Nexa Resources (NYSE:NEXA) Stock Gets Price Target Reduction from Citigroup

Nexa Resources (NYSE:NEXA) had its price objective cut by Citigroup from $14.00 to $12.00 in a report released on Thursday morning,Benzinga reports. They currently have a neutral rating on the stock.

NEXA has been the subject of a number of other research reports. Zacks Research upgraded shares of Nexa Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 19th. JPMorgan Chase & Co. raised their target price on shares of Nexa Resources from $7.50 to $15.50 and gave the company a “neutral” rating in a research note on Friday, July 24th. Morgan Stanley raised shares of Nexa Resources from an “equal weight” rating to an “overweight” rating and set a $14.20 price target for the company in a research note on Tuesday, October 6th. Scotiabank increased their price objective on shares of Nexa Resources from $14.00 to $15.00 and gave the company a “sector perform” rating in a report on Friday, August 28th. Finally, Wall Street Zen lowered shares of Nexa Resources from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Nexa Resources currently has an average rating of “Hold” and a consensus target price of $14.14.

Nexa Resources Stock Performance

NEXA traded down $0.25 during trading hours on Thursday, hitting $11.18. The company’s stock had a trading volume of 681,834 shares, compared to its average volume of 656,548. The company has a 50-day simple moving average of $12.35 and a 200 day simple moving average of $12.93. The company has a current ratio of 0.82, a quick ratio of 0.48 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $1.48 billion, a PE ratio of 10.17, a PEG ratio of 0.13 and a beta of 0.94. Nexa Resources has a fifty-two week low of $5.95 and a fifty-two week high of $16.89.

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

Institutional Investors Weigh In On Nexa Resources

Several hedge funds have recently made changes to their positions in NEXA. Triumph Capital Management lifted its position in shares of Nexa Resources by 4.4% during the 3rd quarter. Triumph Capital Management now owns 33,704 shares of the company’s stock worth $411,000 after purchasing an additional 1,431 shares during the last quarter. Financial Management Professionals Inc. acquired a new stake in Nexa Resources in the 2nd quarter valued at approximately $28,000. Royal Bank of Canada increased its position in Nexa Resources by 173.8% in the 1st quarter. Royal Bank of Canada now owns 4,386 shares of the company’s stock worth $47,000 after buying an additional 2,784 shares during the period. Hsbc Holdings PLC lifted its holdings in shares of 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 buying an additional 2,879 shares during the last quarter. Finally, Virtus Advisers LLC lifted its holdings in shares of Nexa Resources by 25.0% during the third quarter. Virtus Advisers LLC now owns 21,049 shares of the company’s stock worth $257,000 after buying an additional 4,216 shares during the last quarter.

About Nexa Resources

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.