Nexa Resources (NYSE:NEXA) Trading 8.6% Higher – Here’s Why

Nexa Resources S.A. (NYSE:NEXA)’s share price was up 8.6% during mid-day trading on Wednesday . The company traded as high as $11.47 and last traded at $11.6880. Approximately 186,011 shares changed hands during trading, a decline of 75% from the average daily volume of 745,722 shares. The stock had previously closed at $10.76.

Analyst Ratings Changes

NEXA has been the topic of several recent analyst reports. Morgan Stanley set a $7.70 price objective on Nexa Resources and gave the stock an “underweight” rating in a report on Monday, December 15th. JPMorgan Chase & Co. boosted their price target on shares of Nexa Resources from $6.50 to $7.00 and gave the company a “neutral” rating in a report on Friday, October 17th. Scotiabank upped their price target on shares of Nexa Resources from $6.00 to $7.00 and gave the company a “sector perform” rating in a research report on Monday, November 3rd. Weiss Ratings reiterated a “hold (c-)” rating on shares of Nexa Resources in a research report on Monday, December 29th. Finally, Wall Street Zen raised shares of Nexa Resources to a “buy” rating in a research note on Saturday, November 1st. Six analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $6.67.

Nexa Resources Trading Down 1.2%

The company has a current ratio of 0.91, a quick ratio of 0.60 and a debt-to-equity ratio of 1.37. The stock’s 50-day moving average is $8.07 and its 200 day moving average is $6.11.

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of NEXA. Millennium Management LLC raised its stake in shares of Nexa Resources by 124.1% during the 3rd quarter. Millennium Management LLC now owns 73,190 shares of the company’s stock worth $365,000 after purchasing an additional 40,535 shares in the last quarter. Citadel Advisors LLC increased its holdings in Nexa Resources by 142.4% in the third quarter. Citadel Advisors LLC now owns 60,287 shares of the company’s stock worth $301,000 after buying an additional 35,411 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Nexa Resources by 283.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 44,067 shares of the company’s stock valued at $390,000 after acquiring an additional 32,581 shares in the last quarter. Susquehanna International Group LLP acquired a new stake in Nexa Resources in the third quarter valued at approximately $134,000. Finally, Dimensional Fund Advisors LP grew its position in Nexa Resources by 3.8% in the third quarter. Dimensional Fund Advisors LP now owns 732,176 shares of the company’s stock worth $3,654,000 after acquiring an additional 26,829 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.