Companhia Siderúrgica Nacional (NYSE:SID) Shares Gap Up – Here’s Why

Companhia Siderúrgica Nacional (NYSE:SID) gapped up before the market opened on Tuesday . The stock had previously closed at $1.74, but opened at $1.78. Companhia Siderúrgica Nacional shares last traded at $1.79, with a volume of 184,971 shares traded.

Analysts Set New Price Targets

Several equities analysts have issued reports on SID shares. StockNews.com downgraded Companhia Siderúrgica Nacional from a “buy” rating to a “hold” rating in a research report on Tuesday, December 10th. UBS Group began coverage on shares of Companhia Siderúrgica Nacional in a research report on Wednesday, March 12th. They set a “sell” rating and a $1.30 target price on the stock.

Companhia Siderúrgica Nacional Stock Performance

The company has a debt-to-equity ratio of 2.77, a current ratio of 1.34 and a quick ratio of 0.93. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of -11.90 and a beta of 2.16. The stock has a 50-day moving average of $1.54 and a 200 day moving average of $1.80.

Companhia Siderúrgica Nacional (NYSE:SID) last posted 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 business had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $11.85 billion. On average, analysts expect that Companhia Siderúrgica Nacional will post -0.02 EPS for the current year.

Institutional Investors Weigh In On Companhia Siderúrgica Nacional

A number of institutional investors have recently made changes to their positions in the stock. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Companhia Siderúrgica Nacional during the 3rd quarter worth about $3,824,000. Northern Trust Corp grew its holdings in Companhia Siderúrgica Nacional by 2,160.7% during the fourth quarter. Northern Trust Corp now owns 1,584,832 shares of the basic materials company’s stock valued at $2,282,000 after purchasing an additional 1,514,727 shares during the period. The Manufacturers Life Insurance Company bought a new stake in Companhia Siderúrgica Nacional in the third quarter valued at approximately $3,585,000. JPMorgan Chase & Co. raised its holdings in Companhia Siderúrgica Nacional by 48,194.9% in the third quarter. JPMorgan Chase & Co. now owns 441,898 shares of the basic materials company’s stock worth $1,056,000 after purchasing an additional 440,983 shares during the period. Finally, BNP Paribas Financial Markets raised its holdings in Companhia Siderúrgica Nacional by 70.7% in the fourth 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.

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.