Nexa Resources (NYSE:NEXA) Trading Up 5.2% Following Analyst Upgrade

Key Points

• Nexa Resources shares rose 5.2% after Bank of America lifted its price target from $12 to $14, even though it kept an underperform rating on the stock.
• Other analysts also moved targets higher, including Morgan Stanley and Citigroup, while the overall analyst consensus remains cautious with an average rating of “Reduce” and an average price target of $13.
• The company recently reported quarterly earnings of $0.67 per share, matching estimates, on revenue of $888.3 million that slightly topped expectations.

Nexa Resources S.A. (NYSE:NEXA - Get Free Report)'s share price was up 5.2% on Friday after Bank of America raised their price target on the stock from $12.00 to $14.00. Bank of America currently has an underperform rating on the stock. Nexa Resources traded as high as $14.24 and last traded at $14.1570. Approximately 214,760 shares changed hands during trading, a decline of 78% from the average daily volume of 993,570 shares. The stock had previously closed at $13.46.

NEXA has been the topic of a number of other research reports. Morgan Stanley increased their price objective on shares of Nexa Resources from $11.50 to $12.50 and gave the stock an "equal weight" rating in a research note on Wednesday. Citigroup boosted their target price on shares of Nexa Resources from $12.50 to $16.00 and gave the company a "neutral" rating in a research report on Wednesday, June 3rd. Wall Street Zen raised shares of Nexa Resources from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 4th. Zacks Research raised Nexa Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 12th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Nexa Resources in a research note on Wednesday, April 22nd. Six investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Reduce" and an average price target of $13.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Financial Management Professionals Inc. acquired a new position in Nexa Resources in the 2nd quarter valued at about $28,000. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Nexa Resources in the fourth quarter valued at approximately $36,000. Nano Cap New Millennium Growth Fund L P purchased a new position in shares of Nexa Resources in the fourth quarter valued at approximately $44,000. Royal Bank of Canada grew its holdings in shares of 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 purchasing an additional 2,784 shares in the last quarter. Finally, First Affirmative Financial Network acquired a new position in shares of Nexa Resources in the third quarter valued at approximately $63,000.

Nexa Resources Stock Performance

The firm's 50 day moving average is $13.97 and its two-hundred day moving average is $12.45. The stock has a market capitalization of $1.87 billion, a PE ratio of 8.96, a P/E/G ratio of 0.29 and a beta of 0.94. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.54 and a current ratio of 0.85.

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 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 business had revenue of $888.32 million for the quarter, compared to analyst estimates of $885.90 million. As a group, research analysts predict that Nexa Resources S.A. will post 2.79 earnings per share for the current year.

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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