Nexa Resources (NYSE:NEXA) Trading Down 9.2% – Here’s Why

Nexa Resources S.A. (NYSE:NEXA) was down 9.2% during trading on Thursday . The company traded as low as $11.37 and last traded at $11.3420. Approximately 286,473 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 834,820 shares. The stock had previously closed at $12.49.

Analyst Ratings Changes

Several brokerages recently issued reports on NEXA. Zacks Research raised shares of Nexa Resources from a “hold” rating to a “strong-buy” rating in a report on Friday, February 13th. Citigroup upped their price objective on Nexa Resources from $5.50 to $13.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 3rd. Scotiabank reiterated a “sector perform” rating on shares of Nexa Resources in a research note on Monday, January 26th. Morgan Stanley set a $7.70 target price on Nexa Resources and gave the company an “underweight” rating in a research report on Monday, December 15th. Finally, Wall Street Zen raised Nexa Resources from a “buy” rating to a “strong-buy” rating in a report on Sunday. One analyst has rated the stock with a Strong Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $7.81.

Nexa Resources Stock Down 8.5%

The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of 11.36, a PEG ratio of 0.16 and a beta of 0.53. The firm has a fifty day moving average price of $11.62 and a 200 day moving average price of $7.87. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.58 and a current ratio of 0.87.

Nexa Resources (NYSE:NEXA) last released its earnings results on Thursday, February 26th. The company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.15. The company had revenue of $903.00 million for the quarter, compared to analyst estimates of $823.27 million. Nexa Resources had a net margin of 4.42% and a return on equity of 11.81%. As a group, sell-side analysts expect that Nexa Resources S.A. will post 1.03 EPS for the current fiscal year.

Nexa Resources Dividend Announcement

The company also recently announced a special dividend, which will be paid on Tuesday, August 11th. Shareholders of record on Tuesday, July 28th will be issued a dividend of $0.1321 per share. The ex-dividend date of this dividend is Tuesday, July 28th. Nexa Resources’s dividend payout ratio (DPR) is currently 10.00%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of NEXA. GSA Capital Partners LLP increased its holdings in shares of Nexa Resources by 7.5% during the third quarter. GSA Capital Partners LLP now owns 35,753 shares of the company’s stock valued at $178,000 after purchasing an additional 2,504 shares during the period. Police & Firemen s Retirement System of New Jersey purchased a new stake in Nexa Resources during the fourth quarter valued at about $36,000. Nano Cap New Millennium Growth Fund L P purchased a new position in Nexa Resources during the 4th quarter worth approximately $44,000. Engineers Gate Manager LP grew its holdings in shares of Nexa Resources by 69.7% during the fourth quarter. Engineers Gate Manager LP now owns 17,546 shares of the company’s stock valued at $155,000 after buying an additional 7,206 shares in the last quarter. Finally, New York State Common Retirement Fund acquired a new position in shares of Nexa Resources in the 4th quarter valued at about $83,000.

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.