National Steel (NYSE:SID) Shares Pass Above Two Hundred Day Moving Average – Here’s Why

Shares of National Steel Company (NYSE:SID) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $1.52 and traded as high as $1.66. National Steel shares last traded at $1.6550, with a volume of 3,819,214 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on SID shares. Zacks Research raised shares of National Steel from a “strong sell” rating to a “hold” rating in a research note on Friday, September 19th. Weiss Ratings restated a “sell (d)” rating on shares of National Steel in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, National Steel has a consensus rating of “Sell” and a consensus price target of $1.30.

National Steel Trading Up 4.7%

The company has a current ratio of 1.35, a quick ratio of 0.95 and a debt-to-equity ratio of 2.60. The company has a fifty day simple moving average of $1.57 and a 200-day simple moving average of $1.52. The company has a market capitalization of $2.19 billion, a PE ratio of -5.71, a PEG ratio of 1.35 and a beta of 1.77.

Institutional Investors Weigh In On National Steel

Hedge funds have recently modified their holdings of the company. Inspire Investing LLC raised its stake in National Steel by 155.7% during the first quarter. Inspire Investing LLC now owns 31,681 shares of the basic materials company’s stock worth $53,000 after purchasing an additional 19,289 shares during the period. XTX Topco Ltd increased its holdings in shares of National Steel by 1,323.3% during the 1st quarter. XTX Topco Ltd now owns 299,898 shares of the basic materials company’s stock worth $501,000 after buying an additional 278,828 shares during the last quarter. Inspire Advisors LLC increased its holdings in shares of National Steel by 36.8% during the 1st quarter. Inspire Advisors LLC now owns 91,555 shares of the basic materials company’s stock worth $153,000 after buying an additional 24,642 shares during the last quarter. Headlands Technologies LLC raised its position in shares of National Steel by 41.4% during the 1st quarter. Headlands Technologies LLC now owns 62,710 shares of the basic materials company’s stock valued at $105,000 after buying an additional 18,359 shares during the period. Finally, American Century Companies Inc. lifted its holdings in National Steel by 0.6% in the first quarter. American Century Companies Inc. now owns 2,187,196 shares of the basic materials company’s stock valued at $3,653,000 after acquiring an additional 13,632 shares during 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.