Bank of America Increases Nexa Resources (NYSE:NEXA) Price Target to $14.00

Key Points

• Bank of America raised its price target on Nexa Resources from $12.00 to $14.00, while keeping an underperform rating on the stock. The new target implies about 9% upside from the previous close.
• Analyst sentiment on Nexa Resources remains mixed overall: the stock has recent upgrades from Wall Street Zen and Zacks Research, but the consensus rating is still Hold with an average target price of $13.00.
• Nexa Resources last reported earnings that met expectations, posting $0.67 EPS on revenue of $888.32 million. The company also trades near $12.84, with a 1-year range of $4.61 to $16.89.

Nexa Resources (NYSE:NEXA - Get Free Report) had its price objective upped by equities researchers at Bank of America from $12.00 to $14.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an "underperform" rating on the stock. Bank of America's target price suggests a potential upside of 9.03% from the company's previous close.

Other research analysts have also recently issued research reports about the stock. Wall Street Zen upgraded shares of Nexa Resources from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 4th. Citigroup boosted their price objective on Nexa Resources from $12.50 to $16.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 3rd. Scotiabank increased their price objective on Nexa Resources from $14.50 to $15.00 and gave the stock a "sector perform" rating in a report on Tuesday. Weiss Ratings restated a "hold (c)" rating on shares of Nexa Resources in a research report on Wednesday, April 22nd. Finally, Zacks Research raised Nexa Resources from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $13.00.

Nexa Resources Price Performance

Shares of NYSE NEXA opened at $12.84 on Thursday. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.85 and a quick ratio of 0.54. The firm has a market capitalization of $1.70 billion, a PE ratio of 8.13, a P/E/G ratio of 0.29 and a beta of 0.94. Nexa Resources has a 1-year low of $4.61 and a 1-year high of $16.89. The business's fifty day moving average price is $13.98 and its two-hundred day moving average price is $12.42.

Nexa Resources (NYSE:NEXA - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.67. Nexa Resources had a net margin of 6.44% and a return on equity of 16.32%. The company had revenue of $888.32 million during the quarter, compared to the consensus estimate of $885.90 million. On average, research analysts expect that Nexa Resources will post 2.82 EPS for the current year.

Institutional Investors Weigh In On Nexa Resources

A number of institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in shares of Nexa Resources by 3.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 732,176 shares of the company's stock valued at $3,654,000 after purchasing an additional 26,829 shares during the period. Citadel Advisors LLC lifted its holdings in shares of Nexa Resources by 142.4% in the third quarter. Citadel Advisors LLC now owns 60,287 shares of the company's stock valued at $301,000 after buying an additional 35,411 shares during the period. Millennium Management LLC boosted its stake in Nexa Resources by 124.1% during the third quarter. Millennium Management LLC now owns 73,190 shares of the company's stock valued at $365,000 after buying an additional 40,535 shares in the last quarter. Susquehanna International Group LLP bought a new position in Nexa Resources during the third quarter valued at about $134,000. Finally, First Affirmative Financial Network acquired a new position in Nexa Resources during the third quarter worth about $63,000.

Nexa Resources Company Profile

Nexa Resources SA is a Brazil-based metals and mining company with a primary focus on zinc and copper. Listed on the New York Stock Exchange under the ticker NEXA, the firm develops, extracts and processes mineral resources for industrial applications worldwide. Headquartered in São Paulo, Brazil, Nexa is a leading participant in Latin America’s mining sector with a diversified portfolio of upstream and downstream operations.

The company’s operations span multiple mining and smelting complexes in Brazil’s Minas Gerais and Mato Grosso regions, as well as in Peru’s coastal and Andean zones.

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