Nexa Resources (NYSE:NEXA) Shares Gap Down – Here’s Why

Nexa Resources S.A. (NYSE:NEXA) shares gapped down prior to trading on Thursday . The stock had previously closed at $15.58, but opened at $14.90. Nexa Resources shares last traded at $14.0090, with a volume of 366,743 shares changing hands.

Analyst Ratings Changes

Several equities analysts have commented on NEXA shares. Bank of America increased their price target on shares of Nexa Resources from $12.00 to $14.00 and gave the company an “underperform” rating in a research note on Thursday, July 9th. JPMorgan Chase & Co. upped their target price on shares of Nexa Resources from $7.50 to $15.50 and gave the company a “neutral” rating in a report on Friday, July 24th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nexa Resources in a research report on Monday, July 20th. Scotiabank lifted their price target on shares of Nexa Resources from $14.00 to $15.00 and gave the stock a “sector perform” rating in a research note on Friday. Finally, Wall Street Zen cut shares of Nexa Resources from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 28th. Six research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Nexa Resources has a consensus rating of “Reduce” and a consensus price target of $14.60.

Nexa Resources Stock Performance

The company has a market cap of $1.77 billion, a PE ratio of 6.40, a PEG ratio of 0.16 and a beta of 0.94. The stock has a 50 day simple moving average of $13.52 and a two-hundred day simple moving average of $13.11. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.80 and a quick ratio of 0.46.

Nexa Resources (NYSE:NEXA) last announced its earnings results on Thursday, August 6th. The company reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.07). Nexa Resources had a return on equity of 20.25% and a net margin of 8.02%.The business had revenue of $907.93 million for the quarter, compared to analysts’ expectations of $906.52 million. Equities analysts predict that Nexa Resources S.A. will post 2.59 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Sagil Capital LLP acquired a new stake in shares of Nexa Resources during the fourth quarter worth about $11,651,000. Dimensional Fund Advisors LP increased its position in 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 acquiring an additional 414,474 shares during the period. Marshall Wace LLP acquired a new position in Nexa Resources in the 4th quarter valued at about $8,653,000. Renaissance Technologies LLC raised its stake in Nexa Resources by 3.2% during the 1st quarter. Renaissance Technologies LLC now owns 879,872 shares of the company’s stock valued at $9,318,000 after acquiring an additional 27,072 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in Nexa Resources by 133.6% during the 1st quarter. Bank of America Corp DE now owns 734,476 shares of the company’s stock worth $7,778,000 after acquiring an additional 420,005 shares during the period.

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.