Citigroup Has Lowered Expectations for Nexa Resources (NYSE:NEXA) Stock Price

Nexa Resources (NYSE:NEXA) had its price target reduced by stock analysts at Citigroup from $13.00 to $11.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s target price suggests a potential upside of 11.66% from the company’s current price.

Several other analysts have also commented on NEXA. Morgan Stanley set a $7.70 target price on Nexa Resources and gave the stock an “underweight” rating in a report on Monday, December 15th. Wall Street Zen raised shares of Nexa Resources from a “buy” rating to a “strong-buy” rating in a research note on Sunday, March 1st. Scotiabank decreased their target price on shares of Nexa Resources to $14.00 and set a “sector perform” rating for the company in a research note on Monday. Weiss Ratings restated a “hold (c-)” rating on shares of Nexa Resources in a research report on Monday, December 29th. Finally, Zacks Research upgraded shares of Nexa Resources from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 13th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $8.87.

Nexa Resources Stock Performance

NEXA stock traded down $0.21 during trading on Thursday, reaching $9.85. The company had a trading volume of 105,264 shares, compared to its average volume of 773,523. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.58 and a current ratio of 0.87. Nexa Resources has a twelve month low of $4.44 and a twelve month high of $14.94. The company has a market cap of $1.30 billion, a price-to-earnings ratio of 9.88, a price-to-earnings-growth ratio of 0.12 and a beta of 0.53. The firm has a 50-day simple moving average of $11.93 and a 200-day simple moving average of $8.48.

Nexa Resources (NYSE:NEXA) last posted its quarterly earnings results on Thursday, February 26th. The company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.15. Nexa Resources had a return on equity of 11.81% and a net margin of 4.42%.The business had revenue of $903.00 million for the quarter, compared to the consensus estimate of $823.27 million. As a group, sell-side analysts expect that Nexa Resources will post 1.03 earnings per share for the current year.

Hedge Funds Weigh In On Nexa Resources

A number of institutional investors have recently added to or reduced their stakes in the stock. Sagil Capital LLP acquired a new stake in shares of Nexa Resources in the 4th quarter worth $11,651,000. Marshall Wace LLP purchased a new stake in shares of Nexa Resources in the fourth quarter valued at about $8,653,000. Dimensional Fund Advisors LP increased its position in Nexa Resources by 19.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 878,227 shares of the company’s stock worth $7,774,000 after purchasing an additional 146,051 shares during the last quarter. Renaissance Technologies LLC increased its position in Nexa Resources by 120.8% during the fourth quarter. Renaissance Technologies LLC now owns 852,800 shares of the company’s stock worth $7,547,000 after purchasing an additional 466,500 shares during the last quarter. Finally, Walleye Capital LLC purchased a new position in Nexa Resources during the fourth quarter worth about $4,628,000.

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.