Nexa Resources (NYSE:NEXA) Price Target Raised to $15.00

Nexa Resources (NYSE:NEXA) had its price target boosted by research analysts at Scotiabank from $14.50 to $15.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s price objective suggests a potential upside of 17.28% from the company’s current price.

Several other equities analysts also recently commented on NEXA. Morgan Stanley raised shares of Nexa Resources from an “underweight” rating to an “equal weight” rating in a research note on Thursday, April 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of Nexa Resources in a report on Wednesday, April 22nd. Wall Street Zen upgraded Nexa Resources from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Citigroup raised their price objective on Nexa Resources from $12.50 to $16.00 and gave the company a “neutral” rating in a report on Wednesday, June 3rd. Finally, Zacks Research upgraded Nexa Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Nexa Resources currently has a consensus rating of “Hold” and an average target price of $11.55.

Nexa Resources Price Performance

Shares of NEXA stock traded down $0.42 on Tuesday, reaching $12.79. The company had a trading volume of 139,090 shares, compared to its average volume of 1,003,333. The stock has a market capitalization of $1.69 billion, a PE ratio of 8.09, a price-to-earnings-growth ratio of 0.30 and a beta of 0.94. 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 has a one year low of $4.61 and a one year high of $16.89. The business’s 50-day moving average is $14.05 and its 200 day moving average is $12.35.

Nexa Resources (NYSE:NEXA) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.67 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.67. The company had revenue of $888.32 million for the quarter, compared to the consensus estimate of $885.90 million. Nexa Resources had a net margin of 6.44% and a return on equity of 16.32%. Equities research analysts forecast that Nexa Resources will post 2.81 EPS for the current fiscal year.

Hedge Funds Weigh In On Nexa Resources

Several large investors have recently modified their holdings of the business. Sagil Capital LLP acquired a new position in shares of Nexa Resources during the fourth quarter worth $11,651,000. Marshall Wace LLP acquired a new stake in Nexa Resources in the fourth quarter valued at $8,653,000. Pictet Asset Management Holding SA acquired a new stake in Nexa Resources in the first quarter valued at $7,572,000. Walleye Capital LLC acquired a new stake in Nexa Resources in the fourth quarter valued at $4,628,000. Finally, Renaissance Technologies LLC raised its position in Nexa Resources by 120.8% during the 4th 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.

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.