Nexa Resources (NYSE:NEXA) Cut to “Neutral” at Credit Suisse Group

Nexa Resources (NYSE:NEXA) was downgraded by analysts at Credit Suisse Group from an “outperform” rating to a “neutral” rating in a research note issued to investors on Thursday, The Fly reports. They presently have a $11.00 price objective on the stock, down from their prior price objective of $12.50. Credit Suisse Group’s target price would suggest a potential upside of 15.79% from the stock’s current price.

NEXA has been the subject of a number of other reports. BMO Capital Markets decreased their target price on Nexa Resources from $15.50 to $14.75 and set a “market perform” rating for the company in a research note on Monday, August 5th. Zacks Investment Research upgraded Nexa Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, August 16th. JPMorgan Chase & Co. decreased their target price on Nexa Resources from $13.00 to $12.00 and set an “overweight” rating for the company in a research note on Tuesday, September 3rd. Finally, Royal Bank of Canada began coverage on Nexa Resources in a research note on Monday, July 22nd. They issued a “sector perform” rating and a $12.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $12.54.

Shares of NYSE NEXA opened at $9.50 on Thursday. Nexa Resources has a 1 year low of $7.00 and a 1 year high of $13.69. The firm has a market cap of $1.28 billion, a price-to-earnings ratio of 33.93, a PEG ratio of 5.13 and a beta of 0.41. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.91 and a current ratio of 2.39. The stock’s 50-day simple moving average is $8.61 and its 200-day simple moving average is $10.19.

Nexa Resources (NYSE:NEXA) last issued its earnings results on Wednesday, July 31st. The company reported $0.15 EPS for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.03). Nexa Resources had a net margin of 2.82% and a return on equity of 1.02%. The company had revenue of $613.30 million during the quarter, compared to analyst estimates of $617.65 million. As a group, research analysts predict that Nexa Resources will post 0.16 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of NEXA. CI Investments Inc. acquired a new position in shares of Nexa Resources during the fourth quarter worth approximately $11,741,000. Wells Fargo & Company MN acquired a new position in shares of Nexa Resources during the fourth quarter worth approximately $1,166,000. BlackRock Inc. acquired a new position in shares of Nexa Resources during the fourth quarter worth approximately $2,482,000. Tower Research Capital LLC TRC acquired a new position in shares of Nexa Resources during the fourth quarter worth approximately $123,000. Finally, Virtu Financial LLC acquired a new position in shares of Nexa Resources during the fourth quarter worth approximately $242,000. Institutional investors and hedge funds own 7.64% of the company’s stock.

About Nexa Resources

Nexa Resources SA, through its subsidiaries, engages in the zinc mining and smelting business. It also produces copper, lead, silver, and gold deposits. The company owns and operates five mines, including three located in the Central Andes of Peru; and two located in the state of Minas Gerais in Brazil.

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Analyst Recommendations for Nexa Resources (NYSE:NEXA)

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