Gerdau S.A. (NYSE:GGB – Get Free Report) was the recipient of a large increase in short interest in June. As of June 15th, there was short interest totalling 7,420,000 shares, an increase of 366.7% from the May 31st total of 1,590,000 shares. Based on an average daily volume of 9,280,000 shares, the days-to-cover ratio is presently 0.8 days. Currently, 0.5% of the shares of the stock are sold short.
Wall Street Analyst Weigh In
A number of analysts recently commented on the company. Bank of America upgraded Gerdau from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $4.50 to $5.00 in a research report on Friday, May 24th. JPMorgan Chase & Co. upgraded Gerdau from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $4.17 to $5.00 in a research report on Monday, April 15th.
Read Our Latest Research Report on Gerdau
Hedge Funds Weigh In On Gerdau
Gerdau Stock Performance
GGB remained flat at $3.30 during midday trading on Friday. The company’s stock had a trading volume of 7,747,147 shares, compared to its average volume of 8,491,622. The company has a current ratio of 2.79, a quick ratio of 1.29 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $6.96 billion, a price-to-earnings ratio of 5.44 and a beta of 1.77. The firm has a 50-day simple moving average of $3.40 and a 200-day simple moving average of $3.59. Gerdau has a 52 week low of $3.06 and a 52 week high of $5.13.
Gerdau (NYSE:GGB – Get Free Report) last posted its quarterly earnings results on Friday, May 3rd. The basic materials company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.09 by $0.03. The company had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.22 billion. Gerdau had a return on equity of 11.04% and a net margin of 9.57%. On average, equities analysts expect that Gerdau will post 0.58 EPS for the current year.
Gerdau Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 4th. Stockholders of record on Monday, May 20th were paid a $0.055 dividend. This is a positive change from Gerdau’s previous quarterly dividend of $0.02. This represents a $0.22 annualized dividend and a dividend yield of 6.67%. The ex-dividend date of this dividend was Friday, May 17th. Gerdau’s payout ratio is currently 36.16%.
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.
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