadian Asset Management LLC increased its holdings in Gerdau by 48.1% in the second quarter. Acadian Asset Management LLC now owns 13,391,548 shares of the basic materials company’s stock valued at $44,181,000 after buying an additional 4,351,666 shares during the last quarter. Institutional investors and hedge funds own 1.49% of the company’s stock.

Gerdau Company Profile

Gerdau SA, together with its subsidiaries, operates as a steel producer company. The company operates through Brazil Business, North America Business, South America Business, and Special Steel Business segments. It also provides semi-finished products, including billets, blooms, and slabs; common long rolled products, such as rebars, wire rods, merchant bars, light shapes, and profiles to the construction and manufacturing industries; drawn products comprising barbed and barbless fence wires, galvanized wires, fences, concrete reinforcing wire mesh, nails, and clamps for manufacturing, construction, and agricultural industries; and special steel products used in auto parts, light and heavy vehicles, and agricultural machinery, as well as in the oil and gas, wind energy, machinery and equipment, mining and rail, and other markets.