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

Key Points

• The short interest in National Steel Company (NYSE:SID) decreased by 23.5% in August, falling from 10,720,000 shares to 8,200,000 shares.
• Several institutional investors significantly increased their holdings in National Steel, with Northern Trust Corp raising its position by 2,160.7% and XTX Topco Ltd by 1,323.3% during the recent quarters.
• National Steel reported a negative earnings per share of ($0.02) for the last quarter, missing analysts' estimates, amidst a revenue of $1.91 billion compared to a consensus estimate of $10.98 billion.

National Steel Company (NYSE:SID - Get Free Report) was the recipient of a large decline in short interest in August. As of August 31st, there was short interest totaling 8,200,000 shares, a decline of 23.5% from the August 15th total of 10,720,000 shares. Based on an average daily trading volume, of 3,030,000 shares, the short-interest ratio is currently 2.7 days. Approximately 0.6% of the shares of the company are sold short. Approximately 0.6% of the shares of the company are sold short. Based on an average daily trading volume, of 3,030,000 shares, the short-interest ratio is currently 2.7 days.

National Steel Stock Performance

Shares of SID stock traded down $0.01 during trading hours on Friday, reaching $1.50. 2,193,347 shares of the company traded hands, compared to its average volume of 1,785,151. National Steel has a 12-month low of $1.24 and a 12-month high of $2.50. The company has a debt-to-equity ratio of 2.60, a current ratio of 1.35 and a quick ratio of 0.95. The company has a market cap of $1.98 billion, a P/E ratio of -5.16, a P/E/G ratio of 0.42 and a beta of 1.60. The firm has a 50-day moving average price of $1.42 and a 200 day moving average price of $1.51.

National Steel (NYSE:SID - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The basic materials company reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of $0.07 by ($0.09). National Steel had a negative net margin of 5.06% and a negative return on equity of 13.90%. The company had revenue of $1.91 billion for the quarter, compared to analysts' expectations of $10.98 billion. As a group, sell-side analysts predict that National Steel will post -0.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. American Century Companies Inc. lifted its holdings in National Steel by 0.6% in the 1st quarter. American Century Companies Inc. now owns 2,187,196 shares of the basic materials company's stock worth $3,653,000 after purchasing an additional 13,632 shares in the last quarter. Northern Trust Corp lifted its holdings in 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 worth $2,282,000 after purchasing an additional 1,514,727 shares in the last quarter. XTX Topco Ltd lifted its holdings in National Steel by 1,323.3% in the 1st quarter. XTX Topco Ltd now owns 299,898 shares of the basic materials company's stock worth $501,000 after purchasing an additional 278,828 shares in the last quarter. Graham Capital Management L.P. lifted its holdings in 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 worth $143,000 after purchasing an additional 29,464 shares in the last quarter. Finally, Inspire Advisors LLC lifted its holdings in National Steel by 36.8% in the 1st quarter. Inspire Advisors LLC now owns 91,555 shares of the basic materials company's stock worth $153,000 after purchasing an additional 24,642 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.