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    ACX   ES0132105018

ACERINOX S.A.

(ACX)
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Acerinox Shares Drop After Nippon Steel Sells 7.9% Stake at Discount

06/18/2021 | 04:55am EDT

By Pietro Lombardi

Shares in Spanish steelmaker Acerinox SA are in the red on Friday after a large shareholder sold part of its stake at a discount.

Nippon Steel Corp. has halved its holding in the company, selling a 7.9% stake for around 218.1 million euros ($259.7 million). This corresponds to EUR10.20 for each of the roughly 21.4 million shares it sold. The price of the placement is below Acerinox's closing price on Thursday, which was EUR10.82.

Acerinox shares fall 5.6% in European morning trade to EUR10.22, roughly in line with the price buyers paid for Nippon's stake.

"The news is negative for Acerinox," Renta 4 Banco analyst Cesar Sanchez-Grande said, adding that the sale of Nippon's remaining stake is likely after the lock-up period. The Japanese company still has a 7.9% stake in Acerinox.

The news comes at a bad time for the Spanish company, as it hit the stock in a period marked by significant improvement in the company's results, he said.

Write to Pietro Lombardi at pietro.lombardi@wsj.com; @pietrolombard10

(END) Dow Jones Newswires

06-18-21 0454ET

Stocks mentioned in the article
ChangeLast1st jan.
ACERINOX S.A. -0.13% 11.245 Delayed Quote.24.58%
NIPPON STEEL CORPORATION -0.03% 1892 End-of-day quote.42.47%
All news about ACERINOX S.A.
06/21ACERINOX S A : Japan's Nippon Steel Sells 7.9% Acerinox Stake For $259 Million
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06/18Nippon Steel sells 7.9% stake in Acerinox for 218 million euros
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06/18Acerinox Shares Drop After Nippon Steel Sells 7.9% Stake at Discount
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06/17An unknown buyer acquired 7.9% stake of Acerinox, S.A. from Nippon Steel Corp..
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05/11ACERINOX S.A. : 1st quarter results
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More news
Financials
Sales 2021 6 213 M 7 371 M 7 371 M
Net income 2021 404 M 479 M 479 M
Net Debt 2021 607 M 720 M 720 M
P/E ratio 2021 7,53x
Yield 2021 4,44%
Capitalization 3 044 M 3 611 M 3 611 M
EV / Sales 2021 0,59x
EV / Sales 2022 0,53x
Nbr of Employees 8 153
Free-Float 66,1%
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Technical analysis trends ACERINOX S.A.
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TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 18
Last Close Price 11,26 €
Average target price 14,55 €
Spread / Average Target 29,2%
EPS Revisions
Managers and Directors
Bernardo Velßzquez Herreros Chief Executive Officer & Executive Director
Miguel Ferrandis Torres Director-Finance
Rafael Miranda Robredo Independent Chairman
Braulio Medel Cßmara Independent Director
George Donald Johnston Independent Director
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