Nexa Resources (NYSE:NEXA) Shares Gap Up – Time to Buy?

Shares of Nexa Resources S.A. (NYSE:NEXA) gapped up prior to trading on Thursday . The stock had previously closed at $12.04, but opened at $13.49. Nexa Resources shares last traded at $13.8780, with a volume of 464,455 shares.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Scotiabank lifted their price target on Nexa Resources from $14.00 to $14.50 and gave the company a “sector perform” rating in a report on Monday, June 15th. Weiss Ratings restated a “hold (c)” rating on shares of Nexa Resources in a report on Wednesday, April 22nd. Wall Street Zen raised shares of Nexa Resources from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Morgan Stanley upgraded shares of Nexa Resources from an “underweight” rating to an “equal weight” rating in a research note on Thursday, April 9th. Finally, Zacks Research raised shares of Nexa Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Nexa Resources presently has an average rating of “Hold” and an average target price of $11.43.

Nexa Resources Stock Down 0.1%

The business has a 50-day simple moving average of $14.08 and a two-hundred day simple moving average of $12.28. The company has a market cap of $1.73 billion, a price-to-earnings ratio of 8.25, a PEG ratio of 0.30 and a beta of 0.94. The company has a quick ratio of 0.54, a current ratio of 0.85 and a debt-to-equity ratio of 1.13.

Nexa Resources (NYSE:NEXA) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.67 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.67. The company had revenue of $888.32 million during the quarter, compared to the consensus estimate of $885.90 million. Nexa Resources had a return on equity of 16.32% and a net margin of 6.44%. As a group, equities analysts forecast that Nexa Resources S.A. will post 2.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nexa Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sagil Capital LLP acquired a new stake in shares of Nexa Resources in the fourth quarter worth $11,651,000. Dimensional Fund Advisors LP raised its holdings in Nexa Resources by 47.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,292,701 shares of the company’s stock worth $13,684,000 after acquiring an additional 414,474 shares during the period. Marshall Wace LLP acquired a new position in Nexa Resources during the 4th quarter worth $8,653,000. Renaissance Technologies LLC lifted its position in Nexa Resources by 3.2% during the 1st quarter. Renaissance Technologies LLC now owns 879,872 shares of the company’s stock worth $9,318,000 after acquiring an additional 27,072 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in Nexa Resources by 133.6% during the first quarter. Bank of America Corp DE now owns 734,476 shares of the company’s stock valued at $7,778,000 after acquiring an additional 420,005 shares during the period.

About Nexa Resources

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.