Morgan Stanley Upgrades Nexa Resources (NYSE:NEXA) to “Equal Weight”

Nexa Resources (NYSE:NEXA) was upgraded by equities researchers at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a report issued on Thursday, MarketBeat Ratings reports. The brokerage currently has a $7.80 price objective on the stock, up from their previous price objective of $7.50. Morgan Stanley’s price objective points to a potential downside of 3.64% from the company’s current price.

Separately, Scotiabank lowered their target price on shares of Nexa Resources from $6.00 to $5.75 and set a “sector underperform” rating for the company in a research note on Monday, November 4th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $7.31.

Nexa Resources Stock Down 2.8 %

Shares of NYSE NEXA opened at $8.10 on Thursday. The company has a current ratio of 1.13, a quick ratio of 0.76 and a debt-to-equity ratio of 1.39. Nexa Resources has a twelve month low of $5.10 and a twelve month high of $8.63. The business has a 50 day simple moving average of $7.76 and a 200-day simple moving average of $7.35.

Hedge Funds Weigh In On Nexa Resources

A hedge fund recently raised its stake in Nexa Resources stock. Dimensional Fund Advisors LP boosted its position in Nexa Resources S.A. (NYSE:NEXA) by 11.9% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 593,983 shares of the company’s stock after purchasing an additional 63,197 shares during the quarter. Dimensional Fund Advisors LP owned about 0.45% of Nexa Resources worth $4,538,000 at the end of the most recent quarter.

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.