Nexa Resources (NYSE:NEXA) Shares Gap Up – Should You Buy?

Nexa Resources S.A. (NYSE:NEXA) gapped up prior to trading on Tuesday . The stock had previously closed at $13.80, but opened at $14.45. Nexa Resources shares last traded at $14.54, with a volume of 135,235 shares trading hands.

Analyst Upgrades and Downgrades

NEXA has been the topic of several research reports. Scotiabank upped their target price on Nexa Resources from $14.00 to $15.00 and gave the company a “sector perform” rating in a report on Friday, August 28th. Bank of America lifted their target price on shares of Nexa Resources from $12.00 to $14.00 and gave the stock an “underperform” rating in a research report on Thursday, July 9th. Wall Street Zen downgraded shares of Nexa Resources from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 28th. Morgan Stanley lifted their price objective on Nexa Resources from $11.50 to $12.50 and gave the stock an “equal weight” rating in a research report on Wednesday, July 8th. Finally, Zacks Research downgraded Nexa Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 8th. Six investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $14.60.

Nexa Resources Stock Up 0.8%

The firm has a market cap of $1.88 billion, a price-to-earnings ratio of 6.81, a PEG ratio of 0.16 and a beta of 0.95. The company has a quick ratio of 0.46, a current ratio of 0.80 and a debt-to-equity ratio of 1.08. The firm has a fifty day moving average price of $13.69 and a 200-day moving average price of $13.23.

Nexa Resources (NYSE:NEXA) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.64 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.07). Nexa Resources had a return on equity of 20.25% and a net margin of 8.02%.The company had revenue of $907.93 million for the quarter, compared to analysts’ expectations of $906.52 million. As a group, sell-side analysts forecast that Nexa Resources S.A. will post 2.59 EPS for the current year.

Institutional Trading of Nexa Resources

Institutional investors and hedge funds have recently made changes to their positions in the stock. Sagil Capital LLP bought a new position in shares of Nexa Resources during the fourth quarter worth about $11,651,000. Dimensional Fund Advisors LP raised its holdings in Nexa Resources by 47.2% during the first 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. Marshall Wace LLP bought a new stake in shares of Nexa Resources in the 4th quarter worth $8,653,000. Renaissance Technologies LLC grew its holdings in Nexa Resources by 3.2% during the first quarter. Renaissance Technologies LLC now owns 879,872 shares of the company’s stock worth $9,318,000 after acquiring an additional 27,072 shares during the period. Finally, Bank of America Corp DE grew its stake in shares of Nexa Resources by 133.6% in the 1st quarter. Bank of America Corp DE now owns 734,476 shares of the company’s stock worth $7,778,000 after purchasing an additional 420,005 shares during the last quarter.

About Nexa Resources

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.