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Why Siderurgica Nacional (SID) Could Be Positioned for a Surge

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Companhia Siderurgica Nacional (SID - Free Report) is a fully integrated steel producer that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on SID’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Siderurgica Nacional could be a solid choice for investors.

Current Quarter Estimates for SID

In the past 60 days, one estimate has gone higher for Siderurgica Nacional while none have gone lower in the same time period. The trend has been pretty favorable too, with estimates increasing from 8 cents a share 30 days ago, to 34 cents today, a significant move.

Current Year Estimates for SID

Meanwhile, Siderurgica Nacional’s current year figures are also looking quite promising, with two estimates moving higher in the past two months, compared to one lower. The consensus estimate trend has also seen a boost for this time frame, increasing from 4 cents per share 30 days ago to 27 cents per share today, a significant increase.

Bottom Line

The stock has also started to move higher lately, adding 16.2% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So, investors may want to consider this Zacks Rank #2 (Buy) stock to profit in the near future. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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