Scotiabank Lowers Nexa Resources (NYSE:NEXA) Price Target to $5.75

Nexa Resources (NYSE:NEXA) had its target price cut by Scotiabank from $6.00 to $5.75 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a “sector underperform” rating on the stock. Scotiabank’s price target would suggest a potential downside of 27.22% from the stock’s previous close.

Nexa Resources Trading Up 2.7 %

NYSE:NEXA opened at $7.90 on Monday. Nexa Resources has a 1 year low of $5.10 and a 1 year high of $8.09. The stock has a fifty day moving average price of $7.12 and a two-hundred day moving average price of $7.29. The company has a current ratio of 1.13, a quick ratio of 0.76 and a debt-to-equity ratio of 1.39.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC boosted its stake in shares of Nexa Resources by 3.7% during the 2nd quarter. Renaissance Technologies LLC now owns 341,792 shares of the company’s stock worth $2,611,000 after acquiring an additional 12,092 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Nexa Resources by 11.9% during the second quarter. Dimensional Fund Advisors LP now owns 593,983 shares of the company’s stock worth $4,538,000 after purchasing an additional 63,197 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in Nexa Resources during the first quarter worth $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.