Nexa Resources (NYSE:NEXA) Sets New 12-Month High - Time to Buy?

Key Points

• 52-week high: Nexa Resources hit a new 52-week high of $16.79 (last $16.48) on Wednesday, trading well above the Wall Street average price target of $9.74 despite an overall analyst consensus of "Hold."
• Financials and payout: the company reported quarterly EPS of $0.67 (in line with estimates), has a market cap of $2.21 billion and a P/E of 16.7, and declared a special dividend of $0.1321 payable Aug. 11 with an ex-dividend date of July 28.
• Institutional interest: several hedge funds and asset managers — including Sagil Capital, Marshall Wace, Renaissance Technologies and Dimensional — recently initiated or increased positions in Nexa, signaling renewed investor interest.

Nexa Resources S.A. (NYSE:NEXA - Get Free Report)'s share price reached a new 52-week high on Wednesday . The stock traded as high as $16.79 and last traded at $16.4790, with a volume of 272328 shares changing hands. The stock had previously closed at $15.99.

Wall Street Analyst Weigh In

Several analysts have weighed in on NEXA shares. Morgan Stanley raised Nexa Resources from an "underweight" rating to an "equal weight" rating in a research report on Thursday, April 9th. Weiss Ratings restated a "hold (c)" rating on shares of Nexa Resources in a report on Wednesday, April 22nd. Zacks Research cut shares of Nexa Resources from a "strong-buy" rating to a "hold" rating in a report on Tuesday, March 31st. JPMorgan Chase & Co. boosted their target price 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, Citigroup boosted their target price on shares of Nexa Resources from $11.00 to $12.50 and gave the company a "neutral" rating in a report on Tuesday, April 14th. Seven research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $9.74.

Nexa Resources Price Performance

The company has a current ratio of 0.87, a quick ratio of 0.58 and a debt-to-equity ratio of 1.28. The company has a market cap of $2.21 billion, a PE ratio of 16.71, a P/E/G ratio of 0.27 and a beta of 0.90. The firm has a 50 day moving average of $12.17 and a two-hundred day moving average of $9.98.

Nexa Resources (NYSE:NEXA - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.67 earnings per share for the quarter, hitting the consensus estimate of $0.67. Nexa Resources had a return on equity of 11.81% and a net margin of 4.42%. Research analysts predict that Nexa Resources S.A. will post 2.08 earnings per share for the current fiscal year.

Nexa Resources Announces Dividend

The company also recently declared a special dividend, which will be paid on Tuesday, August 11th. Investors of record on Tuesday, July 28th will be paid a $0.1321 dividend. The ex-dividend date is Tuesday, July 28th. Nexa Resources's payout ratio is presently 10.00%.

Hedge Funds Weigh In On Nexa Resources

A number of hedge funds have recently bought and sold shares of the company. Sagil Capital LLP bought a new position in Nexa Resources in the 4th quarter worth about $11,651,000. Marshall Wace LLP bought a new position in Nexa Resources in the 4th quarter valued at approximately $8,653,000. Dimensional Fund Advisors LP lifted its position in Nexa Resources by 19.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 878,227 shares of the company's stock valued at $7,774,000 after acquiring an additional 146,051 shares in the last quarter. Renaissance Technologies LLC lifted its position in Nexa Resources by 120.8% in the 4th quarter. Renaissance Technologies LLC now owns 852,800 shares of the company's stock valued at $7,547,000 after acquiring an additional 466,500 shares in the last quarter. Finally, Pictet Asset Management Holding SA bought a new position in Nexa Resources in the 1st quarter valued at approximately $7,572,000.

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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