Nexa Resources (NYSE:NEXA) Shares Down 3.9% – Here’s Why

Nexa Resources S.A. (NYSE:NEXA) shares fell 3.9% during trading on Thursday . The company traded as low as $12.44 and last traded at $12.49. 381,114 shares changed hands during trading, a decline of 55% from the average session volume of 842,685 shares. The stock had previously closed at $13.00.

Wall Street Analysts Forecast Growth

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

Nexa Resources Stock Up 7.1%

The company has a market cap of $1.75 billion, a P/E ratio of -109.83, a P/E/G ratio of 0.31 and a beta of 0.57. The stock has a 50-day moving average of $8.73 and a two-hundred day moving average of $6.37. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.60 and a current ratio of 0.91.

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

Institutional Trading of Nexa Resources

Several institutional investors have recently added to or reduced their stakes in NEXA. Millennium Management LLC grew its stake in shares of Nexa Resources by 124.1% during the third quarter. Millennium Management LLC now owns 73,190 shares of the company’s stock valued at $365,000 after buying an additional 40,535 shares during the last quarter. Citadel Advisors LLC boosted its holdings in Nexa Resources by 142.4% during the 3rd quarter. Citadel Advisors LLC now owns 60,287 shares of the company’s stock valued at $301,000 after acquiring an additional 35,411 shares during the period. Assenagon Asset Management S.A. grew its position in Nexa Resources by 283.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 44,067 shares of the company’s stock worth $390,000 after acquiring an additional 32,581 shares during the last quarter. Susquehanna International Group LLP purchased a new position in Nexa Resources in the 3rd quarter worth approximately $134,000. Finally, Dimensional Fund Advisors LP increased its stake in Nexa Resources by 3.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 732,176 shares of the company’s stock worth $3,654,000 after purchasing an additional 26,829 shares during the period.

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.