Nexa Resources (NYSE:NEXA) Given a $4.00 Price Target at Scotiabank

Key Points

• Scotiabank has reduced the price target for Nexa Resources from $4.50 to $4.00, reflecting a potential downside of 15.88% from the current stock price.
• Following the downgrade, three analysts rated the stock as a sell, while two assigned a hold rating, leading to a consensus rating of "Reduce" with an average target price of $5.70.
• The company's recent earnings report showed better-than-expected results, with $708.42 million in revenue, outperforming analysts' expectations of $625.20 million.

Scotiabank set a $4.00 price target on Nexa Resources (NYSE:NEXA - Free Report) in a research note released on Tuesday morning, MarketBeat Ratings reports. The brokerage currently has a sector underperform rating on the stock.

Several other analysts have also issued reports on the company. Royal Bank Of Canada reduced their target price on Nexa Resources from $8.00 to $7.00 and set a "sector perform" rating on the stock in a report on Wednesday, June 4th. BMO Capital Markets initiated coverage on Nexa Resources in a report on Wednesday, April 16th. They set a "market perform" rating and a $6.00 price objective for the company. Finally, Morgan Stanley cut shares of Nexa Resources from an "equal weight" rating to an "underweight" rating and dropped their target price for the company from $7.00 to $5.00 in a report on Tuesday, July 15th. Three investment analysts have rated the stock with a sell rating and two have given a hold rating to the stock. According to MarketBeat, Nexa Resources presently has an average rating of "Reduce" and a consensus target price of $5.70.

Nexa Resources Price Performance

NYSE NEXA traded up $0.02 on Tuesday, reaching $4.90. The company's stock had a trading volume of 5,571 shares, compared to its average volume of 31,104. The company has a current ratio of 0.99, a quick ratio of 0.64 and a debt-to-equity ratio of 1.54. The firm has a market cap of $648.29 million, a PE ratio of -7.20, a price-to-earnings-growth ratio of 1.89 and a beta of 0.98. Nexa Resources has a 52 week low of $4.44 and a 52 week high of $9.61. The business has a 50-day moving average price of $4.90 and a 200 day moving average price of $5.43.

Nexa Resources (NYSE:NEXA - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.11 EPS for the quarter, beating analysts' consensus estimates of ($0.05) by $0.16. Nexa Resources had a negative return on equity of 6.54% and a negative net margin of 3.26%. The firm had revenue of $708.42 million for the quarter, compared to analyst estimates of $625.20 million. Sell-side analysts expect that Nexa Resources will post 1.03 EPS for the current year.

Nexa Resources Dividend Announcement

The business also recently announced a -- dividend, which was paid on Tuesday, June 24th. Shareholders of record on Tuesday, June 10th were paid a dividend of $0.1012 per share. The ex-dividend date of this dividend was Tuesday, June 10th. Nexa Resources's dividend payout ratio (DPR) is -14.71%.

Hedge Funds Weigh In On Nexa Resources

A hedge fund recently raised its stake in Nexa Resources stock. Dimensional Fund Advisors LP grew its holdings in shares of Nexa Resources S.A. (NYSE:NEXA - Free Report) by 1.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 628,414 shares of the company's stock after buying an additional 7,220 shares during the period. Dimensional Fund Advisors LP owned 0.47% of Nexa Resources worth $5,531,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Nexa Resources Company Profile

Nexa Resources SA, together with its subsidiaries, engages in the zinc mining and smelting business worldwide. The company operates in two segments, Mining and Smelting. It produces zinc, zamac, zinc oxide, and zincal, as well as by-products, such as copper, lead, silver, gold, copper sulfate, sulfuric acid, copper cementum, silver concentrate, slag aggregates, and cadmium/sponge deposits.