Short Interest in Gerdau S.A. (NYSE:GGB) Expands By 118.9%

Gerdau S.A. (NYSE:GGB) was the recipient of a large increase in short interest during the month of November. As of November 30th, there was short interest totalling 10,770,000 shares, an increase of 118.9% from the November 15th total of 4,920,000 shares. Based on an average daily volume of 10,460,000 shares, the short-interest ratio is presently 1.0 days. Currently, 0.8% of the company’s stock are sold short.

Gerdau Stock Down 4.4 %

Shares of GGB stock opened at $3.25 on Friday. The stock’s fifty day moving average price is $3.35 and its 200 day moving average price is $3.30. Gerdau has a 1-year low of $2.92 and a 1-year high of $4.10. The company has a market cap of $6.76 billion, a price-to-earnings ratio of 7.09 and a beta of 1.73. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.98 and a quick ratio of 1.53.

Gerdau Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Thursday, November 21st will be paid a dividend of $0.0528 per share. This is a positive change from Gerdau’s previous quarterly dividend of $0.00. The ex-dividend date is Thursday, November 21st. This represents a $0.21 dividend on an annualized basis and a dividend yield of 6.50%. Gerdau’s payout ratio is presently 43.64%.

Hedge Funds Weigh In On Gerdau

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Blue Trust Inc. grew its position in Gerdau by 132.8% during the 3rd quarter. Blue Trust Inc. now owns 8,681 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 4,952 shares during the last quarter. Rehmann Capital Advisory Group acquired a new stake in shares of Gerdau during the third quarter worth $37,000. Insight 2811 Inc. acquired a new stake in shares of Gerdau during the second quarter worth $36,000. HighTower Advisors LLC acquired a new position in shares of Gerdau in the 3rd quarter valued at $38,000. Finally, Wedbush Securities Inc. acquired a new stake in Gerdau during the 2nd quarter worth about $38,000. 1.49% of the stock is owned by hedge funds and other institutional investors.

About Gerdau

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.