Nexa Resources (NYSE:NEXA) Shares Gap Up on Earnings Beat

Nexa Resources S.A. (NYSE:NEXA)’s share price gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $12.02, but opened at $12.86. Nexa Resources shares last traded at $13.9740, with a volume of 431,268 shares traded.

The company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.45 by $0.15. The company had revenue of $903.00 million during the quarter, compared to analyst estimates of $823.27 million. Nexa Resources had a return on equity of 12.11% and a net margin of 4.42%.

Analyst Ratings Changes

NEXA has been the topic of several research reports. Zacks Research upgraded shares of Nexa Resources from a “hold” rating to a “strong-buy” rating in a report on Friday, February 13th. Citigroup increased their price objective on shares of Nexa Resources from $5.50 to $13.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 3rd. Morgan Stanley set a $7.70 target price on shares of Nexa Resources and gave the company an “underweight” rating in a report on Monday, December 15th. Wall Street Zen upgraded Nexa Resources from a “buy” rating to a “strong-buy” rating in a report on Sunday. Finally, JPMorgan Chase & Co. raised their price objective on Nexa Resources from $7.00 to $7.50 and gave the company a “neutral” rating in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $7.81.

Hedge Funds Weigh In On Nexa Resources

Institutional investors have recently added to or reduced their stakes in the company. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Nexa Resources during the fourth quarter valued at about $36,000. Nano Cap New Millennium Growth Fund L P acquired a new position in shares of Nexa Resources in the fourth quarter worth about $44,000. New York State Common Retirement Fund purchased a new position in Nexa Resources in the fourth quarter valued at about $83,000. Susquehanna Portfolio Strategies LLC purchased a new position in Nexa Resources in the fourth quarter valued at about $88,000. Finally, Assenagon Asset Management S.A. acquired a new stake in Nexa Resources during the 3rd quarter valued at approximately $57,000.

Nexa Resources Trading Up 13.3%

The company has a current ratio of 0.91, a quick ratio of 0.60 and a debt-to-equity ratio of 1.37. The firm has a fifty day simple moving average of $11.36 and a 200-day simple moving average of $7.70.

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.