Nexa Resources (NYSE:NEXA) Hits New 52-Week High - Should You Buy?

Nexa Resources S.A. (NYSE:NEXA - Get Free Report) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $8.09 and last traded at $8.00, with a volume of 40737 shares trading hands. The stock had previously closed at $7.95.

Wall Street Analysts Forecast Growth

Separately, Scotiabank dropped their price objective on shares of Nexa Resources from $7.00 to $6.00 and set a "sector underperform" rating on the stock in a research note on Tuesday, August 6th. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $7.30.

Nexa Resources Price Performance

The firm has a market cap of $1.06 billion, a P/E ratio of -3.61, a P/E/G ratio of 8.74 and a beta of 1.54. The company has a fifty day moving average of $6.94 and a 200-day moving average of $7.25. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.16 and a quick ratio of 0.78.

Nexa Resources (NYSE:NEXA - Get Free Report) last posted its earnings results on Thursday, August 1st. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.03). Nexa Resources had a negative return on equity of 4.16% and a negative net margin of 10.30%. The firm had revenue of $736.31 million during the quarter, compared to the consensus estimate of $674.20 million. During the same quarter in the previous year, the company earned $0.04 EPS. On average, sell-side analysts anticipate that Nexa Resources S.A. will post 0.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Nexa Resources

Several institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC grew its position in Nexa Resources by 3.7% during the second quarter. Renaissance Technologies LLC now owns 341,792 shares of the company's stock valued at $2,611,000 after buying an additional 12,092 shares during the period. Dimensional Fund Advisors LP boosted its stake in Nexa Resources by 11.9% in the second quarter. Dimensional Fund Advisors LP now owns 593,983 shares of the company's stock valued at $4,538,000 after acquiring an additional 63,197 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Nexa Resources during the 1st quarter valued at approximately $8,004,000.

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.