National Steel (NYSE:SID) Shares Gap Up - Here's What Happened

Key Points

• National Steel shares opened higher, rising from a previous close of $1.22 to $1.28 before trading near $1.2550 on volume of about 1.16 million shares.
• Analyst sentiment is strongly negative: Zacks Research and Wall Street Zen downgraded the stock to “strong sell” and “sell,” respectively, while three analysts rate it Sell. The consensus price target is $1.40.
• The company reported a quarterly loss of $0.12 per share, in line with estimates, while revenue of $2.18 billion exceeded forecasts. National Steel also carries elevated leverage, with a debt-to-equity ratio of 2.96.

Shares of National Steel Company (NYSE:SID - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $1.22, but opened at $1.28. National Steel shares last traded at $1.2550, with a volume of 1,157,473 shares traded.

Analyst Ratings Changes

Several analysts have issued reports on the company. Zacks Research cut National Steel from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 13th. Wall Street Zen downgraded shares of National Steel from a "hold" rating to a "sell" rating in a report on Saturday, August 22nd. Finally, Weiss Ratings reissued 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, According to data from MarketBeat, National Steel currently has an average rating of "Strong Sell" and a consensus target price of $1.40.

National Steel Price Performance

The company has a debt-to-equity ratio of 2.96, a current ratio of 1.15 and a quick ratio of 0.79. The company has a fifty day moving average price of $1.00 and a 200 day moving average price of $1.20. The company has a market capitalization of $1.66 billion, a P/E ratio of -3.66 and a beta of 1.61.

National Steel (NYSE:SID - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The basic materials company reported ($0.12) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.12). The business had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.13 billion. National Steel had a negative return on equity of 14.90% and a negative net margin of 5.26%. On average, sell-side analysts forecast that National Steel Company will post 0.11 EPS for the current fiscal year.

Institutional Inflows and Outflows

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

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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