JPMorgan Chase & Co. Boosts Nexa Resources (NYSE:NEXA) Price Target to $7.50

Nexa Resources (NYSE:NEXA) had its price objective upped by JPMorgan Chase & Co. from $7.00 to $7.50 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential downside of 37.50% from the stock’s current price.

NEXA has been the topic of several other research reports. Scotiabank reissued a “sector perform” rating on shares of Nexa Resources in a report on Monday, January 26th. Zacks Research upgraded Nexa Resources from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 13th. Morgan Stanley set a $7.70 price objective on Nexa Resources and gave the stock an “underweight” rating in a research note on Monday, December 15th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Nexa Resources in a research note on Monday, December 29th. Finally, Wall Street Zen downgraded shares of Nexa Resources from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 21st. One analyst has rated the stock with a Strong Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $7.81.

Nexa Resources Trading Down 1.3%

NEXA stock traded down $0.16 during trading on Thursday, hitting $12.00. The company had a trading volume of 879,629 shares, compared to its average volume of 804,898. The business has a 50 day moving average of $11.17 and a 200 day moving average of $7.59. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.60 and a current ratio of 0.91. Nexa Resources has a fifty-two week low of $4.44 and a fifty-two week high of $14.94.

Nexa Resources (NYSE:NEXA) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.25. The company had revenue of $903.00 million for the quarter, compared to the consensus estimate of $823.27 million. Nexa Resources had a negative net margin of 0.57% and a negative return on equity of 8.80%. On average, equities research analysts expect that Nexa Resources will post 1.03 EPS for the current fiscal year.

Institutional Investors Weigh In On Nexa Resources

Several hedge funds have recently made changes to their positions in NEXA. XTX Topco Ltd acquired a new position in Nexa Resources in the 4th quarter worth approximately $645,000. Susquehanna Portfolio Strategies LLC acquired a new position in Nexa Resources during the fourth quarter valued at $88,000. Quadrature Capital Ltd acquired a new position in Nexa Resources during the fourth quarter valued at $394,000. Millennium Management LLC lifted its stake in Nexa Resources by 249.4% in the 4th quarter. Millennium Management LLC now owns 255,757 shares of the company’s stock worth $2,263,000 after acquiring an additional 182,567 shares in the last quarter. Finally, Engineers Gate Manager LP boosted its position in Nexa Resources by 69.7% during the 4th quarter. Engineers Gate Manager LP now owns 17,546 shares of the company’s stock worth $155,000 after acquiring an additional 7,206 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.