Morgan Stanley Downgrades Nexa Resources (NYSE:NEXA) to Equal Weight

Nexa Resources (NYSE:NEXA) was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued on Wednesday, Price Targets.com reports. They presently have a $10.20 target price on the stock, down from their prior target price of $14.00. Morgan Stanley’s target price would indicate a potential downside of 3.23% from the stock’s previous close.

Several other research analysts have also commented on NEXA. Citigroup lowered Nexa Resources from a “buy” rating to a “neutral” rating and set a $11.00 price objective on the stock. in a research report on Tuesday, February 16th. Zacks Investment Research lowered Nexa Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 26th. Credit Suisse Group raised Nexa Resources from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $8.50 to $11.00 in a research report on Friday, April 16th. Finally, TheStreet raised Nexa Resources from a “d” rating to a “c-” rating in a research report on Friday, February 12th. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. Nexa Resources has a consensus rating of “Hold” and an average price target of $8.69.

NYSE:NEXA opened at $10.54 on Wednesday. The firm has a 50-day moving average of $10.63. The company has a quick ratio of 1.57, a current ratio of 1.94 and a debt-to-equity ratio of 1.15. Nexa Resources has a 12 month low of $4.90 and a 12 month high of $12.58. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of -95.82 and a beta of 1.67.

Nexa Resources (NYSE:NEXA) last released its quarterly earnings data on Thursday, April 29th. The company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.08). Nexa Resources had a negative net margin of 0.54% and a positive return on equity of 2.44%. The company had revenue of $602.93 million during the quarter. On average, research analysts predict that Nexa Resources will post 1.61 EPS for the current fiscal year.

A number of large investors have recently bought and sold shares of the stock. Van ECK Associates Corp acquired a new position in Nexa Resources in the first quarter worth about $48,000. Marshall Wace North America L.P. acquired a new position in Nexa Resources in the first quarter valued at approximately $72,000. JPMorgan Chase & Co. boosted its stake in Nexa Resources by 38.8% in the fourth quarter. JPMorgan Chase & Co. now owns 36,318 shares of the company’s stock valued at $350,000 after acquiring an additional 10,148 shares during the period. Squarepoint Ops LLC acquired a new position in Nexa Resources in the first quarter valued at approximately $111,000. Finally, Renaissance Technologies LLC boosted its stake in Nexa Resources by 3.0% in the fourth quarter. Renaissance Technologies LLC now owns 462,500 shares of the company’s stock valued at $4,459,000 after acquiring an additional 13,600 shares during the period. Institutional investors and hedge funds own 7.81% of the company’s stock.

Nexa Resources Company Profile

Nexa Resources SA, through its subsidiaries, engages in the zinc mining and smelting business. It also produces zinc, silver, gold, copper, cement, sulfuric acid, lead, agricultural lime, and copper sulfate deposits. The company owns and operates five underground polymetallic mines, including three located in the Central Andes of Peru; and two located in the state of Minas Gerais in Brazil.

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Analyst Recommendations for Nexa Resources (NYSE:NEXA)

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