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

National Steel Company (NYSE:SID) was the recipient of a large decline in short interest during the month of August. As of August 31st, there was short interest totaling 8,982,742 shares, a decline of 34.2% from the August 15th total of 13,646,452 shares. Currently, 0.7% of the shares of the company are short sold. Based on an average trading volume of 1,750,158 shares, the short-interest ratio is currently 5.1 days.

National Steel Stock Performance

Shares of NYSE:SID traded down $0.03 on Thursday, hitting $1.19. 8,862,281 shares of the company were exchanged, compared to its average volume of 4,846,848. The company’s 50 day moving average price is $1.04 and its two-hundred day moving average price is $1.17. National Steel has a one year low of $0.84 and a one year high of $2.20. The company has a debt-to-equity ratio of 2.96, a quick ratio of 0.79 and a current ratio of 1.15. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of -3.49 and a beta of 1.61.

National Steel (NYSE:SID) last released its earnings results on Thursday, August 13th. The basic materials company reported ($0.12) earnings per share for the quarter, meeting 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 during the quarter, compared to analysts’ expectations of $2.13 billion. Research analysts expect that National Steel will post 0.05 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SID has been the topic of several research analyst reports. Zacks Research downgraded National Steel from a “hold” rating to a “strong sell” rating in a research report on Thursday, August 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of National Steel in a research report on Monday. Finally, Wall Street Zen downgraded National Steel from a “hold” rating to a “sell” rating in a research note on Saturday, August 22nd. Three equities research analysts have rated the stock with a Sell rating, According to MarketBeat, the stock presently has an average rating of “Strong Sell” and an average price target of $1.40.

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.