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

Nexa Resources (NYSE:NEXA) had its target price lowered by equities research analysts at Citigroup from $14.00 to $12.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup‘s target price points to a potential upside of 1.65% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. Scotiabank lifted their price objective on Nexa Resources from $14.00 to $15.00 and gave the stock a “sector perform” rating in a report on Friday, August 28th. Zacks Research upgraded shares of Nexa Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 19th. Morgan Stanley upgraded shares of Nexa Resources from an “equal weight” rating to an “overweight” rating and set a $14.20 target price for the company in a research note on Tuesday, October 6th. Weiss Ratings lowered shares of Nexa Resources from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday. Finally, JPMorgan Chase & Co. raised their price objective on shares of Nexa Resources from $7.50 to $15.50 and gave the stock a “neutral” rating in a report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $14.14.

Nexa Resources Stock Performance

Nexa Resources stock traded down $0.17 during trading on Thursday, hitting $11.80. The stock had a trading volume of 208,350 shares, compared to its average volume of 867,029. The stock’s 50 day moving average is $12.44 and its two-hundred day moving average is $12.96. Nexa Resources has a 1 year low of $5.95 and a 1 year high of $16.89. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of 10.70, a price-to-earnings-growth ratio of 0.13 and a beta of 0.94. The company has a quick ratio of 0.48, a current ratio of 0.82 and a debt-to-equity ratio of 1.12.

Nexa Resources (NYSE:NEXA) last issued its earnings results on Thursday, October 29th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.26. Nexa Resources had a return on equity of 27.88% and a net margin of 4.00%. The firm had revenue of $937.13 million for the quarter, compared to analyst estimates of $952.11 million. As a group, analysts predict that Nexa Resources will post 2.69 EPS for the current year.

Institutional Investors Weigh In On Nexa Resources

Institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. purchased a new position in Nexa Resources during the second quarter valued at approximately $4,425,000. Dimensional Fund Advisors LP lifted its stake in Nexa Resources by 47.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,292,701 shares of the company’s stock worth $13,684,000 after purchasing an additional 414,474 shares in the last quarter. Bank of America Corp DE boosted its holdings in Nexa Resources by 133.6% in the 1st quarter. Bank of America Corp DE now owns 734,476 shares of the company’s stock valued at $7,778,000 after purchasing an additional 420,005 shares during the period. Robeco Institutional Asset Management B.V. boosted its holdings in Nexa Resources by 159.7% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 697,972 shares of the company’s stock valued at $8,508,000 after purchasing an additional 429,208 shares during the period. Finally, Allianz Asset Management GmbH bought a new position in Nexa Resources in the 2nd quarter valued at $3,630,000.

Nexa Resources Company Profile

Nexa Resources is a mining and metals company focused primarily on zinc. Its business spans the exploration and extraction of mineral resources as well as the processing and smelting of metals. The company produces zinc, copper and lead, along with by-products that include silver, gold and sulfuric acid. Nexa operates mines and metallurgical facilities in Brazil and Peru, serving customers in a range of industries that use refined metals and related products. Its operations include zinc mines and smelters, as well as facilities that process ore into marketable metals.