Nevsun Resources (NSU) Lowered to “Hold” at Zacks Investment Research
Nevsun Resources (TSE:NSU) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “NEVSUN RESOURCES LTD., is a natural resource company engaged in the acquisition, exploration, development and production of mineral properties. The Company’s portfolio is focused on properties in Africa with gold and base metal (copper and zinc) resources/reserves. The Company’s principal mineral properties are the Bisha property located in Eritrea, North-East Africa. “
A number of other analysts have also recently issued reports on NSU. Dundee Securities increased their price objective on Nevsun Resources from C$6.25 to C$7.00 in a report on Monday, June 20th. TD Securities reissued a “buy” rating and set a C$5.50 price objective on shares of Nevsun Resources in a report on Monday, June 20th. Royal Bank Of Canada reissued an “outperform” rating and set a C$6.50 price objective on shares of Nevsun Resources in a report on Friday, July 22nd. Scotiabank reissued a “sector perform” rating and set a C$5.00 price objective on shares of Nevsun Resources in a report on Wednesday, August 17th. Finally, Canaccord Genuity reissued a “buy” rating on shares of Nevsun Resources in a report on Wednesday, September 14th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of C$5.31.
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Nevsun Resources (TSE:NSU) traded up 5.21% during trading on Wednesday, hitting $3.84. The company had a trading volume of 555,335 shares. Nevsun Resources has a 1-year low of $3.27 and a 1-year high of $4.81. The company’s 50 day moving average price is $4.09 and its 200-day moving average price is $4.16. The stock has a market capitalization of $1.15 billion and a price-to-earnings ratio of 47.41.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be given a dividend of $0.04 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.16 annualized dividend and a dividend yield of 4.17%.
In other news, insider Thomas S. Whelan acquired 50,000 shares of Nevsun Resources stock in a transaction dated Friday, September 2nd. The shares were purchased at an average cost of C$4.10 per share, for a total transaction of C$205,000.00.
Institutional investors have recently made changes to their positions in the stock. Aperio Group LLC raised its position in shares of Nevsun Resources by 14.6% in the first quarter. Aperio Group LLC now owns 115,856 shares of the company’s stock valued at $375,000 after buying an additional 14,740 shares during the period. Spark Investment Management LLC raised its position in shares of Nevsun Resources by 43.5% in the first quarter. Spark Investment Management LLC now owns 89,000 shares of the company’s stock valued at $287,000 after buying an additional 27,000 shares during the period. UBS Group AG raised its position in shares of Nevsun Resources by 249.9% in the first quarter. UBS Group AG now owns 165,095 shares of the company’s stock valued at $535,000 after buying an additional 117,906 shares during the period. PCJ Investment Counsel Ltd. raised its position in shares of Nevsun Resources by 51.8% in the first quarter. PCJ Investment Counsel Ltd. now owns 341,623 shares of the company’s stock valued at $1,109,000 after buying an additional 116,623 shares during the period. Finally, AXA raised its position in shares of Nevsun Resources by 8,478.9% in the first quarter. AXA now owns 163,000 shares of the company’s stock valued at $529,000 after buying an additional 161,100 shares during the period.
Nevsun Resources Company Profile
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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