Nexa Resources (NYSE:NEXA) Shares Gap Up Following Strong Earnings

Nexa Resources S.A. (NYSE:NEXA)’s share price gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $12.02, but opened at $12.86. Nexa Resources shares last traded at $13.9740, with a volume of 431,268 shares.

The company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.15. Nexa Resources had a return on equity of 12.11% and a net margin of 4.42%.The business had revenue of $903.00 million during the quarter, compared to analyst estimates of $823.27 million.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of Nexa Resources in a report on Monday, December 29th. JPMorgan Chase & Co. upped their target price on shares of Nexa Resources from $7.00 to $7.50 and gave the stock a “neutral” rating in a research note on Thursday. Citigroup lifted their price target on Nexa Resources from $5.50 to $13.00 and gave the company a “neutral” rating in a research note on Tuesday, February 3rd. Wall Street Zen lowered Nexa Resources from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 21st. Finally, Morgan Stanley set a $7.70 price objective on Nexa Resources and gave the stock an “underweight” rating in a research report on Monday, December 15th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $7.81.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. XTX Topco Ltd acquired a new position in Nexa Resources during the fourth quarter worth approximately $645,000. Susquehanna Portfolio Strategies LLC bought a new stake in Nexa Resources in the 4th quarter valued at $88,000. Quadrature Capital Ltd bought a new stake in Nexa Resources in the 4th quarter valued at $394,000. Millennium Management LLC grew its holdings in Nexa Resources by 249.4% in the 4th quarter. Millennium Management LLC now owns 255,757 shares of the company’s stock valued at $2,263,000 after buying an additional 182,567 shares in the last quarter. Finally, Engineers Gate Manager LP increased its position in Nexa Resources by 69.7% during the 4th quarter. Engineers Gate Manager LP now owns 17,546 shares of the company’s stock worth $155,000 after buying an additional 7,206 shares during the period.

Nexa Resources Trading Up 13.3%

The company has a current ratio of 0.91, a quick ratio of 0.60 and a debt-to-equity ratio of 1.37. The firm has a 50-day simple moving average of $11.36 and a two-hundred day simple moving average of $7.68.

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.