Nexa Resources (NYSE:NEXA) Price Target Raised to $12.50 at Morgan Stanley

Nexa Resources (NYSE:NEXA) had its price objective increased by equities research analysts at Morgan Stanley from $11.50 to $12.50 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price target suggests a potential downside of 2.88% from the stock’s current price.

NEXA has been the subject of a number of other research reports. Wall Street Zen upgraded shares of Nexa Resources from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Citigroup upped their price objective on shares of Nexa Resources from $12.50 to $16.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 3rd. Zacks Research raised shares of Nexa Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Nexa Resources in a research note on Wednesday, April 22nd. Finally, Scotiabank increased their price target on Nexa Resources from $14.50 to $15.00 and gave the stock a “sector perform” rating in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $12.75.

Nexa Resources Trading Down 2.6%

NEXA stock opened at $12.87 on Wednesday. Nexa Resources has a 1-year low of $4.61 and a 1-year high of $16.89. The firm has a market cap of $1.70 billion, a P/E ratio of 8.15, a P/E/G ratio of 0.30 and a beta of 0.94. The business’s 50 day moving average is $14.02 and its 200-day moving average is $12.38. The company has a current ratio of 0.85, a quick ratio of 0.54 and a debt-to-equity ratio of 1.13.

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

Institutional Investors Weigh In On Nexa Resources

A number of institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada boosted its stake in Nexa Resources by 173.8% in the first quarter. Royal Bank of Canada now owns 4,386 shares of the company’s stock valued at $47,000 after acquiring an additional 2,784 shares during the last quarter. Hsbc Holdings PLC lifted its stake in shares of Nexa Resources by 17.5% in the 1st quarter. Hsbc Holdings PLC now owns 19,333 shares of the company’s stock valued at $203,000 after purchasing an additional 2,879 shares during the period. Police & Firemen s Retirement System of New Jersey bought a new position in shares of Nexa Resources in the 4th quarter worth $36,000. Nano Cap New Millennium Growth Fund L P acquired a new stake in shares of Nexa Resources during the fourth quarter worth $44,000. Finally, Engineers Gate Manager LP increased its holdings in Nexa Resources by 69.7% in the fourth quarter. Engineers Gate Manager LP now owns 17,546 shares of the company’s stock valued at $155,000 after purchasing an additional 7,206 shares during the last quarter.

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.