Companhia Siderúrgica Nacional (NYSE:SID) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Companhia Siderúrgica Nacional (NYSE:SID)’s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $1.80 and traded as high as $1.80. Companhia Siderúrgica Nacional shares last traded at $1.78, with a volume of 1,332,841 shares.

Analysts Set New Price Targets

SID has been the topic of a number of recent research reports. StockNews.com cut shares of Companhia Siderúrgica Nacional from a “buy” rating to a “hold” rating in a research note on Tuesday, December 10th. UBS Group began coverage on Companhia Siderúrgica Nacional in a research note on Wednesday, March 12th. They issued a “sell” rating and a $1.30 price target on the stock.

Companhia Siderúrgica Nacional Stock Down 0.8 %

The firm’s 50 day moving average is $1.53 and its two-hundred day moving average is $1.80. The firm has a market cap of $2.35 billion, a P/E ratio of -11.83 and a beta of 2.16. The company has a current ratio of 1.34, a quick ratio of 0.93 and a debt-to-equity ratio of 2.77.

Companhia Siderúrgica Nacional (NYSE:SID) last announced its quarterly earnings results on Wednesday, March 12th. The basic materials company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. Companhia Siderúrgica Nacional had a negative net margin of 2.37% and a negative return on equity of 5.79%. The company had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $11.85 billion. As a group, research analysts anticipate that Companhia Siderúrgica Nacional will post -0.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Companhia Siderúrgica Nacional

Institutional investors and hedge funds have recently modified their holdings of the business. Pinnacle Wealth Planning Services Inc. lifted its stake in Companhia Siderúrgica Nacional by 41.3% in the fourth quarter. Pinnacle Wealth Planning Services Inc. now owns 31,855 shares of the basic materials company’s stock valued at $46,000 after buying an additional 9,314 shares in the last quarter. Graham Capital Management L.P. lifted its position in Companhia Siderúrgica Nacional by 42.1% in the 4th quarter. Graham Capital Management L.P. now owns 99,374 shares of the basic materials company’s stock valued at $143,000 after acquiring an additional 29,464 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Companhia Siderúrgica Nacional by 70.7% in the 4th quarter. BNP Paribas Financial Markets now owns 1,053,204 shares of the basic materials company’s stock worth $1,517,000 after purchasing an additional 436,157 shares during the period. Northern Trust Corp increased its holdings in Companhia Siderúrgica Nacional by 2,160.7% during 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. Finally, Virtus ETF Advisers LLC raised its stake in shares of Companhia Siderúrgica Nacional by 23.9% in the 4th quarter. Virtus ETF Advisers LLC now owns 85,026 shares of the basic materials company’s stock valued at $122,000 after purchasing an additional 16,414 shares during the period.

About Companhia Siderúrgica Nacional

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.