Nexa Resources S.A. (NYSE:NEXA) Sees Significant Drop in Short Interest

Nexa Resources S.A. (NYSE:NEXA) was the recipient of a significant drop in short interest in the month of June. As of June 15th, there was short interest totaling 250,929 shares, a drop of 39.7% from the May 31st total of 416,348 shares. Currently, 0.2% of the company’s stock are short sold. Based on an average daily trading volume, of 1,048,845 shares, the short-interest ratio is currently 0.2 days.

Nexa Resources Trading Down 1.7%

Shares of NEXA stock traded down $0.21 during trading on Wednesday, hitting $12.03. 933,632 shares of the stock traded hands, compared to its average volume of 1,007,778. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.85 and a quick ratio of 0.54. The firm has a market capitalization of $1.59 billion, a P/E ratio of 7.61, a price-to-earnings-growth ratio of 0.28 and a beta of 0.88. The firm’s fifty day moving average price is $14.16 and its 200-day moving average price is $12.23. Nexa Resources has a 52-week low of $4.61 and a 52-week high of $16.89.

Nexa Resources (NYSE:NEXA) last announced its earnings results on Thursday, May 7th. The company reported $0.67 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.67. The company had revenue of $888.32 million for the quarter, compared to analyst estimates of $885.90 million. Nexa Resources had a return on equity of 16.32% and a net margin of 6.44%. As a group, research analysts forecast that Nexa Resources will post 2.81 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have commented on NEXA shares. Zacks Research raised shares of Nexa Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 12th. Citigroup boosted their price objective on shares of Nexa Resources from $12.50 to $16.00 and gave the company a “neutral” rating in a report on Wednesday, June 3rd. Scotiabank increased their price objective on Nexa Resources from $14.00 to $14.50 and gave the company a “sector perform” rating in a report on Monday, June 15th. Morgan Stanley raised shares of Nexa Resources from an “underweight” rating to an “equal weight” rating in a report on Thursday, April 9th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Nexa Resources in a research note on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $11.43.

Institutional Investors Weigh In On Nexa Resources

Several institutional investors have recently added to or reduced their stakes in the business. Police & Firemen s Retirement System of New Jersey purchased a new position in Nexa Resources in the fourth quarter valued at approximately $36,000. Royal Bank of Canada increased its stake in shares of 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 period. Nano Cap New Millennium Growth Fund L P acquired a new stake in Nexa Resources in the fourth quarter valued at $44,000. New York State Common Retirement Fund acquired a new position in Nexa Resources during the fourth quarter worth about $83,000. Finally, Susquehanna Portfolio Strategies LLC purchased a new position in shares of Nexa Resources in the fourth quarter valued at $88,000.

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.