Gerdau S.A. (NYSE:GGB) Short Interest Down 81.9% in February

Gerdau S.A. (NYSE:GGB) was the target of a significant drop in short interest in February. As of February 13th, there was short interest totaling 4,754,991 shares, a drop of 81.9% from the January 29th total of 26,236,663 shares. Based on an average daily trading volume, of 36,541,488 shares, the days-to-cover ratio is currently 0.1 days. Currently, 0.2% of the shares of the stock are short sold. Currently, 0.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 36,541,488 shares, the days-to-cover ratio is currently 0.1 days.

Gerdau Trading Up 2.1%

NYSE GGB traded up $0.09 on Wednesday, hitting $4.16. 19,584,732 shares of the company were exchanged, compared to its average volume of 25,699,828. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.89 and a quick ratio of 1.47. Gerdau has a twelve month low of $2.27 and a twelve month high of $4.66. The firm has a market capitalization of $8.30 billion, a P/E ratio of 34.63, a price-to-earnings-growth ratio of 1.15 and a beta of 1.46. The company’s 50 day moving average price is $4.08 and its 200-day moving average price is $3.57.

Gerdau (NYSE:GGB) last announced its earnings results on Monday, February 23rd. The basic materials company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.04). The firm had revenue of $3.08 billion for the quarter, compared to analyst estimates of $3.12 billion. Gerdau had a net margin of 1.93% and a return on equity of 6.20%. Analysts predict that Gerdau will post 0.46 earnings per share for the current fiscal year.

Gerdau Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 25th. Stockholders of record on Thursday, March 12th will be issued a dividend of $0.0194 per share. This represents a $0.08 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Thursday, March 12th. Gerdau’s payout ratio is currently 166.67%.

Institutional Trading of Gerdau

A number of institutional investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Gerdau by 68.9% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,634 shares of the basic materials company’s stock worth $28,000 after purchasing an additional 3,931 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Gerdau by 95.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 10,687 shares of the basic materials company’s stock valued at $31,000 after buying an additional 5,216 shares in the last quarter. Wealthstream Advisors Inc. acquired a new position in Gerdau in the third quarter worth approximately $32,000. Aster Capital Management DIFC Ltd bought a new position in Gerdau during the third quarter valued at approximately $34,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Gerdau in the third quarter valued at approximately $34,000. Institutional investors and hedge funds own 1.49% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on GGB. UBS Group reiterated a “buy” rating and issued a $4.60 price target (up from $4.00) on shares of Gerdau in a research report on Monday, December 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Gerdau in a research note on Monday, December 29th. Finally, Zacks Research raised shares of Gerdau from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 18th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $4.60.

About Gerdau

Gerdau SA is a Brazilian-based steel producer engaged in the manufacture and distribution of long steel products for the construction, industrial and agricultural sectors. Established in 1901, the company operates an integrated network of electric-arc furnaces and rolling mills, producing reinforcement bars, wire rod, merchant bars and structural shapes. Gerdau’s product portfolio also includes specialty long steel, high-yield reinforcement, rail, beams and steel coils, as well as value-added processing services such as cutting, bending and coating.

The company has expanded its footprint beyond Brazil, with significant operations in North America, South America and a presence in select European markets.