Nexa Resources (NYSE:NEXA) Stock Price Target Lowered at Citigroup

Key Points

• Citigroup cut its price target on Nexa Resources from $14 to $12 and kept a neutral rating, implying just 1.65% potential upside from the prior close.
• Analyst views are mixed, but the consensus rating is Hold, with an average price target of $14.14.
• Nexa shares fell 1.5% to $11.80. The company beat quarterly EPS estimates ($0.87 vs. $0.61) but reported revenue below expectations ($937.13 million vs. $952.11 million).

Nexa Resources (NYSE:NEXA - Get Free Report) had its price objective dropped by stock analysts at Citigroup from $14.00 to $12.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Citigroup's price objective points to a potential upside of 1.65% from the company's previous close.

A number of other research analysts have also recently issued reports on the stock. Morgan Stanley upgraded shares of Nexa Resources from an "equal weight" rating to an "overweight" rating and set a $14.20 price objective for the company in a report on Tuesday, October 6th. Scotiabank raised their price target on shares of Nexa Resources from $14.00 to $15.00 and gave the company a "sector perform" rating in a research report on Friday, August 28th. Zacks Research upgraded Nexa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 19th. Weiss Ratings lowered Nexa Resources from a "hold (c)" rating to a "hold (c-)" rating in a report on Monday. Finally, Wall Street Zen downgraded Nexa Resources from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $14.14.

Nexa Resources Stock Down 1.5%

Shares of NYSE NEXA traded down $0.17 during midday trading on Thursday, hitting $11.80. 208,350 shares of the stock traded hands, compared to its average volume of 867,029. The company has a market cap of $1.56 billion, a PE ratio of 10.70, a P/E/G ratio of 0.13 and a beta of 0.94. Nexa Resources has a one year low of $5.95 and a one year high of $16.89. The business has a 50 day moving average price of $12.44 and a two-hundred day moving average price of $12.96. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.48 and a current ratio of 0.82.

Nexa Resources (NYSE:NEXA - Get Free Report) last issued its earnings results on Thursday, October 29th. The company reported $0.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.61 by $0.26. The company had revenue of $937.13 million for the quarter, compared to analysts' expectations of $952.11 million. Nexa Resources had a return on equity of 27.88% and a net margin of 4.00%. On average, equities analysts predict that Nexa Resources will post 2.69 EPS for the current year.

Institutional Trading of Nexa Resources

A number of institutional investors and hedge funds have recently modified their holdings of the business. Triumph Capital Management grew its stake in Nexa Resources by 4.4% in the 3rd quarter. Triumph Capital Management now owns 33,704 shares of the company's stock valued at $411,000 after purchasing an additional 1,431 shares during the period. Financial Management Professionals Inc. purchased a new position in shares of Nexa Resources in the 2nd quarter worth about $28,000. Royal Bank of Canada grew its position in Nexa Resources by 173.8% during the first quarter. Royal Bank of Canada now owns 4,386 shares of the company's stock valued at $47,000 after buying an additional 2,784 shares during the period. Hsbc Holdings PLC grew its position in Nexa Resources by 17.5% during the first quarter. Hsbc Holdings PLC now owns 19,333 shares of the company's stock valued at $203,000 after buying an additional 2,879 shares during the period. Finally, Virtus Advisers LLC increased its holdings in Nexa Resources by 25.0% during the third quarter. Virtus Advisers LLC now owns 21,049 shares of the company's stock worth $257,000 after buying an additional 4,216 shares during the last quarter.

About Nexa Resources

Nexa Resources is a mining and metals company focused primarily on zinc. Its business spans the exploration and extraction of mineral resources as well as the processing and smelting of metals. The company produces zinc, copper and lead, along with by-products that include silver, gold and sulfuric acid. Nexa operates mines and metallurgical facilities in Brazil and Peru, serving customers in a range of industries that use refined metals and related products. Its operations include zinc mines and smelters, as well as facilities that process ore into marketable metals.

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