Nexa Resources (NYSE:NEXA) Price Target Lowered to $11.00 at Citigroup

Key Points

• Citigroup cut its price target on Nexa Resources from $13.00 to $11.00 and maintained a "neutral" rating, implying roughly an 11.7% upside from the prior close.
• The analyst consensus is a “Hold” with a consensus price target of $8.87; the coverage breakdown is 1 Strong Buy, 6 Hold and 1 Sell, reflecting mixed views.
• Nexa traded near $9.85 midday and recently beat estimates with quarterly EPS of $0.60 (vs. $0.45 expected) and revenue of $903M (vs. $823M expected), while holding a market cap of about $1.3B and a P/E of ~9.9.

Nexa Resources (NYSE:NEXA - Get Free Report) had its price objective reduced by investment analysts at Citigroup from $13.00 to $11.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Citigroup's target price points to a potential upside of 11.66% from the company's previous close.

NEXA has been the subject of several other research reports. Morgan Stanley set a $7.70 target price on Nexa Resources and gave the stock an "underweight" rating in a research report on Monday, December 15th. Zacks Research upgraded shares of Nexa Resources from a "hold" rating to a "strong-buy" rating in a research report on Friday, February 13th. Wall Street Zen upgraded shares of Nexa Resources from a "buy" rating to a "strong-buy" rating in a research report on Sunday, March 1st. JPMorgan Chase & Co. lifted their price target on shares of Nexa Resources from $7.00 to $7.50 and gave the company a "neutral" rating in a report on Thursday, February 26th. Finally, Scotiabank dropped their price objective on shares of Nexa Resources to $14.00 and set a "sector perform" rating for the company in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $8.87.

Nexa Resources Stock Performance

Nexa Resources stock traded down $0.21 during midday trading on Thursday, reaching $9.85. 105,264 shares of the company traded hands, compared to its average volume of 773,523. Nexa Resources has a 12 month low of $4.44 and a 12 month high of $14.94. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.87 and a quick ratio of 0.58. The business has a 50 day moving average of $11.93 and a two-hundred day moving average of $8.48. The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of 9.88, a price-to-earnings-growth ratio of 0.12 and a beta of 0.53.

Nexa Resources (NYSE:NEXA - Get Free Report) last announced its earnings results on Thursday, February 26th. The company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.15. Nexa Resources had a return on equity of 11.81% and a net margin of 4.42%.The business had revenue of $903.00 million for the quarter, compared to analysts' expectations of $823.27 million. As a group, research analysts predict that Nexa Resources will post 1.03 earnings per share for the current year.

Institutional Investors Weigh In On Nexa Resources

Hedge funds have recently made changes to their positions in the company. GSA Capital Partners LLP raised its position in shares of Nexa Resources by 7.5% in the 3rd quarter. GSA Capital Partners LLP now owns 35,753 shares of the company's stock worth $178,000 after acquiring an additional 2,504 shares in the last quarter. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Nexa Resources during the fourth quarter valued at about $36,000. Nano Cap New Millennium Growth Fund L P bought a new stake in shares of Nexa Resources in the 4th quarter valued at about $44,000. Hsbc Holdings PLC grew its position in shares of Nexa Resources by 47.0% in the 4th quarter. Hsbc Holdings PLC now owns 16,454 shares of the company's stock worth $145,000 after buying an additional 5,263 shares during the last quarter. Finally, Engineers Gate Manager LP raised its stake in shares of Nexa Resources by 69.7% during the 4th quarter. Engineers Gate Manager LP now owns 17,546 shares of the company's stock worth $155,000 after acquiring an additional 7,206 shares in the last quarter.

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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