Nexa Resources (NYSE:NEXA) Shares Gap Up After Analyst Upgrade

Nexa Resources S.A. (NYSE:NEXA)’s share price gapped up before the market opened on Thursday after Morgan Stanley upgraded the stock from an underweight rating to an equal weight rating. The stock had previously closed at $11.27, but opened at $11.79. Nexa Resources shares last traded at $11.50, with a volume of 122,124 shares changing hands.

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of NEXA. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Nexa Resources during the 4th quarter worth $36,000. Nano Cap New Millennium Growth Fund L P acquired a new position in shares of Nexa Resources during the 4th quarter worth $44,000. Assenagon Asset Management S.A. acquired a new position in shares of Nexa Resources during the 3rd quarter worth $57,000. First Affirmative Financial Network acquired a new position in shares of Nexa Resources during the 3rd quarter worth $63,000. Finally, New York State Common Retirement Fund acquired a new position in shares of Nexa Resources during the 4th quarter worth $83,000.

Nexa Resources Trading Up 3.3%

The company’s 50 day moving average price is $11.42 and its 200 day moving average price is $8.89. The company has a market cap of $1.54 billion, a price-to-earnings ratio of 11.64, a price-to-earnings-growth ratio of 0.14 and a beta of 0.62. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.58 and a current ratio of 0.87.

Nexa Resources (NYSE:NEXA) last announced its quarterly earnings results on Thursday, February 26th. The company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.45 by $0.15. Nexa Resources had a net margin of 4.42% and a return on equity of 11.81%. The company had revenue of $903.00 million for the quarter, compared to analyst estimates of $823.27 million. Research analysts anticipate that Nexa Resources S.A. will post 1.03 EPS for the current year.

Nexa Resources Announces Dividend

The company also recently announced a special dividend, which will be paid on Tuesday, August 11th. Investors of record on Tuesday, July 28th will be paid a $0.1321 dividend. The ex-dividend date is Tuesday, July 28th. Nexa Resources’s dividend payout ratio (DPR) is presently 10.00%.

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.