Zacks Research Downgrades Nexa Resources (NYSE:NEXA) to Hold

Nexa Resources (NYSE:NEXA) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other research firms also recently weighed in on NEXA. Citigroup upped their price target on shares of Nexa Resources from $12.50 to $16.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 3rd. Morgan Stanley boosted their price objective on Nexa Resources from $11.50 to $12.50 and gave the stock an “equal weight” rating in a research note on Wednesday. Wall Street Zen raised Nexa Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 4th. Scotiabank raised their target price on Nexa Resources from $14.50 to $15.00 and gave the company a “sector perform” rating in a research report on Tuesday. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nexa Resources in a research note on Wednesday, April 22nd. Six research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $13.00.

Nexa Resources Price Performance

Nexa Resources stock opened at $13.46 on Wednesday. The company’s fifty day moving average price is $13.97 and its 200 day moving average price is $12.45. Nexa Resources has a 1 year low of $4.61 and a 1 year high of $16.89. The stock has a market capitalization of $1.78 billion, a P/E ratio of 8.52, a P/E/G ratio of 0.29 and a beta of 0.94. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.54 and a current ratio of 0.85.

Nexa Resources (NYSE:NEXA) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.67 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.67. The company 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, equities research analysts anticipate that Nexa Resources will post 2.79 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nexa Resources

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sagil Capital LLP purchased a new stake in Nexa Resources in the 4th quarter valued at $11,651,000. Dimensional Fund Advisors LP raised 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 acquiring an additional 414,474 shares during the period. Marshall Wace LLP purchased a new position in shares of Nexa Resources during the 4th quarter worth $8,653,000. Renaissance Technologies LLC boosted 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 valued at $9,318,000 after acquiring an additional 27,072 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings 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 purchasing an additional 420,005 shares during the period.

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.