Gerdau S.A. (NYSE:GGB) Sees Large Growth in Short Interest

Gerdau S.A. (NYSE:GGB - Get Free Report) saw a large increase in short interest during the month of May. As of May 31st, there was short interest totalling 14,690,000 shares, an increase of 65.8% from the May 15th total of 8,860,000 shares. Approximately 1.1% of the company's stock are sold short. Based on an average daily trading volume, of 11,600,000 shares, the days-to-cover ratio is presently 1.3 days.

Analyst Ratings Changes

GGB has been the subject of a number of analyst reports. UBS Group raised shares of Gerdau from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $2.90 to $3.80 in a research report on Monday, June 9th. Bank of America reiterated a "neutral" rating on shares of Gerdau in a research note on Monday, April 7th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GGB. Inspire Investing LLC bought a new stake in Gerdau in the 1st quarter valued at $46,000. Kawa Capital Management Inc acquired a new stake in shares of Gerdau during the first quarter worth $6,011,000. Strs Ohio bought a new stake in shares of Gerdau in the first quarter valued at about $737,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Gerdau by 821.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,344,175 shares of the basic materials company's stock valued at $6,657,000 after acquiring an additional 2,089,675 shares during the period. Finally, Millennium Management LLC grew its stake in shares of Gerdau by 54.6% in the first quarter. Millennium Management LLC now owns 4,363,764 shares of the basic materials company's stock valued at $12,393,000 after acquiring an additional 1,541,311 shares in the last quarter. Institutional investors and hedge funds own 1.49% of the company's stock.

Gerdau Stock Performance

Shares of NYSE GGB traded down $0.03 during midday trading on Wednesday, hitting $2.96. 13,174,794 shares of the company's stock were exchanged, compared to its average volume of 9,941,329. The company has a quick ratio of 1.28, a current ratio of 2.64 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $6.14 billion, a PE ratio of 10.19, a price-to-earnings-growth ratio of 3.05 and a beta of 1.38. Gerdau has a 12 month low of $2.27 and a 12 month high of $3.62. The company's 50 day moving average price is $2.72 and its 200 day moving average price is $2.88.

Gerdau Increases Dividend

The business also recently announced a dividend, which was paid on Tuesday, May 27th. Stockholders of record on Tuesday, May 13th were paid a dividend of $0.0188 per share. This represents a dividend yield of 2.95%. The ex-dividend date was Monday, May 12th. This is a boost from Gerdau's previous dividend of $0.00. Gerdau's dividend payout ratio (DPR) is currently 27.59%.

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.