Nexa Resources (NYSE:NEXA) Stock Price Down 7.8% – Time to Sell?

Nexa Resources S.A. (NYSE:NEXA) shares dropped 7.8% during mid-day trading on Wednesday . The stock traded as low as $12.60 and last traded at $12.5160. Approximately 327,571 shares were traded during trading, a decline of 68% from the average daily volume of 1,012,151 shares. The stock had previously closed at $13.58.

Analyst Ratings Changes

NEXA has been the topic of a number of research analyst reports. Morgan Stanley upgraded Nexa Resources from an “underweight” rating to an “equal weight” rating in a report on Thursday, April 9th. Citigroup increased their price target on shares of Nexa Resources from $12.50 to $16.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Nexa Resources in a research note on Wednesday, April 22nd. Scotiabank lifted their target price on shares of Nexa Resources from $14.00 to $14.50 and gave the stock a “sector perform” rating in a report on Monday, June 15th. Finally, Wall Street Zen downgraded Nexa Resources from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 6th. One analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Nexa Resources currently has a consensus rating of “Hold” and a consensus price target of $11.43.

Nexa Resources Stock Down 9.8%

The company has a fifty day simple moving average of $14.39 and a 200-day simple moving average of $12.04. The firm has a market cap of $1.62 billion, a P/E ratio of 7.72, a price-to-earnings-growth ratio of 0.32 and a beta of 0.88. The company has a quick ratio of 0.54, a current ratio of 0.85 and a debt-to-equity ratio of 1.13.

Nexa Resources (NYSE:NEXA) last released its earnings results on Thursday, May 7th. The company reported $0.67 EPS for the quarter, hitting analysts’ consensus estimates of $0.67. The company had revenue of $888.32 million for 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%. On average, equities analysts anticipate that Nexa Resources S.A. will post 2.81 earnings per share for the current year.

Institutional Investors Weigh In On Nexa Resources

Several institutional investors and hedge funds have recently modified their holdings of NEXA. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Nexa Resources in the fourth quarter worth about $36,000. Nano Cap New Millennium Growth Fund L P purchased a new position in Nexa Resources during the 4th quarter valued at $44,000. Royal Bank of Canada boosted its stake in shares of Nexa Resources by 173.8% during the first quarter. Royal Bank of Canada now owns 4,386 shares of the company’s stock valued at $47,000 after purchasing an additional 2,784 shares during the period. First Affirmative Financial Network bought a new position in Nexa Resources in the 3rd quarter worth about $63,000. Finally, New York State Common Retirement Fund bought a new position in Nexa Resources in the fourth quarter worth approximately $83,000.

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.