National Steel Company (SID) Sees Large Growth in Short Interest

National Steel Company (NYSE:SID) saw a large increase in short interest during the month of October. As of October 13th, there was short interest totalling 17,383,284 shares, an increase of 21.2% from the September 29th total of 14,345,138 shares. Based on an average daily volume of 3,750,994 shares, the days-to-cover ratio is currently 4.6 days.

Several hedge funds have recently bought and sold shares of the company. Credit Suisse AG raised its holdings in National Steel by 11.2% in the 1st quarter. Credit Suisse AG now owns 735,909 shares of the basic materials company’s stock valued at $2,150,000 after buying an additional 74,312 shares during the last quarter. KCG Holdings Inc. increased its position in National Steel by 58.7% during the 1st quarter. KCG Holdings Inc. now owns 79,803 shares of the basic materials company’s stock valued at $233,000 after purchasing an additional 29,502 shares during the period. Morgan Stanley increased its position in National Steel by 343.8% during the 1st quarter. Morgan Stanley now owns 3,237,262 shares of the basic materials company’s stock valued at $9,453,000 after purchasing an additional 2,507,863 shares during the period. UBS Group AG increased its position in National Steel by 97.3% during the 1st quarter. UBS Group AG now owns 106,345 shares of the basic materials company’s stock valued at $310,000 after purchasing an additional 52,458 shares during the period. Finally, Karp Capital Management Corp acquired a new stake in National Steel during the 1st quarter valued at approximately $174,000. 3.24% of the stock is owned by hedge funds and other institutional investors.

A number of research analysts recently issued reports on the stock. Credit Suisse Group upgraded shares of National Steel from an “underperform” rating to a “neutral” rating in a research note on Thursday, September 7th. BidaskClub raised shares of National Steel from a “sell” rating to a “hold” rating in a report on Wednesday, August 9th. Finally, UBS AG raised shares of National Steel from an “underperform” rating to a “market perform” rating in a report on Wednesday.

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About National Steel

Companhia Siderurgica Nacional is a Brazil-based company engaged in the steel industry. The Company operates throughout the entire steel production chain, from the mining of iron ore to the production and sale of a range of steel products, including coated galvanized flat steel and tinplate. The Company operates in five segments: Steel, Mining, Cement, Logistics and Energy.

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