Nexa Resources (NYSE:NEXA) Stock Price Down 6.9% After Analyst Downgrade

Nexa Resources S.A. (NYSE:NEXA) shares dropped 6.9% during mid-day trading on Tuesday after Bank of America lowered their price target on the stock from $8.00 to $6.50. Bank of America currently has an underperform rating on the stock. Nexa Resources traded as low as $5.21 and last traded at $5.20. Approximately 28,025 shares were traded during trading, a decline of 43% from the average daily volume of 49,051 shares. The stock had previously closed at $5.58.

NEXA has been the topic of a number of other reports. Morgan Stanley raised Nexa Resources from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $7.50 to $7.80 in a report on Thursday, December 12th. Scotiabank decreased their price objective on Nexa Resources from $7.00 to $5.00 and set a “sector underperform” rating on the stock in a report on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $6.86.

Hedge Funds Weigh In On Nexa Resources

An institutional investor recently bought a new position in Nexa Resources stock. Virtu Financial LLC bought a new stake in shares of Nexa Resources S.A. (NYSE:NEXA) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 14,341 shares of the company’s stock, valued at approximately $126,000.

Nexa Resources Stock Down 1.1 %

The company has a debt-to-equity ratio of 1.39, a current ratio of 1.13 and a quick ratio of 0.76. The stock has a market capitalization of $684.71 million, a PE ratio of -3.36 and a beta of 1.50. The company has a 50 day moving average price of $6.01 and a 200-day moving average price of $6.97.

Nexa Resources (NYSE:NEXA) last posted its earnings results on Thursday, February 20th. The company reported ($1.00) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($1.20). Nexa Resources had a negative net margin of 7.37% and a negative return on equity of 8.49%. The business had revenue of $740.92 million for the quarter, compared to analysts’ expectations of $731.81 million. As a group, analysts forecast that Nexa Resources S.A. will post 1.03 earnings per share for the current fiscal year.

About Nexa Resources

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.