Scotiabank Lowers Nexa Resources (NYSE:NEXA) Price Target to $14.00

Nexa Resources (NYSE:NEXA) had its price objective cut by equities research analysts at Scotiabank from $14.50 to $14.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Scotiabank’s target price suggests a potential upside of 48.56% from the stock’s current price.

A number of other research firms have also commented on NEXA. Wall Street Zen upgraded Nexa Resources from a “buy” rating to a “strong-buy” rating in a research report on Sunday, March 1st. JPMorgan Chase & Co. increased their target price on Nexa Resources from $7.00 to $7.50 and gave the stock a “neutral” rating in a report on Thursday, February 26th. Morgan Stanley set a $7.70 price target on shares of Nexa Resources and gave the stock an “underweight” rating in a research report on Monday, December 15th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Nexa Resources in a research note on Monday, December 29th. Finally, Citigroup raised their price target on Nexa Resources from $5.50 to $13.00 and gave the company a “neutral” rating in a report on Tuesday, February 3rd. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Nexa Resources currently has a consensus rating of “Hold” and an average price target of $9.20.

Nexa Resources Stock Up 2.5%

NEXA opened at $9.42 on Monday. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of 9.38, a PEG ratio of 0.11 and a beta of 0.53. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.58 and a current ratio of 0.87. The firm’s 50-day simple moving average is $12.01 and its 200-day simple moving average is $8.40. Nexa Resources has a twelve month low of $4.44 and a twelve month high of $14.94.

Nexa Resources (NYSE:NEXA) last announced its quarterly earnings results on Thursday, February 26th. The company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.15. The firm had revenue of $903.00 million during the quarter, compared to the consensus estimate of $823.27 million. Nexa Resources had a net margin of 4.42% and a return on equity of 11.81%. Equities research analysts anticipate that Nexa Resources will post 1.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hsbc Holdings PLC grew its stake in shares of Nexa Resources by 47.0% during the fourth quarter. Hsbc Holdings PLC now owns 16,454 shares of the company’s stock worth $145,000 after purchasing an additional 5,263 shares during the period. XTX Topco Ltd acquired a new position in Nexa Resources in the fourth quarter valued at about $645,000. Susquehanna Portfolio Strategies LLC bought a new position in Nexa Resources during the fourth quarter worth about $88,000. Quadrature Capital Ltd bought a new stake in shares of Nexa Resources in the 4th quarter valued at about $394,000. Finally, Millennium Management LLC raised its position in shares of Nexa Resources by 249.4% in the 4th quarter. Millennium Management LLC now owns 255,757 shares of the company’s stock valued at $2,263,000 after acquiring an additional 182,567 shares during the period.

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.