Short Interest in Nexa Resources S.A. (NYSE:NEXA) Declines By 39.7%

Nexa Resources S.A. (NYSE:NEXA) was the target of a significant drop in short interest during the month of June. As of June 15th, there was short interest totaling 250,929 shares, a drop of 39.7% from the May 31st total of 416,348 shares. Based on an average daily volume of 1,048,845 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.2% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on NEXA. Citigroup boosted their target price on shares of Nexa Resources from $12.50 to $16.00 and gave the stock a “neutral” rating in a report on Wednesday, June 3rd. Scotiabank lifted their price target on Nexa Resources from $14.00 to $14.50 and gave the stock a “sector perform” rating in a research report on Monday, June 15th. Morgan Stanley raised Nexa Resources from an “underweight” rating to an “equal weight” rating in a research note on Thursday, April 9th. Weiss Ratings restated a “hold (c)” rating on shares of Nexa Resources in a research report on Wednesday, April 22nd. Finally, Wall Street Zen lowered Nexa Resources from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 6th. One investment analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $11.43.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Sagil Capital LLP bought a new stake in shares of Nexa Resources during the 4th quarter worth approximately $11,651,000. Squarepoint Ops LLC bought a new position in Nexa Resources in the 4th quarter valued at $207,000. Citadel Advisors LLC increased its stake in Nexa Resources by 142.4% in 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 during the period. Millennium Management LLC lifted 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 during the last quarter. Finally, Russell Investments Group Ltd. bought a new stake in shares of Nexa Resources during the fourth quarter worth $404,000.

Nexa Resources Trading Down 0.1%

Shares of NEXA traded down $0.01 during midday trading on Friday, hitting $13.03. The stock had a trading volume of 1,628,539 shares, compared to its average volume of 801,137. Nexa Resources has a 1 year low of $4.61 and a 1 year high of $16.89. The firm has a market cap of $1.73 billion, a PE ratio of 8.25, a price-to-earnings-growth ratio of 0.27 and a beta of 0.94. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.85 and a quick ratio of 0.54. The stock’s 50 day moving average is $14.12 and its 200 day moving average is $12.27.

Nexa Resources (NYSE:NEXA) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.67 EPS for the quarter, hitting analysts’ consensus estimates of $0.67. The firm had revenue of $888.32 million during the quarter, compared to analysts’ expectations of $885.90 million. Nexa Resources had a net margin of 6.44% and a return on equity of 16.32%. As a group, analysts forecast that Nexa Resources will post 2.81 EPS for the current fiscal year.

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.