National Steel Company (NYSE:SID) Short Interest Update

Key Points

• Short interest in National Steel fell 53.6% to 4.16 million shares as of September 15, representing about 0.3% of shares outstanding and just 0.4 days to cover.
• Analysts remain bearish, with three Sell ratings and a consensus rating of “Strong Sell”; the consensus price target is $1.40.
• SID traded at $1.08, while the company reported a quarterly loss of $0.12 per share on $2.18 billion in revenue. Analysts expect a full-year loss of $0.02 per share.

National Steel Company (NYSE:SID - Get Free Report) was the target of a significant drop in short interest in the month of September. As of September 15th, there was short interest totaling 4,164,960 shares, a drop of 53.6% from the August 31st total of 8,982,742 shares. Approximately 0.3% of the shares of the stock are sold short. Based on an average trading volume of 9,525,120 shares, the days-to-cover ratio is currently 0.4 days.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on SID shares. Zacks Research lowered National Steel from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 13th. Wall Street Zen downgraded National Steel from a "hold" rating to a "sell" rating in a research note on Saturday, August 22nd. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of National Steel in a report on Monday, September 14th. Three equities research analysts have rated the stock with a Sell rating, According to MarketBeat.com, National Steel presently has a consensus rating of "Strong Sell" and a consensus price target of $1.40.

National Steel Price Performance

SID traded down $0.01 during trading on Monday, hitting $1.08. 1,043,387 shares of the company traded hands, compared to its average volume of 4,880,015. The company has a market cap of $1.44 billion, a PE ratio of -3.19 and a beta of 1.61. The stock's 50-day simple moving average is $1.06 and its two-hundred day simple moving average is $1.16. National Steel has a 1 year low of $0.84 and a 1 year high of $2.20. The company has a current ratio of 1.15, a quick ratio of 0.79 and a debt-to-equity ratio of 2.96.

National Steel (NYSE:SID - Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The basic materials company reported ($0.12) EPS for the quarter, hitting the consensus estimate of ($0.12). National Steel had a negative net margin of 5.26% and a negative return on equity of 14.90%. The business had revenue of $2.18 billion for the quarter, compared to analysts' expectations of $2.13 billion. As a group, sell-side analysts anticipate that National Steel will post -0.02 earnings per share for the current fiscal year.

About National Steel

Companhia Siderúrgica Nacional (CSN), historically associated with the “National Steel” name and traded in the United States under the symbol SID, is a Brazilian industrial company headquartered in São Paulo. Founded in 1941, CSN operates one of Brazil's major integrated steelmaking complexes in Volta Redonda, in the state of Rio de Janeiro.

The company produces flat steel products, including galvanized, tinplate and other coated steels, as well as hot- and cold-rolled steel. Its products serve industries such as automotive manufacturing, construction, packaging, appliances and general industrial production.

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