Nexa Resources (NYSE:NEXA) Shares Up 5.4% – Here’s What Happened

Nexa Resources S.A. (NYSE:NEXA) shares rose 5.4% during mid-day trading on Friday. The stock traded as high as $13.04 and last traded at $13.1550. Approximately 111,536 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 886,179 shares. The stock had previously closed at $12.48.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Morgan Stanley raised shares of Nexa Resources from an “equal weight” rating to an “overweight” rating and set a $14.20 price target for the company in a research report on Tuesday, October 6th. Scotiabank boosted their price target on shares of Nexa Resources from $14.00 to $15.00 and gave the company a “sector perform” rating in a research note on Friday, August 28th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nexa Resources in a research report on Monday, July 20th. Bank of America increased their price objective on shares of Nexa Resources from $12.00 to $14.00 and gave the company an “underperform” rating in a research report on Thursday, July 9th. Finally, JPMorgan Chase & Co. increased their price target on shares of Nexa Resources from $7.50 to $15.50 and gave the company a “neutral” rating in a research note on Friday, July 24th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $14.94.

Nexa Resources Price Performance

The business has a 50-day simple moving average of $13.41 and a two-hundred day simple moving average of $13.50. The stock has a market capitalization of $1.70 billion, a price-to-earnings ratio of 6.14, a P/E/G ratio of 0.14 and a beta of 0.94. The company has a quick ratio of 0.46, a current ratio of 0.80 and a debt-to-equity ratio of 1.08.

Nexa Resources (NYSE:NEXA) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.64 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.07). Nexa Resources had a return on equity of 20.25% and a net margin of 8.02%. The business had revenue of $907.93 million during the quarter, compared to the consensus estimate of $906.52 million. As a group, research analysts predict that Nexa Resources S.A. will post 2.69 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in NEXA. Triumph Capital Management increased its holdings in Nexa Resources by 4.4% in the 3rd quarter. Triumph Capital Management now owns 33,704 shares of the company’s stock worth $411,000 after buying an additional 1,431 shares in the last quarter. Financial Management Professionals Inc. bought a new stake in shares of Nexa Resources during the 2nd quarter valued at $28,000. Royal Bank of Canada boosted its holdings in Nexa Resources by 173.8% in the 1st quarter. Royal Bank of Canada now owns 4,386 shares of the company’s stock worth $47,000 after buying an additional 2,784 shares during the period. Hsbc Holdings PLC lifted its position in shares of Nexa Resources by 17.5% in the first quarter. Hsbc Holdings PLC now owns 19,333 shares of the company’s stock valued at $203,000 after acquiring an additional 2,879 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of Nexa Resources in the second quarter valued at about $105,000.

About Nexa Resources

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.