Nexa Resources (NYSE:NEXA) Stock Rating Upgraded by Morgan Stanley

Nexa Resources (NYSE:NEXA) was upgraded by equities researchers at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a note issued to investors on Thursday.

A number of other research firms have also issued reports on NEXA. Zacks Research lowered Nexa Resources from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 31st. Scotiabank cut their price target on shares of Nexa Resources to $14.00 and set a “sector perform” rating for the company in a report on Monday, March 23rd. JPMorgan Chase & Co. raised their price objective on shares of Nexa Resources from $7.00 to $7.50 and gave the company a “neutral” rating in a research report on Thursday, February 26th. Wall Street Zen raised shares of Nexa Resources from a “buy” rating to a “strong-buy” rating in a research note on Sunday, March 1st. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Nexa Resources in a report on Monday, December 29th. Eight investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $8.87.

Nexa Resources Price Performance

NYSE NEXA opened at $11.29 on Thursday. Nexa Resources has a 12 month low of $4.44 and a 12 month high of $14.94. The firm has a market capitalization of $1.50 billion, a PE ratio of 11.29, a P/E/G ratio of 0.14 and a beta of 0.62. The company’s 50 day simple moving average is $11.47 and its 200 day simple moving average is $8.87. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.87 and a quick ratio of 0.58.

Nexa Resources (NYSE:NEXA) last released its earnings results on Thursday, February 26th. The company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.15. Nexa Resources had a return on equity of 11.81% and a net margin of 4.42%.The firm had revenue of $903.00 million during the quarter, compared to the consensus estimate of $823.27 million. As a group, equities research analysts forecast that Nexa Resources will post 1.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Nexa Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Sagil Capital LLP purchased a new position in Nexa Resources in the 4th quarter worth about $11,651,000. Marshall Wace LLP acquired a new position in shares of Nexa Resources in the fourth quarter worth about $8,653,000. Walleye Capital LLC acquired a new position in shares of Nexa Resources in the fourth quarter worth about $4,628,000. Renaissance Technologies LLC increased its position in shares of Nexa Resources by 120.8% in the fourth quarter. Renaissance Technologies LLC now owns 852,800 shares of the company’s stock worth $7,547,000 after acquiring an additional 466,500 shares in the last quarter. Finally, Jane Street Group LLC purchased a new position in shares of Nexa Resources in the fourth quarter worth approximately $2,404,000.

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.