Nexa Resources (NYSE:NEXA) Sees Strong Trading Volume – Here’s What Happened

Nexa Resources S.A. (NYSE:NEXA) saw strong trading volume on Monday . 159,313 shares were traded during mid-day trading, an increase of 153% from the previous session’s volume of 62,846 shares.The stock last traded at $7.4750 and had previously closed at $7.30.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on NEXA shares. Citigroup began coverage on Nexa Resources in a research note on Tuesday, September 16th. They issued a “neutral” rating and a $5.50 target price for the company. Scotiabank increased their price objective on Nexa Resources from $6.00 to $7.00 and gave the company a “sector perform” rating in a research note on Monday, November 3rd. Weiss Ratings restated a “hold (c-)” rating on shares of Nexa Resources in a report on Monday. Wall Street Zen raised shares of Nexa Resources to a “buy” rating in a research note on Saturday, November 1st. Finally, JPMorgan Chase & Co. increased their price target on shares of Nexa Resources from $6.50 to $7.00 and gave the company a “neutral” rating in a research report on Friday, October 17th. Six research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Nexa Resources has an average rating of “Reduce” and a consensus price target of $6.29.

Nexa Resources Trading Down 0.5%

The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.60 and a current ratio of 0.91. The stock has a market capitalization of $1.03 billion, a P/E ratio of -64.56, a price-to-earnings-growth ratio of 0.44 and a beta of 0.64. The stock has a 50-day moving average price of $6.00 and a two-hundred day moving average price of $5.29.

Nexa Resources (NYSE:NEXA) last announced its 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 forecast that Nexa Resources S.A. will post 1.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Nexa Resources

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its stake in Nexa Resources by 3.8% in the third quarter. Dimensional Fund Advisors LP now owns 732,176 shares of the company’s stock worth $3,654,000 after buying an additional 26,829 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Nexa Resources by 124.1% during the 3rd quarter. Millennium Management LLC now owns 73,190 shares of the company’s stock worth $365,000 after acquiring an additional 40,535 shares during the period. Citadel Advisors LLC raised its position in shares of Nexa Resources by 142.4% in the 3rd quarter. Citadel Advisors LLC now owns 60,287 shares of the company’s stock worth $301,000 after acquiring an additional 35,411 shares in the last quarter. GSA Capital Partners LLP lifted its stake in shares of Nexa Resources by 7.5% in the 3rd 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. Finally, Susquehanna International Group LLP bought a new stake in shares of Nexa Resources during the third quarter valued at approximately $134,000.

About Nexa Resources

Nexa Resources SA, together with its subsidiaries, engages in the zinc mining and smelting business worldwide. The company operates in two segments, Mining and Smelting. It produces zinc, zamac, zinc oxide, and zincal, as well as by-products, such as copper, lead, silver, gold, copper sulfate, sulfuric acid, copper cementum, silver concentrate, slag aggregates, and cadmium/sponge deposits.