Nexa Resources (NYSE:NEXA) Reaches New 1-Year High – Time to Buy?

Shares of Nexa Resources S.A. (NYSE:NEXA) reached a new 52-week high during trading on Monday . The company traded as high as $13.98 and last traded at $13.92, with a volume of 116509 shares. The stock had previously closed at $13.27.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NEXA. Scotiabank reissued a “sector perform” rating on shares of Nexa Resources in a research report on Monday. Wall Street Zen raised Nexa Resources to a “buy” rating in a research note on Saturday, November 1st. Weiss Ratings reissued a “hold (c-)” rating on shares of Nexa Resources in a research report on Monday, December 29th. Morgan Stanley set a $7.70 price target on shares of Nexa Resources and gave the company an “underweight” rating in a report on Monday, December 15th. Finally, JPMorgan Chase & Co. boosted 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. Six analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Nexa Resources currently has an average rating of “Reduce” and a consensus target price of $6.67.

Nexa Resources Stock Up 0.3%

The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of -117.40, a price-to-earnings-growth ratio of 0.36 and a beta of 0.57. The firm has a 50-day moving average of $9.05 and a 200 day moving average of $6.52. The company has a current ratio of 0.91, a quick ratio of 0.60 and a debt-to-equity ratio of 1.37.

Nexa Resources (NYSE:NEXA) last posted its quarterly earnings data on Thursday, October 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.14). The firm had revenue of $763.52 million for the quarter, compared to analysts’ expectations of $649.86 million. Nexa Resources had a negative net margin of 0.57% and a negative return on equity of 8.80%. On average, sell-side analysts anticipate that Nexa Resources S.A. will post 1.03 earnings per share for the current 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. Millennium Management LLC grew its stake in shares of Nexa Resources by 124.1% during the third quarter. Millennium Management LLC now owns 73,190 shares of the company’s stock valued at $365,000 after acquiring an additional 40,535 shares in the last quarter. Citadel Advisors LLC grew its stake in Nexa Resources by 142.4% during the 3rd quarter. Citadel Advisors LLC now owns 60,287 shares of the company’s stock valued at $301,000 after purchasing an additional 35,411 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in Nexa Resources by 283.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 44,067 shares of the company’s stock worth $390,000 after purchasing an additional 32,581 shares during the last quarter. Susquehanna International Group LLP acquired a new position in shares of Nexa Resources in the 3rd quarter valued at approximately $134,000. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Nexa Resources by 3.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 732,176 shares of the company’s stock valued at $3,654,000 after buying an additional 26,829 shares during the last quarter.

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.