Nexa Resources S.A. (NYSE:NEXA) Sees Significant Increase in Short Interest

Key Points

• Short interest in Nexa Resources nearly doubled to 213,844 shares as of August 14, up 98.7% from July 30, though short interest represented only about 0.2% of outstanding shares.
• Analyst sentiment remains cautious: six analysts rated the stock Hold and one rated it Sell, producing a consensus rating of “Reduce” and an average price target of $14.60.
• Nexa reported quarterly EPS of $0.64, below the $0.71 consensus estimate, while revenue of $907.93 million slightly exceeded expectations. The stock opened at $13.37 and has traded between $4.79 and $16.89 over the past year.

Nexa Resources S.A. (NYSE:NEXA - Get Free Report) was the recipient of a large increase in short interest in the month of August. As of August 14th, there was short interest totaling 213,844 shares, an increase of 98.7% from the July 30th total of 107,608 shares. Based on an average daily volume of 695,450 shares, the short-interest ratio is presently 0.3 days. Approximately 0.2% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Nexa Resources in a report on Monday, July 20th. Morgan Stanley boosted their target price on Nexa Resources from $11.50 to $12.50 and gave the stock an "equal weight" rating in a research report on Wednesday, July 8th. JPMorgan Chase & Co. upped their target price on Nexa Resources from $7.50 to $15.50 and gave the stock a "neutral" rating in a research note on Friday, July 24th. Wall Street Zen cut Nexa Resources from a "strong-buy" rating to a "buy" rating in a report on Tuesday, July 28th. Finally, Zacks Research downgraded Nexa Resources from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 8th. Six analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Reduce" and a consensus price target of $14.60.

Nexa Resources Price Performance

Shares of NYSE:NEXA opened at $13.37 on Friday. The company's fifty day moving average price is $13.52 and its 200-day moving average price is $13.11. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.80 and a quick ratio of 0.46. The firm has a market capitalization of $1.77 billion, a price-to-earnings ratio of 6.40, a PEG ratio of 0.15 and a beta of 0.94. Nexa Resources has a one year low of $4.79 and a one year high of $16.89.

Nexa Resources (NYSE:NEXA - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.64 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.71 by ($0.07). The company had revenue of $907.93 million for the quarter, compared to the consensus estimate of $906.52 million. Nexa Resources had a return on equity of 20.25% and a net margin of 8.02%. On average, equities research analysts anticipate that Nexa Resources will post 2.59 earnings per share for the current fiscal year.

Institutional Trading of Nexa Resources

Several hedge funds and other institutional investors have recently bought and sold shares of NEXA. Financial Management Professionals Inc. bought a new stake in shares of Nexa Resources in the 2nd quarter worth approximately $28,000. Police & Firemen s Retirement System of New Jersey bought a new position in shares of Nexa Resources during the fourth quarter valued at about $36,000. Nano Cap New Millennium Growth Fund L P bought a new position in shares of Nexa Resources during the fourth quarter valued at about $44,000. Royal Bank of Canada increased 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 worth $47,000 after buying an additional 2,784 shares during the period. Finally, New York State Common Retirement Fund bought a new stake in shares of Nexa Resources in the 4th quarter valued at 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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