Gerdau SA (NYSE:GGB) Short Interest Update
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.
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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