Nexa Resources (NYSE:NEXA) Shares Gap Up – Here’s Why

Nexa Resources S.A. (NYSE:NEXA)’s stock price gapped up prior to trading on Tuesday. The stock had previously closed at $12.88, but opened at $13.33. Nexa Resources shares last traded at $13.23, with a volume of 116,401 shares trading hands.

Analysts Set New Price Targets

NEXA has been the subject of a number of recent research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nexa Resources in a research note on Monday, July 20th. Wall Street Zen cut shares of Nexa Resources from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 28th. Scotiabank upped their price objective on shares of Nexa Resources from $14.00 to $15.00 and gave the company a “sector perform” rating in a report on Friday, August 28th. Morgan Stanley upgraded shares of Nexa Resources from an “equal weight” rating to an “overweight” rating and set a $14.20 price objective for the company in a research report on Tuesday, October 6th. Finally, Zacks Research cut shares of Nexa Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $14.94.

Nexa Resources Trading Up 2.7%

The stock has a market cap of $1.75 billion, a PE ratio of 6.33, a price-to-earnings-growth ratio of 0.16 and a beta of 0.94. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.46 and a current ratio of 0.80. The company’s 50-day moving average price is $13.48 and its 200 day moving average price is $13.44.

Nexa Resources (NYSE:NEXA) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.64 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.07). The business had revenue of $907.93 million during the quarter, compared to analyst estimates of $906.52 million. Nexa Resources had a net margin of 8.02% and a return on equity of 20.25%. On average, sell-side analysts forecast that Nexa Resources S.A. will post 2.54 EPS for the current fiscal year.

Institutional Investors Weigh In On Nexa Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its holdings in shares of Nexa Resources by 47.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,292,701 shares of the company’s stock worth $13,684,000 after purchasing an additional 414,474 shares during the period. Renaissance Technologies LLC increased its position in shares of Nexa Resources by 3.2% during the 1st quarter. Renaissance Technologies LLC now owns 879,872 shares of the company’s stock worth $9,318,000 after purchasing an additional 27,072 shares during the last quarter. Bank of America Corp DE increased its position in shares of Nexa Resources by 133.6% during the 1st quarter. Bank of America Corp DE now owns 734,476 shares of the company’s stock worth $7,778,000 after purchasing an additional 420,005 shares during the last quarter. Pictet Asset Management Holding SA acquired a new stake in shares of Nexa Resources during the 1st quarter worth about $7,572,000. Finally, Walleye Capital LLC raised its holdings in Nexa Resources by 33.6% in the 1st quarter. Walleye Capital LLC now owns 698,458 shares of the company’s stock valued at $7,397,000 after buying an additional 175,477 shares during the period.

Nexa Resources Company Profile

Nexa Resources SA is a mining and metals company focused primarily on the exploration, extraction, processing and production of zinc, lead, copper and silver. The company also produces sulfuric acid and other related byproducts and specialty metals through its integrated mining and smelting operations.

Nexa operates mines and metallurgical facilities in Brazil and Peru, serving industrial customers and markets that use zinc and other base metals in applications such as galvanizing, construction, transportation, infrastructure and manufacturing.