Nexa Resources (NYSE:NEXA) Stock Rating Raised to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded Nexa Resources from “hold” to “strong buy,” though the broader analyst consensus remains “hold” with a $14.94 price target.
• Nexa shares opened at $12.30, below their 50-day and 200-day moving averages. The stock has traded between $5.05 and $16.89 over the past year and carries a market capitalization of approximately $1.63 billion.
• The company reported quarterly revenue of $907.93 million, slightly above expectations, but earnings per share of $0.64 missed the $0.71 consensus estimate. Institutional investors, including Dimensional Fund Advisors and Bank of America, increased their holdings.

Nexa Resources (NYSE:NEXA - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Monday, Zacks reports.

A number of other analysts have also recently weighed in on the stock. Scotiabank increased their price target on shares of Nexa Resources from $14.00 to $15.00 and gave the stock a "sector perform" rating in a research note on Friday, August 28th. Wall Street Zen cut Nexa Resources from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, July 28th. Bank of America boosted their price target on Nexa Resources from $12.00 to $14.00 and gave the stock an "underperform" rating in a research note on Thursday, July 9th. Citigroup reissued a "neutral" rating on shares of Nexa Resources in a research note on Friday. Finally, Morgan Stanley raised Nexa Resources from an "equal weight" rating to an "overweight" rating and set a $14.20 price target for the company in a report on Tuesday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $14.94.

Nexa Resources Price Performance

Shares of NYSE NEXA opened at $12.30 on Monday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.46 and a current ratio of 0.80. Nexa Resources has a fifty-two week low of $5.05 and a fifty-two week high of $16.89. The stock's 50-day simple moving average is $13.29 and its 200-day simple moving average is $13.54. The firm has a market capitalization of $1.63 billion, a PE ratio of 5.88, a price-to-earnings-growth ratio of 0.14 and a beta of 0.94.

Nexa Resources (NYSE:NEXA - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.64 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.07). Nexa Resources had a return on equity of 20.25% and a net margin of 8.02%. The company had revenue of $907.93 million for the quarter, compared to analysts' expectations of $906.52 million. As a group, equities research analysts forecast that Nexa Resources will post 2.69 EPS for the current fiscal year.

Institutional Trading of Nexa Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its stake in shares of Nexa Resources by 47.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,292,701 shares of the company's stock valued at $13,684,000 after acquiring an additional 414,474 shares during the period. Renaissance Technologies LLC boosted its holdings in Nexa Resources by 3.2% in the first quarter. Renaissance Technologies LLC now owns 879,872 shares of the company's stock valued at $9,318,000 after purchasing an additional 27,072 shares during the last quarter. Bank of America Corp DE grew its position in shares of Nexa Resources by 133.6% during the first quarter. Bank of America Corp DE now owns 734,476 shares of the company's stock worth $7,778,000 after buying an additional 420,005 shares in the last quarter. Pictet Asset Management Holding SA acquired a new position in Nexa Resources during the 1st quarter worth $7,572,000. Finally, Walleye Capital LLC increased its holdings in Nexa Resources by 33.6% in the first quarter. Walleye Capital LLC now owns 698,458 shares of the company's stock valued at $7,397,000 after buying an additional 175,477 shares during the last quarter.

About Nexa Resources

Nexa Resources SA NYSE: NEXA is a global mining and metals company focused primarily on the production of zinc, lead, copper and silver. The company also produces related byproducts and refined materials, including sulfuric acid and various metal alloys, which serve customers in industrial, infrastructure, construction and manufacturing markets.

Nexa operates an integrated platform that includes underground and open-pit mines, mineral-processing facilities and zinc smelters. Its principal mining and metallurgical operations are located in Brazil and Peru, with the Cajamarquilla zinc refinery in Peru and additional mining and smelting assets in Brazil.

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