Contrarian Capital Management LLC Raised Its Gerdau S A (GGB) Position by $59.08 Million; Share Value Rose

Gerdau S.A. (NYSE:GGB) Logo

Contrarian Capital Management Llc increased its stake in Gerdau S A (GGB) by 26394.77% based on its latest 2019Q1 regulatory filing with the SEC. Contrarian Capital Management Llc bought 19.69 million shares as the company’s stock rose 1.71% . The hedge fund held 19.77 million shares of the steel and iron ore company at the end of 2019Q1, valued at $76.70M, up from 74,611 at the end of the previous reported quarter. Contrarian Capital Management Llc who had been investing in Gerdau S A for a number of months, seems to be bullish on the $5.08B market cap company. The stock decreased 5.91% or $0.195 during the last trading session, reaching $3.105. About 6.76M shares traded. Gerdau S.A. (NYSE:GGB) has declined 20.50% since August 14, 2018 and is downtrending. It has underperformed by 20.50% the S&P500.

Contrarian Capital Management Llc, which manages about $4.20B and $1.12B US Long portfolio, decreased its stake in Cleveland Cliffs Inc (Call) by 8.27M shares to 6,500 shares, valued at $6.49M in 2019Q1, according to the filing.

More notable recent Gerdau S.A. (NYSE:GGB) news were published by: Seekingalpha.com which released: “Green Growth Brands’ Hostile Takeover Bid For Aphria: A Harbinger Of Things To Come – Seeking Alpha” on January 07, 2019, also Seekingalpha.com with their article: “The Ugly Truth Of Green Growth’s Bid For Aphria: A Reverse Takeunder – Seeking Alpha” published on January 22, 2019, Marketwatch.com published: “Cannabis sector hammered as CannTrust slides another 24% – MarketWatch” on July 25, 2019. More interesting news about Gerdau S.A. (NYSE:GGB) were released by: Seekingalpha.com and their article: “Aphria: Temporary Roadblocks Mean Patience Is Necessary – Seeking Alpha” published on April 17, 2019 as well as Finance.Yahoo.com‘s news article titled: “Gerdau Pfd Shs Sponsored American Deposit Receipt Repr 1 Pfd Sh (GGB) Q2 2019 Earnings Call Transcript – Yahoo Finance” with publication date: August 09, 2019.

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