Citigroup Lowers Nexa Resources (NYSE:NEXA) Price Target to $11.00

Nexa Resources (NYSE:NEXA) had its price objective dropped by stock analysts at Citigroup from $13.00 to $11.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s target price would suggest a potential upside of 9.73% from the company’s current price.

NEXA has been the topic of a number of other research reports. Scotiabank cut their target price on Nexa Resources to $14.00 and set a “sector perform” rating on the stock in a research note on Monday, March 23rd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Nexa Resources in a research report on Monday, December 29th. Wall Street Zen raised Nexa Resources from a “buy” rating to a “strong-buy” rating in a research report on Sunday, March 1st. Morgan Stanley set a $7.70 price objective on Nexa Resources and gave the company an “underweight” rating in a research note on Monday, December 15th. Finally, JPMorgan Chase & Co. raised their target price on Nexa Resources from $7.00 to $7.50 and gave the company a “neutral” rating in a research report on Thursday, February 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $8.87.

Nexa Resources Stock Performance

Shares of NEXA stock opened at $10.03 on Thursday. The firm has a 50-day moving average of $11.84 and a 200-day moving average of $8.52. The company has a market cap of $1.33 billion, a P/E ratio of 10.03, a P/E/G ratio of 0.12 and a beta of 0.53. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.87 and a quick ratio of 0.58. Nexa Resources has a one year low of $4.44 and a one year high of $14.94.

Nexa Resources (NYSE:NEXA) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.15. The business had revenue of $903.00 million for the quarter, compared to analysts’ expectations of $823.27 million. Nexa Resources had a net margin of 4.42% and a return on equity of 11.81%. Equities research analysts forecast that Nexa Resources will post 1.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Nexa Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NEXA. Hsbc Holdings PLC raised its position in shares of Nexa Resources by 47.0% in the fourth quarter. Hsbc Holdings PLC now owns 16,454 shares of the company’s stock valued at $145,000 after purchasing an additional 5,263 shares during the period. XTX Topco Ltd bought a new position in Nexa Resources in the 4th quarter worth approximately $645,000. Susquehanna Portfolio Strategies LLC purchased a new position in Nexa Resources in the 4th quarter valued at approximately $88,000. Quadrature Capital Ltd bought a new stake in Nexa Resources during the 4th quarter valued at $394,000. Finally, Millennium Management LLC raised its holdings in Nexa Resources by 249.4% during the 4th quarter. Millennium Management LLC now owns 255,757 shares of the company’s stock valued at $2,263,000 after acquiring an additional 182,567 shares during the period.

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.