Nexa Resources S.A. (NYSE:NEXA) Shares Shorted: Short Interest Up 90.1% in October

Nexa Resources S.A. (NYSE:NEXA) was the target of a large growth in short interest in October. As of October 15th, there was short interest totaling 489,270 shares, a growth of 90.1% from the September 30th total of 257,356 shares. Approximately 0.4% of the company’s shares are short sold. Based on an average daily volume of 570,057 shares, the short-interest ratio is presently 0.9 days.

Nexa Resources Price Performance

NEXA stock opened at $11.03 on Friday. The stock’s 50 day moving average is $12.89 and its two-hundred day moving average is $12.98. Nexa Resources has a 52-week low of $5.05 and a 52-week high of $16.89. The company has a market capitalization of $1.46 billion, a PE ratio of 10.03, a P/E/G ratio of 0.12 and a beta of 0.94. The company has a quick ratio of 0.46, a current ratio of 0.80 and a debt-to-equity ratio of 1.08.

Nexa Resources (NYSE:NEXA) last released its earnings results on Thursday, October 29th. The company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.61 by $0.26. The company had revenue of $937.13 million during the quarter, compared to analysts’ expectations of $952.11 million. Nexa Resources had a return on equity of 28.07% and a net margin of 4.00%. Analysts predict that Nexa Resources will post 2.69 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Zacks Research raised shares of Nexa Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 19th. Citigroup reissued a “neutral” rating on shares of Nexa Resources in a research report on Friday, October 16th. Morgan Stanley raised Nexa Resources from an “equal weight” rating to an “overweight” rating and set a $14.20 target price for the company in a research report on Tuesday, October 6th. Scotiabank lifted their price objective on shares of Nexa Resources from $14.00 to $15.00 and gave the company a “sector perform” rating in a research note on Friday, August 28th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nexa Resources in a report on Friday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $14.94.

Institutional Trading of Nexa Resources

Several institutional investors and hedge funds have recently bought and sold shares of NEXA. Pictet Asset Management Holding SA bought a new position in Nexa Resources during the first quarter worth $7,572,000. Ashoka WhiteOak Capital Pte Ltd bought a new position in shares of Nexa Resources in the 3rd quarter worth about $6,252,000. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Nexa Resources by 159.7% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 697,972 shares of the company’s stock valued at $8,508,000 after buying an additional 429,208 shares during the period. Bank of America Corp DE boosted its holdings in shares of Nexa Resources by 133.6% in the 1st quarter. Bank of America Corp DE now owns 734,476 shares of the company’s stock valued at $7,778,000 after buying an additional 420,005 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Nexa Resources by 47.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,292,701 shares of the company’s stock valued at $13,684,000 after buying an additional 414,474 shares during the period.

About Nexa Resources

Nexa Resources SA (NYSE:NEXA) is a global mining and metals company focused primarily on the production of zinc, lead, copper and silver. The company also produces related byproducts and refined materials, including sulfuric acid and various metal alloys, which serve customers in industrial, infrastructure, construction and manufacturing markets.

Nexa operates an integrated platform that includes underground and open-pit mines, mineral-processing facilities and zinc smelters. Its principal mining and metallurgical operations are located in Brazil and Peru, with the Cajamarquilla zinc refinery in Peru and additional mining and smelting assets in Brazil.