Morgan Stanley downgraded shares of Nexa Resources (NYSE:NEXA) from an overweight rating to an equal rating in a report released on Friday, Briefing.com Automated Import reports. They currently have $10.00 price target on the stock, down from their prior price target of $11.00.
Other research analysts also recently issued reports about the company. BMO Capital Markets dropped their price objective on Nexa Resources from $13.25 to $11.25 and set a market perform rating on the stock in a research note on Monday, November 4th. Credit Suisse Group downgraded Nexa Resources from an outperform rating to a neutral rating and dropped their price objective for the company from $12.50 to $11.00 in a research note on Thursday, September 12th. National Bank Financial boosted their price objective on Nexa Resources from $14.50 to $17.00 and gave the company an outperform rating in a research note on Monday, October 21st. JPMorgan Chase & Co. dropped their price objective on Nexa Resources from $13.00 to $12.00 and set an overweight rating on the stock in a research note on Tuesday, September 3rd. Finally, ValuEngine raised Nexa Resources from a hold rating to a buy rating in a research note on Friday, November 1st. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Nexa Resources has an average rating of Hold and an average price target of $12.35.
Shares of NYSE:NEXA traded down $0.10 during midday trading on Friday, reaching $9.41. The company’s stock had a trading volume of 178,536 shares, compared to its average volume of 139,103. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of 33.61, a PEG ratio of 59.55 and a beta of 0.46. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.79 and a current ratio of 2.22. The firm has a 50 day moving average price of $9.69 and a two-hundred day moving average price of $9.56. Nexa Resources has a fifty-two week low of $7.00 and a fifty-two week high of $13.40.
A number of institutional investors have recently modified their holdings of NEXA. Marshall Wace North America L.P. bought a new stake in Nexa Resources in the 1st quarter valued at about $72,000. California Public Employees Retirement System increased its position in Nexa Resources by 50.9% in the 3rd quarter. California Public Employees Retirement System now owns 18,078 shares of the company’s stock valued at $170,000 after buying an additional 6,100 shares in the last quarter. Renaissance Group LLC increased its position in Nexa Resources by 3.1% in the 3rd quarter. Renaissance Group LLC now owns 64,589 shares of the company’s stock valued at $608,000 after buying an additional 1,956 shares in the last quarter. D. E. Shaw & Co. Inc. increased its position in Nexa Resources by 69.4% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 80,668 shares of the company’s stock valued at $774,000 after buying an additional 33,039 shares in the last quarter. Finally, Morgan Stanley increased its position in Nexa Resources by 99.0% in the 2nd quarter. Morgan Stanley now owns 81,889 shares of the company’s stock valued at $785,000 after buying an additional 40,744 shares in the last quarter. 7.60% of the stock is owned by institutional investors and hedge funds.
About Nexa Resources
Nexa Resources SA, through its subsidiaries, engages in the zinc mining and smelting business. It also produces copper, lead, silver, and gold deposits. The company owns and operates five 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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