Nexa Resources (NYSE:NEXA) Raised to "Strong-Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Nexa Resources from “buy” to “strong-buy”, adding a more bullish view to the stock’s recent analyst coverage.
• Despite that upgrade, the broader analyst picture remains cautious: MarketBeat says the stock has a consensus “Reduce” rating with a $13.00 target price, and most other firms cited still rate it Hold/Neutral/Equal Weight or Underperform.
• Nexa Resources recently reported Q1 earnings of $0.67 per share, matching estimates, with revenue of $888.32 million slightly above forecasts; the stock was trading around $12.23 and was up 0.4% on Monday.

Nexa Resources (NYSE:NEXA - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a report issued on Monday.

A number of other research firms also recently issued reports on NEXA. Bank of America upped their target price on shares of Nexa Resources from $12.00 to $14.00 and gave the company an "underperform" rating in a research report on Thursday, July 9th. Citigroup increased their price objective on shares of Nexa Resources from $12.50 to $16.00 and gave the company a "neutral" rating in a report on Wednesday, June 3rd. Weiss Ratings reiterated a "hold (c)" rating on shares of Nexa Resources in a research report on Wednesday, April 22nd. Morgan Stanley increased their price target on Nexa Resources from $11.50 to $12.50 and gave the company an "equal weight" rating in a research note on Wednesday, July 8th. Finally, Scotiabank raised their price target on Nexa Resources from $14.50 to $15.00 and gave the stock a "sector perform" rating in a research report on Tuesday, July 7th. Six equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Reduce" and a consensus target price of $13.00.

Nexa Resources Stock Up 0.4%

Shares of NYSE NEXA opened at $12.23 on Monday. Nexa Resources has a 52-week low of $4.61 and a 52-week high of $16.89. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.54 and a current ratio of 0.85. The business has a fifty day moving average of $13.80 and a two-hundred day moving average of $12.65. The stock has a market cap of $1.62 billion, a PE ratio of 7.74, a PEG ratio of 0.13 and a beta of 0.94.

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

Hedge Funds Weigh In On Nexa Resources

Several institutional investors and hedge funds have recently made changes to their positions in NEXA. Financial Management Professionals Inc. bought a new stake in shares of Nexa Resources in the 2nd quarter valued at $28,000. Police & Firemen s Retirement System of New Jersey acquired a new position in Nexa Resources in the fourth quarter valued at about $36,000. Royal Bank of Canada grew its stake 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. Nano Cap New Millennium Growth Fund L P bought a new stake in shares of Nexa Resources in the fourth quarter worth about $44,000. Finally, New York State Common Retirement Fund bought a new stake in shares of Nexa Resources in the fourth quarter worth about $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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