Nexa Resources (NYSE:NEXA) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Nexa Resources (NYSE:NEXA) had its price objective increased by equities researchers at Morgan Stanley from $11.50 to $12.50 in a report issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price would suggest a potential downside of 2.88% from the company’s previous close.

NEXA has been the topic of several other research reports. Wall Street Zen upgraded Nexa Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday. Scotiabank raised their target price on shares of Nexa Resources from $14.50 to $15.00 and gave the stock a “sector perform” rating in a report on Tuesday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nexa Resources in a research note on Wednesday, April 22nd. Zacks Research raised shares of Nexa Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 12th. Finally, Citigroup raised their price objective on shares of Nexa Resources from $12.50 to $16.00 and gave the stock a “neutral” rating in a report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Nexa Resources has an average rating of “Hold” and a consensus target price of $12.75.

Nexa Resources Trading Down 2.6%

NEXA opened at $12.87 on Wednesday. The firm’s fifty day moving average is $14.02 and its two-hundred day moving average is $12.38. The firm has a market cap of $1.70 billion, a PE ratio of 8.15, a price-to-earnings-growth ratio of 0.30 and a beta of 0.94. Nexa Resources has a twelve month low of $4.61 and a twelve month high of $16.89. 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 released its quarterly earnings data on Thursday, May 7th. The company reported $0.67 EPS for the quarter, meeting analysts’ consensus estimates of $0.67. Nexa Resources had a net margin of 6.44% and a return on equity of 16.32%. The business had revenue of $888.32 million during the quarter, compared to analysts’ expectations of $885.90 million. Equities research analysts anticipate that Nexa Resources will post 2.81 EPS for the current year.

Hedge Funds Weigh In On Nexa Resources

Large investors have recently bought and sold shares of the company. Royal Bank of Canada grew its stake in shares of Nexa Resources by 173.8% during the 1st quarter. Royal Bank of Canada now owns 4,386 shares of the company’s stock worth $47,000 after acquiring an additional 2,784 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in Nexa Resources by 17.5% during the first quarter. Hsbc Holdings PLC now owns 19,333 shares of the company’s stock worth $203,000 after purchasing an additional 2,879 shares during the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new position in Nexa Resources during the fourth quarter worth $36,000. Nano Cap New Millennium Growth Fund L P bought a new position in Nexa Resources in the fourth quarter valued at $44,000. Finally, Engineers Gate Manager LP grew its position in Nexa Resources by 69.7% in the fourth quarter. Engineers Gate Manager LP now owns 17,546 shares of the company’s stock valued at $155,000 after purchasing an additional 7,206 shares in the last quarter.

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.