National Steel (NYSE:SID) Cut to Strong Sell at Zacks Research

Key Points

• Zacks Research downgraded National Steel to “strong sell” from “hold,” while Weiss Ratings maintained a “sell (D-)” rating. Analysts have a consensus “strong sell” rating and an average price target of $1.40.
• National Steel shares opened at $0.89, near their 52-week low of $0.84 and below both their 50-day ($1.01) and 200-day ($1.29) moving averages.
• The company reported a quarterly loss of $0.12 per share, in line with estimates, and revenue of $2.18 billion, above expectations. However, it posted a negative net margin of 5.26% and negative return on equity of 14.91%.

National Steel (NYSE:SID - Get Free Report) was downgraded by Zacks Research from a "hold" rating to a "strong sell" rating in a report issued on Thursday,Zacks.com reports.

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of National Steel in a report on Wednesday, June 17th. Three investment analysts have rated the stock with a Sell rating, Based on data from MarketBeat, the company has a consensus rating of "Strong Sell" and an average price target of $1.40.

National Steel Price Performance

National Steel stock opened at $0.89 on Thursday. The company's 50 day moving average price is $1.01 and its two-hundred day moving average price is $1.29. The company has a quick ratio of 0.73, a current ratio of 1.11 and a debt-to-equity ratio of 2.60. National Steel has a 52 week low of $0.84 and a 52 week high of $2.20. The stock has a market cap of $1.17 billion, a P/E ratio of -2.60 and a beta of 1.57.

National Steel (NYSE:SID - Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The basic materials company reported ($0.12) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.12). The company had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.13 billion. National Steel had a negative net margin of 5.26% and a negative return on equity of 14.91%. On average, equities analysts predict that National Steel will post 0.11 earnings per share for the current year.

Hedge Funds Weigh In On National Steel

A hedge fund recently raised its position in National Steel stock. HRT Financial LP raised its position in shares of National Steel Company (NYSE:SID - Free Report) by 175.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 564,262 shares of the basic materials company's stock after buying an additional 359,335 shares during the quarter. HRT Financial LP's holdings in National Steel were worth $902,000 at the end of the most recent 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.

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