Nexa Resources (NYSE:NEXA) Downgraded by Wall Street Zen to "Buy"

Key Points

• Wall Street Zen downgraded Nexa Resources from “strong-buy” to “buy,” while the broader analyst consensus remains “Reduce,” based on six Hold ratings and one Sell rating.
• Analysts have raised price targets, with the average target now at $14.60 versus the stock’s Tuesday opening price of $12.90; individual targets range from $12.50 to $15.50.
• Nexa reported quarterly EPS of $0.67, matching estimates, and revenue of $888.32 million, slightly above expectations. The company has a market capitalization of about $1.71 billion and a P/E ratio of 8.16.

Nexa Resources (NYSE:NEXA - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued to clients and investors on Tuesday.

A number of other brokerages have also issued reports on NEXA. Morgan Stanley lifted their price target on shares of Nexa Resources from $11.50 to $12.50 and gave the stock an "equal weight" rating in a research note on Wednesday, July 8th. JPMorgan Chase & Co. increased their price objective on shares of Nexa Resources from $7.50 to $15.50 and gave the company a "neutral" rating in a research note on Friday. Bank of America raised their price objective on shares of Nexa Resources from $12.00 to $14.00 and gave the stock an "underperform" rating in a report on Thursday, July 9th. Zacks Research lowered shares of Nexa Resources from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 8th. Finally, Scotiabank lifted their price target on Nexa Resources from $14.50 to $15.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 7th. Six research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Reduce" and an average target price of $14.60.

Nexa Resources Stock Performance

NYSE:NEXA opened at $12.90 on Tuesday. 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 50-day moving average of $13.61 and a two-hundred day moving average of $12.81. The stock has a market cap of $1.71 billion, a P/E ratio of 8.16, a PEG ratio of 0.14 and a beta of 0.94. Nexa Resources has a 1-year low of $4.61 and a 1-year high of $16.89.

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

Institutional Investors Weigh In On Nexa Resources

Several institutional investors and hedge funds have recently bought and sold shares of the business. Financial Management Professionals Inc. acquired a new stake in Nexa Resources in the second quarter worth $28,000. Royal Bank of Canada boosted its holdings in shares of Nexa Resources by 173.8% during 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. Hsbc Holdings PLC boosted its holdings in shares of Nexa Resources by 17.5% during the first quarter. Hsbc Holdings PLC now owns 19,333 shares of the company's stock valued at $203,000 after acquiring an additional 2,879 shares during the period. Police & Firemen s Retirement System of New Jersey bought a new position in shares of Nexa Resources during the fourth quarter worth about $36,000. Finally, Nano Cap New Millennium Growth Fund L P bought a new position in shares of Nexa Resources during the fourth quarter worth about $44,000.

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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