Nexa Resources S.A. (NYSE:NEXA) Sees Significant Growth in Short Interest

Nexa Resources S.A. (NYSE:NEXA) was the recipient of a significant increase in short interest in October. As of October 15th, there was short interest totaling 489,270 shares, an increase of 90.1% from the September 30th total of 257,356 shares. Currently, 0.4% of the shares of the stock are short sold. Based on an average trading volume of 570,057 shares, the days-to-cover ratio is currently 0.9 days.

Hedge Funds Weigh In On Nexa Resources

A number of hedge funds have recently modified their holdings of NEXA. Pictet Asset Management Holding SA bought a new stake in shares of Nexa Resources in the first quarter worth $7,572,000. Ashoka WhiteOak Capital Pte Ltd bought a new stake in shares of Nexa Resources in the 3rd quarter valued at about $6,252,000. Robeco Institutional Asset Management B.V. grew its position in shares of Nexa Resources by 159.7% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 697,972 shares of the company’s stock valued at $8,508,000 after buying an additional 429,208 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Nexa Resources by 133.6% in the first quarter. Bank of America Corp DE now owns 734,476 shares of the company’s stock valued at $7,778,000 after buying an additional 420,005 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Nexa Resources by 47.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,292,701 shares of the company’s stock valued at $13,684,000 after buying an additional 414,474 shares during the period.

Nexa Resources Trading Up 3.0%

Shares of NYSE:NEXA traded up $0.33 during midday trading on Monday, hitting $11.41. 882,780 shares of the stock were exchanged, compared to its average volume of 876,895. The business’s 50-day moving average price is $12.89 and its 200 day moving average price is $12.98. Nexa Resources has a 12 month low of $5.05 and a 12 month high of $16.89. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.48 and a current ratio of 0.82. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of 10.37, a P/E/G ratio of 0.12 and a beta of 0.94.

Nexa Resources (NYSE:NEXA) last issued its quarterly earnings data on Thursday, October 29th. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.26. Nexa Resources had a net margin of 4.00% and a return on equity of 27.88%. The business had revenue of $937.13 million during the quarter, compared to analyst estimates of $952.11 million. Analysts predict that Nexa Resources will post 2.69 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on NEXA shares. Weiss Ratings restated a “hold (c)” rating on shares of Nexa Resources in a research note on Friday, October 16th. Scotiabank upped their price objective on shares of Nexa Resources from $14.00 to $15.00 and gave the stock a “sector perform” rating in a research report on Friday, August 28th. Citigroup reissued a “neutral” rating on shares of Nexa Resources in a research note on Friday, October 16th. Zacks Research upgraded shares of Nexa Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 19th. Finally, JPMorgan Chase & Co. raised their target price on shares of Nexa Resources from $7.50 to $15.50 and gave the company a “neutral” rating in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Nexa Resources currently has a consensus rating of “Hold” and a consensus target price of $14.94.

About Nexa Resources

Nexa Resources SA (NYSE:NEXA) is a global mining and metals company focused primarily on the production of zinc, lead, copper and silver. The company also produces related byproducts and refined materials, including sulfuric acid and various metal alloys, which serve customers in industrial, infrastructure, construction and manufacturing markets.

Nexa operates an integrated platform that includes underground and open-pit mines, mineral-processing facilities and zinc smelters. Its principal mining and metallurgical operations are located in Brazil and Peru, with the Cajamarquilla zinc refinery in Peru and additional mining and smelting assets in Brazil.