Nexa Resources (NYSE:NEXA) Sees Strong Trading Volume – Time to Buy?

Nexa Resources S.A. (NYSE:NEXA) shares saw unusually-strong trading volume on Monday . Approximately 161,021 shares traded hands during mid-day trading, an increase of 62% from the previous session’s volume of 99,132 shares.The stock last traded at $8.89 and had previously closed at $9.40.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised their price objective on shares of Nexa Resources from $6.50 to $7.00 and gave the stock a “neutral” rating in a report on Friday, October 17th. Weiss Ratings restated a “hold (c-)” rating on shares of Nexa Resources in a research report on Monday, December 22nd. Scotiabank lifted their price objective on Nexa Resources from $6.00 to $7.00 and gave the company a “sector perform” rating in a research report on Monday, November 3rd. Wall Street Zen raised Nexa Resources to a “buy” rating in a research note on Saturday, November 1st. Finally, Citigroup assumed coverage on Nexa Resources in a report on Tuesday, September 16th. They set a “neutral” rating and a $5.50 target price on the stock. Six equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $6.67.

Nexa Resources Trading Down 6.0%

The company has a quick ratio of 0.60, a current ratio of 0.91 and a debt-to-equity ratio of 1.37. The company has a market cap of $1.17 billion, a P/E ratio of -73.83, a P/E/G ratio of 0.46 and a beta of 0.64. The business has a 50-day moving average price of $6.72 and a two-hundred day moving average price of $5.58.

Nexa Resources (NYSE:NEXA) last announced its quarterly earnings data on Thursday, October 30th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.14). Nexa Resources had a negative net margin of 0.57% and a negative return on equity of 8.80%. The business had revenue of $763.52 million during the quarter, compared to analyst estimates of $649.86 million. On average, analysts predict that Nexa Resources S.A. will post 1.03 EPS for the current year.

Institutional Trading of Nexa Resources

A number of institutional investors and hedge funds have recently modified their holdings of NEXA. Assenagon Asset Management S.A. bought a new position in Nexa Resources during the 3rd quarter worth approximately $57,000. GSA Capital Partners LLP increased its stake in Nexa Resources by 7.5% in the third quarter. GSA Capital Partners LLP now owns 35,753 shares of the company’s stock valued at $178,000 after purchasing an additional 2,504 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Nexa Resources by 3.8% in the third quarter. Dimensional Fund Advisors LP now owns 732,176 shares of the company’s stock worth $3,654,000 after purchasing an additional 26,829 shares during the period. Citadel Advisors LLC boosted its position in shares of Nexa Resources by 142.4% during the third quarter. Citadel Advisors LLC now owns 60,287 shares of the company’s stock worth $301,000 after purchasing an additional 35,411 shares in the last quarter. Finally, Millennium Management LLC boosted its position in shares of Nexa Resources by 124.1% during the third quarter. Millennium Management LLC now owns 73,190 shares of the company’s stock worth $365,000 after purchasing an additional 40,535 shares in the last quarter.

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.