National Steel Company (NYSE:SID) Short Interest Up 29.9% in August

Key Points

• National Steel Company experienced a significant increase in short interest, rising by 29.9% from July to August, with total short interest now at 10,720,000 shares.
• The company's stock, currently trading at $1.46, has reported a negative earnings per share of ($0.02), missing analysts' consensus estimates.
• Despite challenges, Wall Street Zen upgraded the stock rating from "hold" to "buy," although the overall consensus rating remains a "Sell" with a target price of $1.30.

National Steel Company (NYSE:SID - Get Free Report) was the target of a large growth in short interest in the month of August. As of August 15th, there was short interest totaling 10,720,000 shares, a growth of 29.9% from the July 31st total of 8,250,000 shares. Currently, 0.8% of the company's shares are short sold. Based on an average daily volume of 3,320,000 shares, the days-to-cover ratio is presently 3.2 days. Based on an average daily volume of 3,320,000 shares, the days-to-cover ratio is presently 3.2 days. Currently, 0.8% of the company's shares are short sold.

National Steel Trading Up 1.0%

Shares of SID stock traded up $0.02 during trading hours on Friday, hitting $1.48. 775,631 shares of the company were exchanged, compared to its average volume of 2,176,219. National Steel has a fifty-two week low of $1.24 and a fifty-two week high of $2.50. The company has a 50 day simple moving average of $1.42 and a two-hundred day simple moving average of $1.51. The company has a debt-to-equity ratio of 2.60, a quick ratio of 0.95 and a current ratio of 1.35. The firm has a market cap of $1.96 billion, a P/E ratio of -5.09, a P/E/G ratio of 0.41 and a beta of 1.60.

National Steel (NYSE:SID - Get Free Report) last issued its earnings results on Thursday, July 31st. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.09). National Steel had a negative return on equity of 13.90% and a negative net margin of 5.06%.The firm had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $10.98 billion. Equities analysts anticipate that National Steel will post -0.02 EPS for the current year.

Hedge Funds Weigh In On National Steel

A number of large investors have recently modified their holdings of the company. Savvy Advisors Inc. lifted its stake in National Steel by 18.7% during the 1st quarter. Savvy Advisors Inc. now owns 42,872 shares of the basic materials company's stock valued at $72,000 after acquiring an additional 6,739 shares in the last quarter. EntryPoint Capital LLC lifted its stake in National Steel by 23.0% during the 1st quarter. EntryPoint Capital LLC now owns 46,975 shares of the basic materials company's stock valued at $78,000 after acquiring an additional 8,798 shares in the last quarter. Pinnacle Wealth Planning Services Inc. lifted its stake in National Steel by 41.3% during the 4th quarter. Pinnacle Wealth Planning Services Inc. now owns 31,855 shares of the basic materials company's stock valued at $46,000 after acquiring an additional 9,314 shares in the last quarter. First Affirmative Financial Network lifted its stake in National Steel by 56.7% during the 1st quarter. First Affirmative Financial Network now owns 30,672 shares of the basic materials company's stock valued at $51,000 after acquiring an additional 11,098 shares in the last quarter. Finally, American Century Companies Inc. lifted its stake in National Steel by 0.6% during the 1st quarter. American Century Companies Inc. now owns 2,187,196 shares of the basic materials company's stock valued at $3,653,000 after acquiring an additional 13,632 shares in the last quarter.

About National Steel

Companhia Siderúrgica Nacional operates as an integrated steel producer in Brazil and Latin America. It operates through five segments: Steel Industry, Mining, Logistics, Energy, and Cement. The company offers flat steel products, such as hot and cold rolled, galvanized, galvalume, pre-painted, and metal sheets products; coil, sheets, and derivatives; tiles and derivatives, pipes, and profiles; long steel products; steel packaging solutions for the food industry; chemical packaging solution; and carbochemical products.