National Steel (NYSE:SID) Share Price Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• National Steel Company's stock price has crossed above its 200-day moving average at $1.51, indicating a potential shift in market momentum.
• Recently, Zacks Research upgraded their rating for National Steel from a "strong sell" to a "hold," while the current consensus rating remains "Reduce" with a target price of $1.30.
• The company reported a loss of $0.02 earnings per share in its last earnings release, significantly missing the consensus estimate of $0.07 and showing a negative return on equity of 13.90%.

National Steel Company (NYSE:SID - Get Free Report)'s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $1.51 and traded as high as $1.51. National Steel shares last traded at $1.51, with a volume of 1,472,192 shares.

Wall Street Analyst Weigh In

Separately, Zacks Research upgraded shares of National Steel from a "strong sell" rating to a "hold" rating in a report on Friday, September 19th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and an average target price of $1.30.

National Steel Stock Down 0.3%

The company's fifty day moving average price is $1.43 and its 200-day moving average price is $1.51. The stock has a market cap of $2.00 billion, a P/E ratio of -5.19, a price-to-earnings-growth ratio of 0.42 and a beta of 1.60. The company has a debt-to-equity ratio of 2.60, a quick ratio of 0.95 and a current ratio of 1.35.

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

Institutional Investors Weigh In On National Steel

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Savvy Advisors Inc. lifted its holdings 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 buying an additional 6,739 shares in the last quarter. EntryPoint Capital LLC lifted its holdings 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 buying an additional 8,798 shares in the last quarter. First Affirmative Financial Network lifted its holdings 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 buying an additional 11,098 shares in the last quarter. American Century Companies Inc. lifted its holdings 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 buying an additional 13,632 shares in the last quarter. Finally, Headlands Technologies LLC lifted its holdings in National Steel by 41.4% during the 1st quarter. Headlands Technologies LLC now owns 62,710 shares of the basic materials company's stock valued at $105,000 after buying an additional 18,359 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.

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