Nexa Resources (NYSE:NEXA) Stock Price Expected to Rise, Citigroup Analyst Says

Nexa Resources (NYSE:NEXA) had its price target raised by research analysts at Citigroup from $5.50 to $13.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price target would indicate a potential upside of 1.48% from the company’s current price.

Several other equities research analysts have also weighed in on the stock. JPMorgan Chase & Co. increased their price objective on shares of Nexa Resources from $6.50 to $7.00 and gave the stock a “neutral” rating in a research note on Friday, October 17th. Morgan Stanley set a $7.70 price target on Nexa Resources and gave the stock an “underweight” rating in a research report on Monday, December 15th. Scotiabank restated a “sector perform” rating on shares of Nexa Resources in a research report on Monday, January 26th. Wall Street Zen upgraded Nexa Resources to a “buy” rating in a research note on Saturday, November 1st. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Nexa Resources in a research note on Monday, December 29th. Six equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Nexa Resources presently has an average rating of “Reduce” and an average price target of $7.74.

Nexa Resources Stock Down 3.2%

Shares of NEXA opened at $12.81 on Tuesday. The business’s fifty day moving average price is $9.86 and its 200 day moving average price is $6.86. Nexa Resources has a 12-month low of $4.44 and a 12-month high of $14.94. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.60 and a current ratio of 0.91.

Institutional Investors Weigh In On Nexa Resources

Several institutional investors have recently bought and sold shares of the stock. Millennium Management LLC increased its stake in Nexa Resources by 124.1% during the 3rd quarter. Millennium Management LLC now owns 73,190 shares of the company’s stock valued at $365,000 after buying an additional 40,535 shares during the period. Citadel Advisors LLC boosted its holdings in shares of Nexa Resources by 142.4% in the third quarter. Citadel Advisors LLC now owns 60,287 shares of the company’s stock valued at $301,000 after acquiring an additional 35,411 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Nexa Resources by 283.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 44,067 shares of the company’s stock valued at $390,000 after acquiring an additional 32,581 shares during the period. Susquehanna International Group LLP acquired a new position in shares of Nexa Resources during the third quarter valued at approximately $134,000. Finally, Dimensional Fund Advisors LP raised its holdings in Nexa Resources by 3.8% during the third quarter. Dimensional Fund Advisors LP now owns 732,176 shares of the company’s stock worth $3,654,000 after purchasing an additional 26,829 shares in the last quarter.

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.