Short Interest in Nexa Resources S.A. (NYSE:NEXA) Declines By 39.3%

Nexa Resources S.A. (NYSE:NEXA) was the recipient of a large drop in short interest in June. As of June 30th, there was short interest totaling 152,281 shares, a drop of 39.3% from the June 15th total of 250,929 shares. Approximately 0.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 752,706 shares, the days-to-cover ratio is presently 0.2 days.

Nexa Resources Trading Down 2.7%

NYSE:NEXA traded down $0.34 during trading hours on Friday, hitting $12.23. The company had a trading volume of 700,084 shares, compared to its average volume of 666,367. Nexa Resources has a 1 year low of $4.61 and a 1 year high of $16.89. The company has a market cap of $1.62 billion, a P/E ratio of 7.74, a P/E/G ratio of 0.14 and a beta of 0.94. The company has a 50-day moving average of $13.80 and a 200 day moving average of $12.63. The company has a current ratio of 0.85, a quick ratio of 0.54 and a debt-to-equity ratio of 1.13.

Nexa Resources (NYSE:NEXA) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.67 EPS for the quarter, hitting the consensus estimate of $0.67. Nexa Resources had a return on equity of 16.32% and a net margin of 6.44%.The business had revenue of $888.32 million for the quarter, compared to analyst estimates of $885.90 million. Sell-side analysts expect that Nexa Resources will post 2.7 earnings per share for the current year.

Institutional Trading of Nexa Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Financial Management Professionals Inc. purchased a new stake in shares of Nexa Resources during the 2nd quarter valued at approximately $28,000. World Equity Group Inc. purchased a new position in Nexa Resources in the second quarter worth approximately $161,000. GK Wealth Management LLC purchased a new position in Nexa Resources in the second quarter worth approximately $327,000. Bank of America Corp DE increased its stake in Nexa Resources by 133.6% during the first quarter. Bank of America Corp DE now owns 734,476 shares of the company’s stock worth $7,778,000 after acquiring an additional 420,005 shares during the last quarter. Finally, Royal Bank of Canada increased its stake in Nexa Resources by 173.8% during the first quarter. Royal Bank of Canada now owns 4,386 shares of the company’s stock worth $47,000 after acquiring an additional 2,784 shares during the last quarter.

Analysts Set New Price Targets

NEXA has been the subject of a number of research analyst reports. Bank of America increased their target price on Nexa Resources from $12.00 to $14.00 and gave the company an “underperform” rating in a report on Thursday, July 9th. Morgan Stanley increased their price objective on Nexa Resources from $11.50 to $12.50 and gave the company an “equal weight” rating in a research note on Wednesday, July 8th. Citigroup upped their target price on shares of Nexa Resources from $12.50 to $16.00 and gave the stock a “neutral” rating in a report on Wednesday, June 3rd. Scotiabank raised their price target on shares of Nexa Resources from $14.50 to $15.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 7th. Finally, Wall Street Zen lowered shares of Nexa Resources from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 12th. Six equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $13.00.

Nexa Resources Company Profile

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.