Nexa Resources (NYSE:NEXA) Trading Down 6.9% Following Analyst Downgrade

Nexa Resources S.A. (NYSE:NEXA)’s stock price dropped 6.9% during trading on Tuesday after Bank of America lowered their price target on the stock from $8.00 to $6.50. Bank of America currently has an underperform rating on the stock. Nexa Resources traded as low as $5.21 and last traded at $5.20. Approximately 28,025 shares were traded during trading, a decline of 43% from the average daily volume of 49,051 shares. The stock had previously closed at $5.58.

A number of other equities analysts have also issued reports on NEXA. Scotiabank decreased their price objective on Nexa Resources from $7.00 to $5.00 and set a “sector underperform” rating for the company in a report on Friday, February 7th. Morgan Stanley raised Nexa Resources from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $7.50 to $7.80 in a research note on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Nexa Resources currently has a consensus rating of “Hold” and a consensus price target of $6.86.

Institutional Trading of Nexa Resources

A hedge fund recently bought a new stake in Nexa Resources stock. Virtu Financial LLC bought a new stake in Nexa Resources S.A. (NYSE:NEXA) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 14,341 shares of the company’s stock, valued at approximately $126,000.

Nexa Resources Price Performance

The company’s 50-day simple moving average is $5.94 and its 200 day simple moving average is $6.95. The company has a market capitalization of $677.43 million, a P/E ratio of -3.32 and a beta of 1.50. The company has a quick ratio of 0.76, a current ratio of 1.13 and a debt-to-equity ratio of 1.39.

Nexa Resources (NYSE:NEXA) last issued its quarterly earnings data on Thursday, February 20th. The company reported ($1.00) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($1.20). The business had revenue of $740.92 million during the quarter, compared to the consensus estimate of $731.81 million. Nexa Resources had a negative return on equity of 8.49% and a negative net margin of 7.37%. As a group, sell-side analysts expect that Nexa Resources S.A. will post 1.03 earnings per share for the current fiscal year.

Nexa Resources Company Profile

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.