Short Interest in Gerdau S.A. (NYSE:GGB) Drops By 22.8%

Gerdau S.A. (NYSE:GGB) was the recipient of a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 5,220,000 shares, a decrease of 22.8% from the October 15th total of 6,760,000 shares. Approximately 0.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 9,280,000 shares, the days-to-cover ratio is currently 0.6 days.

Institutional Investors Weigh In On Gerdau

Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC lifted its stake in shares of Gerdau by 11.1% during the third quarter. FMR LLC now owns 88,979,025 shares of the basic materials company’s stock valued at $311,427,000 after buying an additional 8,898,975 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Gerdau in the 3rd quarter valued at $29,750,000. Marshall Wace LLP lifted its stake in shares of Gerdau by 1,988.2% during the 2nd quarter. Marshall Wace LLP now owns 6,186,152 shares of the basic materials company’s stock worth $20,414,000 after purchasing an additional 5,889,913 shares during the period. Acadian Asset Management LLC boosted its holdings in shares of Gerdau by 48.1% during the second quarter. Acadian Asset Management LLC now owns 13,391,548 shares of the basic materials company’s stock worth $44,181,000 after purchasing an additional 4,351,666 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Gerdau by 15.1% in the second quarter. Dimensional Fund Advisors LP now owns 16,005,117 shares of the basic materials company’s stock valued at $52,825,000 after purchasing an additional 2,100,969 shares during the period. 1.49% of the stock is currently owned by hedge funds and other institutional investors.

Gerdau Stock Up 0.4 %

Shares of NYSE:GGB opened at $3.41 on Friday. The company has a quick ratio of 1.53, a current ratio of 2.98 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $7.18 billion, a P/E ratio of 7.48 and a beta of 1.75. Gerdau has a 52-week low of $2.92 and a 52-week high of $4.21. The stock’s fifty day simple moving average is $3.32 and its 200-day simple moving average is $3.34.

Gerdau Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Thursday, November 21st will be paid a dividend of $0.0528 per share. This is a boost from Gerdau’s previous quarterly dividend of $0.00. This represents a $0.21 annualized dividend and a dividend yield of 6.20%. The ex-dividend date is Thursday, November 21st. Gerdau’s dividend payout ratio (DPR) is currently 19.64%.

Gerdau Company Profile

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.