Nexa Resources (NYSE:NEXA) Trading 8.5% Higher - Time to Buy?

Key Points

• Nexa Resources shares rose 8.5% to $15.26 in Friday trading, although volume was 38% below the average daily level.
• Analyst sentiment remains cautious: six analysts rate the stock Hold and one rates it Sell, producing an average “Reduce” rating and a consensus price target of $14.40—below the latest share price.
• The company reported quarterly EPS of $0.64, missing the $0.71 consensus estimate, while revenue of $907.93 million slightly exceeded expectations; analysts forecast full-year EPS of $2.72.

Nexa Resources S.A. (NYSE:NEXA - Get Free Report) shares traded up 8.5% during trading on Friday . The company traded as high as $15.26 and last traded at $15.26. 569,017 shares were traded during trading, a decline of 38% from the average daily volume of 919,117 shares. The stock had previously closed at $14.07.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on NEXA shares. Scotiabank lowered their price objective on Nexa Resources from $15.00 to $14.00 and set a "sector perform" rating on the stock in a research report on Friday, August 7th. JPMorgan Chase & Co. boosted their target price on Nexa Resources from $7.50 to $15.50 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Zacks Research cut Nexa Resources from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 8th. Weiss Ratings reiterated a "hold (c)" rating on shares of Nexa Resources in a research report on Monday, July 20th. Finally, Morgan Stanley boosted their price objective on Nexa Resources from $11.50 to $12.50 and gave the stock an "equal weight" rating in a report on Wednesday, July 8th. Six investment 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.com, the company has an average rating of "Reduce" and a consensus target price of $14.40.

Nexa Resources Price Performance

The business's fifty day moving average price is $13.44 and its 200-day moving average price is $13.02. The company has a market capitalization of $2.05 billion, a P/E ratio of 7.42, a P/E/G ratio of 0.16 and a beta of 0.94. The company has a current ratio of 0.80, a quick ratio of 0.46 and a debt-to-equity ratio of 1.08.

Nexa Resources (NYSE:NEXA - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, missing analysts' consensus estimates of $0.71 by ($0.07). Nexa Resources had a net margin of 8.02% and a return on equity of 20.25%. The firm had revenue of $907.93 million during the quarter, compared to the consensus estimate of $906.52 million. As a group, sell-side analysts predict that Nexa Resources S.A. will post 2.72 earnings per share for the current fiscal year.

Institutional Trading of Nexa Resources

Hedge funds have recently bought and sold shares of the company. Financial Management Professionals Inc. bought a new position in Nexa Resources during the second quarter valued at approximately $28,000. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Nexa Resources in the 4th quarter worth approximately $36,000. Royal Bank of Canada boosted its stake in shares of Nexa Resources by 173.8% in the 1st quarter. Royal Bank of Canada now owns 4,386 shares of the company's stock valued at $47,000 after purchasing an additional 2,784 shares in the last quarter. Nano Cap New Millennium Growth Fund L P purchased a new stake in shares of Nexa Resources in the 4th quarter valued at $44,000. Finally, Quantbot Technologies LP bought a new position in shares of Nexa Resources during the 2nd quarter valued at $105,000.

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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