National Steel Company (NYSE:SID) Sees Large Growth in Short Interest

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 recipient of a significant growth in short interest in August. As of August 15th, there was short interest totaling 10,720,000 shares, agrowthof29.9% from the July 31st total of 8,250,000 shares. Based on an average trading volume of 3,320,000 shares, the short-interest ratio is currently 3.2 days. Currently,0.8% of the company's shares are sold short. Currently,0.8% of the company's shares are sold short. Based on an average trading volume of 3,320,000 shares, the short-interest ratio is currently 3.2 days.

National Steel Stock Down 0.3%

Shares of SID stock traded down $0.01 during trading hours on Tuesday, reaching $1.46. 1,003,339 shares of the company's stock were exchanged, compared to its average volume of 2,775,864. The stock's 50 day moving average is $1.43 and its 200-day moving average is $1.51. The company has a market cap of $1.93 billion, a price-to-earnings ratio of -5.02, a P/E/G ratio of 0.41 and a beta of 1.60. The company has a current ratio of 1.35, a quick ratio of 0.95 and a debt-to-equity ratio of 2.60. National Steel has a fifty-two week low of $1.24 and a fifty-two week high of $2.50.

National Steel (NYSE:SID - Get Free Report) last issued its quarterly 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). The business had revenue of $1.91 billion for the quarter, compared to analyst estimates of $10.98 billion. National Steel had a negative return on equity of 13.90% and a negative net margin of 5.06%. Analysts predict that National Steel will post -0.02 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of National Steel from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Sell" and a consensus target price of $1.30.

Hedge Funds Weigh In On National Steel

Several hedge funds have recently made changes to their positions in SID. Northern Trust Corp increased its position in shares of National Steel by 2,160.7% in the 4th quarter. Northern Trust Corp now owns 1,584,832 shares of the basic materials company's stock valued at $2,282,000 after acquiring an additional 1,514,727 shares during the period. BNP Paribas Financial Markets increased its position in shares of National Steel by 70.7% in the 4th quarter. BNP Paribas Financial Markets now owns 1,053,204 shares of the basic materials company's stock valued at $1,517,000 after acquiring an additional 436,157 shares during the period. Graham Capital Management L.P. increased its position in shares of National Steel by 42.1% in the 4th quarter. Graham Capital Management L.P. now owns 99,374 shares of the basic materials company's stock valued at $143,000 after acquiring an additional 29,464 shares during the period. Pinnacle Wealth Planning Services Inc. increased its position in shares of National Steel by 41.3% in 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 during the period. Finally, First Affirmative Financial Network increased its position in shares of National Steel by 56.7% in 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 during the period.

National Steel Company Profile

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.

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