Nexa Resources S.A. (NYSE:NEXA) Sees Significant Drop in Short Interest

Nexa Resources S.A. (NYSE:NEXA) was the recipient of a large decrease in short interest during the month of June. As of June 30th, there was short interest totaling 152,281 shares, a decrease of 39.3% from the June 15th total of 250,929 shares. Based on an average daily volume of 752,706 shares, the short-interest ratio is currently 0.2 days. Approximately 0.1% of the shares of the company are short sold.

Nexa Resources Price Performance

NEXA traded down $0.98 during trading on Thursday, reaching $13.07. The stock had a trading volume of 109,790 shares, compared to its average volume of 981,945. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 8.27, a price-to-earnings-growth ratio of 0.16 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 has a 1-year low of $4.61 and a 1-year high of $16.89. The stock has a 50 day moving average of $13.87 and a two-hundred day moving average of $12.61.

Nexa Resources (NYSE:NEXA) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.67. Nexa Resources had a return on equity of 16.32% and a net margin of 6.44%.The company had revenue of $888.32 million for the quarter, compared to analysts’ expectations of $885.90 million. As a group, equities analysts anticipate that Nexa Resources will post 2.7 EPS for the current fiscal year.

Institutional Investors Weigh In On Nexa Resources

Institutional investors and hedge funds have recently bought and sold shares of the business. Sagil Capital LLP bought a new position in shares of Nexa Resources during the 4th quarter valued at about $11,651,000. Dimensional Fund Advisors LP raised 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 worth $13,684,000 after purchasing an additional 414,474 shares in the last quarter. Marshall Wace LLP acquired a new stake in Nexa Resources during the fourth quarter valued at approximately $8,653,000. Renaissance Technologies LLC lifted its stake in Nexa Resources by 3.2% during the first quarter. Renaissance Technologies LLC now owns 879,872 shares of the company’s stock valued at $9,318,000 after purchasing 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 worth $7,778,000 after buying an additional 420,005 shares in the last quarter.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Citigroup lifted their price target on Nexa Resources from $12.50 to $16.00 and gave the company a “neutral” rating in a report on Wednesday, June 3rd. Scotiabank raised their target price on Nexa Resources from $14.50 to $15.00 and gave the company a “sector perform” rating in a research report on Tuesday, July 7th. Morgan Stanley lifted their target price on Nexa Resources from $11.50 to $12.50 and gave the company an “equal weight” rating in a research note on Wednesday, July 8th. Wall Street Zen lowered Nexa Resources from a “strong-buy” rating to a “buy” rating in a research report on Sunday. Finally, Zacks Research cut Nexa Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 8th. Six research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $13.00.

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.