Gerdau SA (NYSE:GGB) was the recipient of a significant increase in short interest in August. As of August 31st, there was short interest totalling 65,477,300 shares, an increase of 14.5% from the July 31st total of 57,196,100 shares. Based on an average daily trading volume, of 8,150,000 shares, the days-to-cover ratio is currently 8.0 days. Approximately 5.8% of the company’s stock are sold short.

Shares of GGB stock remained flat at $$3.31 during trading on Friday. 2,846,839 shares of the stock were exchanged, compared to its average volume of 10,380,398. The firm’s 50 day moving average is $3.20 and its two-hundred day moving average is $3.64. The company has a current ratio of 2.19, a quick ratio of 0.95 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $5.59 billion, a P/E ratio of 8.26 and a beta of 1.90. Gerdau has a twelve month low of $2.73 and a twelve month high of $4.71.

Gerdau (NYSE:GGB) last announced its quarterly earnings data on Wednesday, August 7th. The basic materials company reported $0.06 EPS for the quarter, missing the Zacks’ consensus estimate of $0.09 by ($0.03). Gerdau had a return on equity of 7.97% and a net margin of 4.50%. The business had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.79 billion. On average, equities analysts forecast that Gerdau will post 0.3 EPS for the current fiscal year.

A number of research analysts have weighed in on the stock. ValuEngine raised shares of Gerdau from a “sell” rating to a “hold” rating in a research note on Thursday, June 27th. TheStreet lowered shares of Gerdau from a “b-” rating to a “c+” rating in a research note on Friday, August 30th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $4.50.

Several large investors have recently added to or reduced their stakes in GGB. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of Gerdau by 166.5% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 110,427 shares of the basic materials company’s stock valued at $428,000 after purchasing an additional 68,996 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Gerdau by 91.8% in the first quarter. JPMorgan Chase & Co. now owns 7,347,368 shares of the basic materials company’s stock valued at $28,508,000 after purchasing an additional 3,516,995 shares during the last quarter. Thomas White International Ltd. acquired a new position in shares of Gerdau in the first quarter valued at $1,977,000. Acadian Asset Management LLC acquired a new position in shares of Gerdau in the first quarter valued at about $3,035,000. Finally, NumerixS Investment Technologies Inc grew its stake in shares of Gerdau by 312.2% in the first quarter. NumerixS Investment Technologies Inc now owns 303,400 shares of the basic materials company’s stock valued at $1,156,000 after acquiring an additional 229,800 shares in the last quarter. Hedge funds and other institutional investors own 8.50% of the company’s stock.

Gerdau Company Profile

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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