Nexa Resources (NYSE:NEXA) Sees Large Volume Increase – Here’s Why

Nexa Resources S.A. (NYSE:NEXA) saw unusually-strong trading volume on Monday . Approximately 161,021 shares traded hands during mid-day trading, an increase of 62% from the previous session’s volume of 99,132 shares.The stock last traded at $8.89 and had previously closed at $9.40.

Wall Street Analyst Weigh In

NEXA has been the topic of a number of research analyst reports. Morgan Stanley set a $7.70 price target on shares of Nexa Resources and gave the company an “underweight” rating in a report on Monday, December 15th. JPMorgan Chase & Co. increased their target price on Nexa Resources from $6.50 to $7.00 and gave the stock a “neutral” rating in a research report on Friday, October 17th. Citigroup initiated coverage on Nexa Resources in a report on Tuesday, September 16th. They issued a “neutral” rating and a $5.50 target price on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of Nexa Resources in a research note on Monday. Finally, Scotiabank raised their price objective on Nexa Resources from $6.00 to $7.00 and gave the stock a “sector perform” rating in a report on Monday, November 3rd. Six research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Nexa Resources currently has an average rating of “Reduce” and an average target price of $6.67.

Nexa Resources Trading Up 1.5%

The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of -75.56, a P/E/G ratio of 0.44 and a beta of 0.64. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.60 and a current ratio of 0.91. The firm has a fifty day moving average of $6.86 and a 200-day moving average of $5.64.

Nexa Resources (NYSE:NEXA) last issued its quarterly earnings data on Thursday, October 30th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.14). Nexa Resources had a negative return on equity of 8.80% and a negative net margin of 0.57%.The company had revenue of $763.52 million for the quarter, compared to analyst estimates of $649.86 million. As a group, equities analysts predict that Nexa Resources S.A. will post 1.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nexa Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. Assenagon Asset Management S.A. purchased a new stake in shares of Nexa Resources during the third quarter valued at approximately $57,000. First Affirmative Financial Network purchased a new position in shares of Nexa Resources in the third quarter valued at $63,000. Susquehanna International Group LLP acquired a new stake in Nexa Resources during the 3rd quarter valued at $134,000. GSA Capital Partners LLP increased its stake in Nexa Resources by 7.5% during the 3rd quarter. GSA Capital Partners LLP now owns 35,753 shares of the company’s stock worth $178,000 after buying an additional 2,504 shares during the period. Finally, Citadel Advisors LLC lifted its holdings in Nexa Resources by 142.4% in the 3rd quarter. Citadel Advisors LLC now owns 60,287 shares of the company’s stock worth $301,000 after buying an additional 35,411 shares in 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.