Nevsun Resources to Post FY2016 Earnings of $0.09 Per Share, Raymond James Financial Forecasts (NSU)
Nevsun Resources (TSE:NSU) – Investment analysts at Raymond James Financial decreased their FY2016 earnings estimates for Nevsun Resources in a report issued on Tuesday. Raymond James Financial analyst A. Terentiew now expects that the firm will earn $0.09 per share for the year, down from their prior estimate of $0.17. Raymond James Financial currently has a “Market Perform” rating and a $4.50 price target on the stock.
A number of other equities analysts have also recently commented on the company. Zacks Investment Research upgraded Nevsun Resources from a “hold” rating to a “buy” rating and set a C$3.00 price target for the company in a report on Thursday. Scotiabank reiterated a “sector perform” rating and set a C$5.00 price target on shares of Nevsun Resources in a report on Friday, September 30th. Canaccord Genuity reiterated a “buy” rating on shares of Nevsun Resources in a report on Wednesday, September 14th. TD Securities reiterated a “buy” rating and set a C$5.50 price target on shares of Nevsun Resources in a report on Friday, July 29th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a C$6.50 price objective on shares of Nevsun Resources in a report on Friday, July 22nd. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of C$5.31.
Nevsun Resources (TSE:NSU) traded up 3.56% during midday trading on Friday, reaching $3.78. The company had a trading volume of 240,425 shares. The company has a market capitalization of $1.13 billion and a PE ratio of 46.67. The stock’s 50 day moving average is $4.10 and its 200 day moving average is $4.16. Nevsun Resources has a one year low of $3.27 and a one year high of $4.81.
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The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be given a $0.04 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 4.38%.
In other Nevsun Resources news, insider Thomas S. Whelan purchased 50,000 shares of the company’s stock in a transaction dated Friday, September 2nd. The stock was bought at an average cost of C$4.10 per share, for a total transaction of C$205,000.00.
Several large investors have recently added to or reduced their stakes in the stock. Emerald Acquisition Ltd. acquired a new stake in Nevsun Resources during the second quarter worth $2,387,000. AGF Investments Inc. increased its stake in Nevsun Resources by 37,151.9% in the second quarter. AGF Investments Inc. now owns 850,462 shares of the company’s stock worth $2,494,000 after buying an additional 848,179 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Nevsun Resources by 8.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 160,192 shares of the company’s stock worth $467,000 after buying an additional 12,600 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Nevsun Resources by 28.9% in the second quarter. Bank of New York Mellon Corp now owns 317,012 shares of the company’s stock worth $932,000 after buying an additional 70,987 shares during the last quarter. Finally, First New York Securities LLC NY acquired a new stake in Nevsun Resources during the second quarter worth $319,000.
About Nevsun Resources
Nevsun Resources Ltd. is a mining company. The Company is engaged in the acquisition, exploration, development and operation of mineral property interests. The Company’s segment is the mining business in Africa. The Company’s principal property is the Bisha Property which hosts a gold, copper and zinc deposit, and includes satellite volcanogenic massive sulfides (VMS) deposits at Harena, Northwest, Hambok, Aderat and Asheli.
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