Nexa Resources (NYSE:NEXA) Shares Up 5.7% - Still a Buy?

Key Points

• Nexa Resources shares rose 5.7% on Wednesday, trading as high as $13.55, though volume was sharply below average.
• Analyst sentiment remains cautious: the stock has a mix of hold and sell ratings, with an average MarketBeat rating of “Reduce” and an average target price of $13.00.
• The company recently met earnings expectations, reporting $0.67 EPS and revenue slightly above estimates, while institutional investors such as Renaissance Technologies expanded their positions.

Nexa Resources S.A. (NYSE:NEXA - Get Free Report)'s share price traded up 5.7% on Wednesday . The company traded as high as $13.55 and last traded at $13.5490. Approximately 148,260 shares changed hands during trading, a decline of 85% from the average session volume of 971,019 shares. The stock had previously closed at $12.82.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Zacks Research downgraded Nexa Resources from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 8th. Wall Street Zen upgraded shares of Nexa Resources from a "buy" rating to a "strong-buy" rating in a report on Monday. Morgan Stanley increased their target price on shares of Nexa Resources from $11.50 to $12.50 and gave the stock an "equal weight" rating in a report on Wednesday, July 8th. Weiss Ratings reissued a "hold (c)" rating on shares of Nexa Resources in a research report on Monday. Finally, Scotiabank upped their target price on Nexa Resources from $14.50 to $15.00 and gave the company 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Reduce" and an average target price of $13.00.

Nexa Resources Trading Up 6.0%

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 company's 50 day simple moving average is $13.76 and its two-hundred day simple moving average is $12.70. The company has a market cap of $1.80 billion, a PE ratio of 8.59, a price-to-earnings-growth ratio of 0.13 and a beta of 0.94.

Nexa Resources (NYSE:NEXA - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.67. The business had revenue of $888.32 million during 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%. As a group, sell-side analysts anticipate that Nexa Resources S.A. will post 2.7 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of NEXA. Sagil Capital LLP purchased a new stake in shares of Nexa Resources in the fourth quarter valued at $11,651,000. Marshall Wace LLP acquired a new stake in shares of Nexa Resources during the fourth quarter worth approximately $8,653,000. Pictet Asset Management Holding SA bought a new stake in Nexa Resources in the first quarter valued at about $7,572,000. Walleye Capital LLC bought a new position in shares of Nexa Resources in the 4th quarter worth about $4,628,000. Finally, Renaissance Technologies LLC boosted its position in Nexa Resources by 120.8% during the 4th quarter. Renaissance Technologies LLC now owns 852,800 shares of the company's stock valued at $7,547,000 after purchasing an additional 466,500 shares during the period.

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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