Scotiabank Lowers Nexa Resources (NYSE:NEXA) Price Target to $6.00

Nexa Resources (NYSE:NEXA) had its price target decreased by analysts at Scotiabank from $7.00 to $6.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “sector underperform” rating on the stock. Scotiabank’s price objective suggests a potential downside of 11.37% from the stock’s previous close.

Several other research firms have also recently commented on NEXA. BMO Capital Markets increased their price objective on Nexa Resources from $7.00 to $7.50 and gave the company an “outperform” rating in a research report on Tuesday, May 21st. Bank of America raised their price objective on Nexa Resources from $7.50 to $8.00 and gave the stock an “underperform” rating in a research note on Wednesday, June 26th. Finally, Morgan Stanley increased their target price on Nexa Resources from $7.00 to $7.50 and gave the stock an “underweight” rating in a research report on Friday, June 21st. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $7.08.

Nexa Resources Stock Performance

NEXA stock traded down $0.14 during midday trading on Tuesday, hitting $6.77. The company had a trading volume of 4,306 shares, compared to its average volume of 32,794. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.63 and a current ratio of 0.98. The stock’s 50 day moving average price is $7.62 and its 200 day moving average price is $7.32. Nexa Resources has a 52 week low of $4.82 and a 52 week high of $8.09.

Nexa Resources (NYSE:NEXA) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.03). Nexa Resources had a negative return on equity of 4.00% and a negative net margin of 10.30%. The firm had revenue of $736.31 million during the quarter, compared to analysts’ expectations of $674.20 million. During the same period in the previous year, the company earned $0.04 earnings per share. As a group, sell-side analysts expect that Nexa Resources will post 0.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Nexa Resources stock. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Nexa Resources S.A. (NYSE:NEXA) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,117,846 shares of the company’s stock, valued at approximately $8,004,000.

Nexa Resources Company Profile

Nexa Resources SA, together with its subsidiaries, engages in the zinc mining and smelting business worldwide. The company operates in two segments, Mining and Smelting. It produces zinc, zamac, zinc oxide, and zincal, as well as by-products, such as copper, lead, silver, gold, copper sulfate, sulfuric acid, copper cementum, silver concentrate, slag aggregates, and cadmium/sponge deposits.