BlackRock Inc. Makes New $4.42 Million Investment in Nexa Resources S.A. $NEXA

Key Points

• BlackRock purchased 361,521 Nexa Resources shares worth approximately $4.42 million during the second quarter, giving it a 0.27% stake in the company.
• NEXA was trading at $13.81, near its recent moving averages, while the company’s latest quarterly earnings of $0.64 per share missed analysts’ $0.71 estimate despite revenue slightly exceeding expectations.
• Analysts remain cautious: six rate the stock Hold and one rates it Sell, producing a consensus “Reduce” rating and an average price target of $14.60.

BlackRock Inc. purchased a new position in shares of Nexa Resources S.A. (NYSE:NEXA - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 361,521 shares of the company's stock, valued at approximately $4,425,000. BlackRock Inc. owned about 0.27% of Nexa Resources at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Financial Management Professionals Inc. bought a new stake in Nexa Resources during the second quarter valued at about $28,000. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Nexa Resources during the 4th quarter valued at about $36,000. Nano Cap New Millennium Growth Fund L P bought a new position in shares of Nexa Resources during the 4th quarter valued at approximately $44,000. Royal Bank of Canada increased its holdings in Nexa Resources by 173.8% in the 1st quarter. Royal Bank of Canada now owns 4,386 shares of the company's stock worth $47,000 after acquiring an additional 2,784 shares in the last quarter. Finally, New York State Common Retirement Fund purchased a new stake in Nexa Resources in the 4th quarter worth approximately $83,000.

Nexa Resources Trading Down 0.3%

Shares of NEXA opened at $13.81 on Friday. The firm has a market cap of $1.83 billion, a P/E ratio of 6.61, a price-to-earnings-growth ratio of 0.16 and a beta of 0.95. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.80 and a quick ratio of 0.46. Nexa Resources S.A. has a 1 year low of $4.80 and a 1 year high of $16.89. The company has a 50 day simple moving average of $13.57 and a two-hundred day simple moving average of $13.17.

Nexa Resources (NYSE:NEXA - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $0.64 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.07). The company had revenue of $907.93 million during the quarter, compared to analysts' expectations of $906.52 million. Nexa Resources had a return on equity of 20.25% and a net margin of 8.02%. On average, equities analysts expect that Nexa Resources S.A. will post 2.59 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on NEXA. Bank of America lifted their price target on shares of Nexa Resources from $12.00 to $14.00 and gave the company an "underperform" rating in a report on Thursday, July 9th. Scotiabank increased their price objective 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. Citigroup raised their price objective on shares of 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 target price 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. Finally, Morgan Stanley upped their target price on shares of Nexa Resources from $11.50 to $12.50 and gave the stock an "equal weight" 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. According to data from MarketBeat.com, the stock currently has a consensus 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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