Bank of America Corp DE Raises Stake in Nexa Resources S.A. $NEXA

Key Points

• Bank of America increased its Nexa Resources stake by 133.6% in the first quarter, adding 420,005 shares for a total of 734,476 shares worth approximately $7.8 million.
• Nexa reported quarterly revenue of $907.9 million, slightly exceeding estimates, but earnings per share of $0.64 fell short of the $0.71 consensus forecast.
• Analyst sentiment remains cautious: six analysts rate the stock Hold and one rates it Sell, resulting in a MarketBeat consensus rating of “Reduce” and an average price target of $14.40, below the reported $15.80 share price.

Bank of America Corp DE grew its holdings in Nexa Resources S.A. (NYSE:NEXA - Free Report) by 133.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 734,476 shares of the company's stock after acquiring an additional 420,005 shares during the period. Bank of America Corp DE owned about 0.55% of Nexa Resources worth $7,778,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Nexa Resources in the fourth quarter worth about $36,000. Nano Cap New Millennium Growth Fund L P acquired a new position in Nexa Resources in the fourth quarter valued at approximately $44,000. Royal Bank of Canada lifted its holdings in Nexa Resources by 173.8% in the first quarter. Royal Bank of Canada now owns 4,386 shares of the company's stock valued at $47,000 after acquiring an additional 2,784 shares during the period. New York State Common Retirement Fund purchased a new stake in Nexa Resources in the 4th quarter worth approximately $83,000. Finally, Susquehanna Portfolio Strategies LLC purchased a new stake in Nexa Resources in the 4th quarter worth approximately $88,000.

Nexa Resources Stock Performance

NYSE NEXA opened at $15.80 on Wednesday. The stock's fifty day moving average is $13.52 and its two-hundred day moving average is $13.08. The firm has a market capitalization of $2.09 billion, a P/E ratio of 7.56, a price-to-earnings-growth ratio of 0.18 and a beta of 0.94. 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 S.A. has a fifty-two week low of $4.70 and a fifty-two week high of $16.89.

Nexa Resources (NYSE:NEXA - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, missing analysts' consensus estimates of $0.71 by ($0.07). Nexa Resources had a return on equity of 20.25% and a net margin of 8.02%.The firm had revenue of $907.93 million for the quarter, compared to analysts' expectations of $906.52 million. On average, research analysts anticipate that Nexa Resources S.A. will post 2.59 earnings per share for the current year.

Wall Street Analysts Forecast Growth

NEXA has been the topic of several research analyst reports. Wall Street Zen lowered Nexa Resources from a "strong-buy" rating to a "buy" rating in a report on Tuesday, July 28th. Citigroup increased their target price on Nexa Resources from $12.50 to $16.00 and gave the company a "neutral" rating in a research report on Wednesday, June 3rd. JPMorgan Chase & Co. lifted their price target on shares of Nexa Resources from $7.50 to $15.50 and gave the company a "neutral" rating in a research note on Friday, July 24th. Scotiabank cut their price target on shares of Nexa Resources from $15.00 to $14.00 and set a "sector perform" rating for the company in a report on Friday, August 7th. Finally, Zacks Research lowered shares of Nexa Resources from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 8th. Six 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, Nexa Resources presently has an average rating of "Reduce" and an average target price of $14.40.

Nexa Resources 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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