Nexa Resources (NYSE:NEXA) Cut to "Hold" at Zacks Research

Key Points

• Nexa Resources was downgraded by Zacks Research from strong-buy to hold, adding to a mixed analyst picture around the stock.
• Other firms recently adjusted their views and price targets, with Morgan Stanley, Bank of America, Scotiabank, and Citigroup all raising targets; overall, the stock has a consensus rating of Reduce and a target price of $13.00.
• The company reported Q1 earnings of $0.67 per share, matching estimates, while revenue came in slightly above expectations at $888.32 million; the stock was also trading up 4.6% in the session.

Nexa Resources (NYSE:NEXA - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued on Wednesday,Zacks.com reports.

A number of other analysts have also recently commented on NEXA. Morgan Stanley boosted their target price on shares of Nexa Resources from $11.50 to $12.50 and gave the company an "equal weight" rating in a report on Wednesday. Bank of America boosted their price objective on shares of Nexa Resources from $12.00 to $14.00 and gave the stock an "underperform" rating in a research note on Thursday. Scotiabank upped their price objective on shares of Nexa Resources from $14.50 to $15.00 and gave the stock a "sector perform" rating in a report on Tuesday. Citigroup raised their target price on shares of Nexa Resources from $12.50 to $16.00 and gave the company a "neutral" rating in a research note on Wednesday, June 3rd. Finally, Wall Street Zen upgraded shares of Nexa Resources from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 4th. Six investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Nexa Resources currently has an average rating of "Reduce" and a consensus target price of $13.00.

Nexa Resources Trading Up 4.6%

NEXA opened at $13.46 on Wednesday. The stock has a market cap of $1.78 billion, a PE ratio of 8.52, a PEG ratio of 0.29 and a beta of 0.94. The company has a quick ratio of 0.54, a current ratio of 0.85 and a debt-to-equity ratio of 1.13. The business has a 50 day moving average of $13.97 and a 200-day moving average of $12.45. Nexa Resources has a 52 week low of $4.61 and a 52 week high of $16.89.

Nexa Resources (NYSE:NEXA - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.67 earnings per share for the quarter, hitting the consensus estimate of $0.67. The company had revenue of $888.32 million for the quarter, compared to analysts' expectations of $885.90 million. Nexa Resources had a return on equity of 16.32% and a net margin of 6.44%. Equities research analysts predict that Nexa Resources will post 2.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nexa Resources

A number of hedge funds have recently bought and sold shares of NEXA. Financial Management Professionals Inc. bought a new stake in Nexa Resources during the 2nd quarter valued at about $28,000. Police & Firemen s Retirement System of New Jersey bought a new position in shares of Nexa Resources in the fourth quarter worth approximately $36,000. Royal Bank of Canada lifted its stake in shares of Nexa Resources by 173.8% in the first quarter. Royal Bank of Canada now owns 4,386 shares of the company's stock worth $47,000 after buying an additional 2,784 shares in the last quarter. Nano Cap New Millennium Growth Fund L P purchased a new stake in shares of Nexa Resources during the fourth quarter valued at approximately $44,000. Finally, New York State Common Retirement Fund purchased a new stake in shares of Nexa Resources during the fourth quarter valued at approximately $83,000.

About Nexa Resources

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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