Shares of Companhia Siderurgica Nacional (NYSE:SID) dropped 4.1% on Wednesday . The stock traded as low as $2.71 and last traded at $2.78, with a volume of 1,007,955 shares. The stock had previously closed at $2.90.

Separately, Zacks Investment Research upgraded Companhia Siderurgica Nacional from a “hold” rating to a “strong-buy” rating and set a $2.25 price target on the stock in a report on Thursday, March 31st.

The stock has a market cap of $3.99 billion and a P/E ratio of 490.00. The firm has a 50 day moving average of $2.23 and a 200-day moving average of $1.97.

A hedge fund recently raised its stake in Companhia Siderurgica Nacional stock. Morgan Stanley increased its position in Companhia Siderurgica Nacional (NYSE:SID) by 162.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 3,618,907 shares of the company’s stock after buying an additional 2,238,768 shares during the period. Morgan Stanley owned approximately 0.27% of Companhia Siderurgica Nacional worth $3,531,000 at the end of the most recent quarter.

Companhia Siderurgica Nacional (CSN) is a Brazil-based company primarily engaged in the steel industry. The Company divides its business into five segments: Steel sector, which is involved in the production, distribution and marketing of flat steel, galvanized steel and metal packaging; Mining sector, which is active in the production of iron ore; Cement sector, which is involved in the manufacture of cement, as well as in the exploration of limestone and dolomite; Logistics sector, which consists of around two railway companies and a hub port, and Energy sector, which includes investments in energy generation projects to guarantee the Company’s self-sufficiency.

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