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

Nexa Resources S.A. (NYSE:NEXA) was the recipient of a significant drop in short interest during the month of June. As of June 15th, there was short interest totaling 250,929 shares, a drop of 39.7% from the May 31st total of 416,348 shares. Approximately 0.2% of the company’s stock are short sold. Based on an average daily trading volume, of 1,048,845 shares, the days-to-cover ratio is currently 0.2 days.

Nexa Resources Trading Down 1.7%

Shares of NEXA traded down $0.21 during mid-day trading on Wednesday, hitting $12.03. 933,632 shares of the company’s stock traded hands, compared to its average volume of 1,007,778. The business’s 50-day moving average price is $14.16 and its 200-day moving average price is $12.23. Nexa Resources has a 1 year low of $4.61 and a 1 year high of $16.89. The company has a quick ratio of 0.54, a current ratio of 0.85 and a debt-to-equity ratio of 1.13. The firm has a market capitalization of $1.59 billion, a P/E ratio of 7.61, a PEG ratio of 0.28 and a beta of 0.88.

Nexa Resources (NYSE:NEXA) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.67 earnings per share for the quarter, meeting the consensus estimate of $0.67. The company had revenue of $888.32 million for the quarter, compared to analyst estimates of $885.90 million. Nexa Resources had a return on equity of 16.32% and a net margin of 6.44%. As a group, sell-side analysts forecast that Nexa Resources will post 2.81 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on NEXA shares. Morgan Stanley raised Nexa Resources from an “underweight” rating to an “equal weight” rating in a research report on Thursday, April 9th. Wall Street Zen downgraded Nexa Resources from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nexa Resources in a report on Wednesday, April 22nd. Citigroup lifted their price target on Nexa Resources from $12.50 to $16.00 and gave the company a “neutral” rating in a research report on Wednesday, June 3rd. Finally, Zacks Research raised shares of Nexa Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $11.43.

Institutional Trading of Nexa Resources

A number of hedge funds have recently bought and sold shares of NEXA. Bank of America Corp DE raised its position in shares of Nexa Resources by 133.6% during the 1st quarter. Bank of America Corp DE now owns 734,476 shares of the company’s stock valued at $7,778,000 after purchasing an additional 420,005 shares during the period. Royal Bank of Canada boosted its stake in Nexa Resources by 173.8% during the first quarter. Royal Bank of Canada now owns 4,386 shares of the company’s stock valued at $47,000 after buying an additional 2,784 shares during the last quarter. Entropy Technologies LP purchased a new position in shares of Nexa Resources in the first quarter valued at $260,000. Renaissance Technologies LLC increased 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 worth $9,318,000 after acquiring an additional 27,072 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in Nexa Resources by 67.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 329,346 shares of the company’s stock valued at $3,488,000 after acquiring an additional 133,222 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.