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

Nexa Resources S.A. (NYSE:NEXA) saw strong trading volume on Monday . 98,791 shares changed hands during mid-day trading, an increase of 34% from the previous session’s volume of 73,921 shares.The stock last traded at $8.0550 and had previously closed at $7.97.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Scotiabank increased their price target on shares of Nexa Resources from $6.00 to $7.00 and gave the stock a “sector perform” rating in a research note on Monday, November 3rd. Wall Street Zen upgraded Nexa Resources to a “buy” rating in a report on Saturday, November 1st. 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. Weiss Ratings reiterated a “hold (c-)” rating on shares of Nexa Resources in a report on Monday, December 8th. Finally, Citigroup initiated coverage on Nexa Resources in a research note on Tuesday, September 16th. They set a “neutral” rating and a $5.50 price target for the company. Six analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $6.29.

Nexa Resources Stock Performance

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 stock has a fifty day simple moving average of $6.12 and a two-hundred day simple moving average of $5.34. The stock has a market cap of $1.04 billion, a PE ratio of -65.29, a PEG ratio of 0.45 and a beta of 0.64.

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 firm had revenue of $763.52 million during the quarter, compared to analyst estimates of $649.86 million. Equities analysts anticipate that Nexa Resources S.A. will post 1.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Nexa Resources

Several institutional investors and hedge funds have recently made changes to their positions in the business. First Affirmative Financial Network acquired a new position in Nexa Resources in the third quarter worth about $63,000. Susquehanna International Group LLP bought a new stake in Nexa Resources during the 3rd quarter valued at $134,000. Millennium Management LLC lifted its holdings in Nexa Resources by 124.1% in the third quarter. Millennium Management LLC now owns 73,190 shares of the company’s stock worth $365,000 after purchasing an additional 40,535 shares during the period. Citadel Advisors LLC lifted its stake in shares of 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 acquiring an additional 35,411 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Nexa Resources by 3.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 732,176 shares of the company’s stock valued at $3,654,000 after purchasing an additional 26,829 shares in the last quarter.

Nexa Resources Company Profile

Nexa Resources SA, together with its subsidiaries, engages in the zinc mining and smelting business worldwide. The company operates in two segments, Mining and Smelting. It produces zinc, zamac, zinc oxide, and zincal, as well as by-products, such as copper, lead, silver, gold, copper sulfate, sulfuric acid, copper cementum, silver concentrate, slag aggregates, and cadmium/sponge deposits.