Nevsun Resources’ (NSU) “Sector Perform” Rating Reaffirmed at Scotiabank
Nevsun Resources (TSE:NSU) (TSE:NSU)‘s stock had its “sector perform” rating reaffirmed by analysts at Scotiabank in a note issued to investors on Monday. They currently have a C$4.00 price objective on the basic materials company’s stock. Scotiabank’s price objective would suggest a potential upside of 26.18% from the stock’s previous close.
A number of other brokerages have also recently weighed in on NSU. Royal Bank Of Canada reissued an “outperform” rating on shares of Nevsun Resources in a research report on Monday, April 24th. BMO Capital Markets raised shares of Nevsun Resources from a “market perform” rating to an “outperform” rating and reduced their price target for the company from C$4.50 to C$4.25 in a research report on Friday, March 24th. Finally, TD Securities reduced their price target on shares of Nevsun Resources from C$5.50 to C$5.00 and set a “buy” rating for the company in a research report on Friday, April 28th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of C$4.69.
Nevsun Resources (NSU) traded up 4.28% during trading on Monday, hitting $3.17. The company had a trading volume of 714,555 shares. The firm’s 50 day moving average is $3.20 and its 200-day moving average is $3.60. The stock has a market capitalization of $957.26 million and a price-to-earnings ratio of 452.86. Nevsun Resources has a 52-week low of $2.83 and a 52-week high of $4.63.
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In other news, Director Anne Elizabeth Giardini purchased 24,000 shares of the company’s stock in a transaction dated Thursday, May 11th. The shares were acquired at an average cost of C$3.13 per share, for a total transaction of C$75,120.00. Also, insider Thomas S. Whelan purchased 50,000 shares of the company’s stock in a transaction dated Monday, May 1st. The shares were purchased at an average price of C$3.13 per share, for a total transaction of C$156,500.00. Insiders bought 172,500 shares of company stock valued at $536,295 over the last ninety days.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Sprott Inc. raised its position in shares of Nevsun Resources by 0.4% in the second quarter. Sprott Inc. now owns 3,431,806 shares of the basic materials company’s stock worth $8,271,000 after buying an additional 14,055 shares during the period. BlueCrest Capital Management Ltd raised its position in shares of Nevsun Resources by 7.4% in the first quarter. BlueCrest Capital Management Ltd now owns 1,476,400 shares of the basic materials company’s stock worth $3,780,000 after buying an additional 101,400 shares during the period. Cambrian Capital Limited Partnership raised its position in shares of Nevsun Resources by 84.0% in the first quarter. Cambrian Capital Limited Partnership now owns 138,000 shares of the basic materials company’s stock worth $353,000 after buying an additional 63,000 shares during the period. Edmond DE Rothschild Holding S.A. raised its position in shares of Nevsun Resources by 44.2% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 137,000 shares of the basic materials company’s stock worth $351,000 after buying an additional 42,000 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Nevsun Resources by 5.5% in the first quarter. Vanguard Group Inc. now owns 5,576,489 shares of the basic materials company’s stock worth $14,276,000 after buying an additional 292,766 shares during the period.
Nevsun Resources Company Profile
Nevsun Resources Ltd. is a base metals company. The Company’s two principal properties are the Timok Project in Serbia, which hosts the copper-gold Cukaru Peki deposit on the Brestovac-Metovnica Exploration Permit (the B-M Permit) and the Bisha Property in Eritrea, which hosts the copper-zinc-gold Bisha deposit and includes satellite volcanogenic massive sulphides (VMS) deposits at Harena, Northwest, Hambok and Asheli.
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