Nexa Resources (NYSE:NEXA) Shares Down 9.2% – Here’s What Happened

Nexa Resources S.A. (NYSE:NEXA) shares traded down 9.2% on Thursday . The company traded as low as $11.37 and last traded at $11.3420. 286,473 shares changed hands during trading, a decline of 66% from the average session volume of 834,820 shares. The stock had previously closed at $12.49.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Morgan Stanley set a $7.70 target price on Nexa Resources and gave the stock an “underweight” rating in a research report on Monday, December 15th. Wall Street Zen upgraded Nexa Resources from a “buy” rating to a “strong-buy” rating in a research report on Sunday. Scotiabank reiterated a “sector perform” rating on shares of Nexa Resources in a research report on Monday, January 26th. Citigroup upped their price target on Nexa Resources from $5.50 to $13.00 and gave the company a “neutral” rating in a research report on Tuesday, February 3rd. Finally, Zacks Research raised shares of Nexa Resources from a “hold” rating to a “strong-buy” rating in a report on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $7.81.

Nexa Resources Price Performance

The company’s 50 day moving average is $11.62 and its 200 day moving average is $7.87. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of 11.36, a P/E/G ratio of 0.16 and a beta of 0.53. The company has a quick ratio of 0.58, a current ratio of 0.87 and a debt-to-equity ratio of 1.28.

Nexa Resources (NYSE:NEXA) last released its earnings results on Thursday, February 26th. The company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.15. The firm had revenue of $903.00 million during the quarter, compared to the consensus estimate of $823.27 million. Nexa Resources had a return on equity of 11.81% and a net margin of 4.42%. On average, equities research analysts anticipate that Nexa Resources S.A. will post 1.03 earnings per share for the current fiscal year.

Nexa Resources Announces Dividend

The firm also recently announced a special dividend, which will be paid on Tuesday, August 11th. Shareholders of record on Tuesday, July 28th will be issued a dividend of $0.1321 per share. The ex-dividend date of this dividend is Tuesday, July 28th. Nexa Resources’s payout ratio is presently 10.00%.

Hedge Funds Weigh In On Nexa Resources

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

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.