Arrowstreet Capital Limited Partnership Raises Holdings in Nexa Resources S.A. $NEXA

Key Points

• Arrowstreet Capital increased its Nexa Resources stake by 67.9% in the first quarter, owning 329,346 shares valued at approximately $3.49 million. Several other institutional investors also expanded their positions or initiated new stakes.
• Nexa reported quarterly earnings of $0.67 per share, matching analyst expectations, while revenue of $888.32 million slightly exceeded estimates. Analysts expect full-year earnings of approximately $2.70 per share.
• The stock opened at $12.88, below its 50-day moving average of $13.45. Analyst sentiment remains cautious, with six Hold ratings and one Sell rating, an average “Reduce” recommendation, and a consensus price target of $14.60.

Arrowstreet Capital Limited Partnership boosted its holdings in shares of Nexa Resources S.A. (NYSE:NEXA - Free Report) by 67.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 329,346 shares of the company's stock after acquiring an additional 133,222 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.25% of Nexa Resources worth $3,488,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Walleye Capital LLC grew its holdings in shares of Nexa Resources by 33.6% during the 1st quarter. Walleye Capital LLC now owns 698,458 shares of the company's stock worth $7,397,000 after purchasing an additional 175,477 shares during the period. Dimensional Fund Advisors LP raised its holdings in 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 buying an additional 414,474 shares during the period. Hsbc Holdings PLC raised its holdings in Nexa Resources by 17.5% in the 1st 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. Pictet Asset Management Holding SA acquired a new position in Nexa Resources in the first quarter valued at about $7,572,000. Finally, XTX Topco Ltd acquired a new position in Nexa Resources in the fourth quarter valued at about $645,000.

Nexa Resources Price Performance

Shares of NYSE NEXA opened at $12.88 on Tuesday. The stock's 50-day moving average is $13.45 and its two-hundred day moving average is $12.90. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.85 and a quick ratio of 0.54. Nexa Resources S.A. has a 1-year low of $4.62 and a 1-year high of $16.89. The company has a market cap of $1.71 billion, a price-to-earnings ratio of 8.15, a price-to-earnings-growth ratio of 0.14 and a beta of 0.94.

Nexa Resources (NYSE:NEXA - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.67 earnings per share for the quarter, hitting analysts' consensus estimates of $0.67. The firm had revenue of $888.32 million for the quarter, compared to analyst estimates of $885.90 million. Nexa Resources had a net margin of 6.44% and a return on equity of 16.32%. Analysts forecast that Nexa Resources S.A. will post 2.7 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen downgraded shares of Nexa Resources from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, July 28th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Nexa Resources in a research report on Monday, July 20th. JPMorgan Chase & Co. lifted their target price on shares of Nexa Resources from $7.50 to $15.50 and gave the company a "neutral" rating in a report on Friday, July 24th. Citigroup lifted their target price on shares of Nexa Resources from $12.50 to $16.00 and gave the company a "neutral" rating in a report on Wednesday, June 3rd. Finally, Morgan Stanley upped their price target on Nexa Resources from $11.50 to $12.50 and gave the stock an "equal weight" rating in a research note on Wednesday, July 8th. Six investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Reduce" and an average price target of $14.60.

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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