Nevsun Resources (NSU) Stock Rating Reaffirmed by Eight Capital
Nevsun Resources (TSE:NSU) (TSE:NSU)‘s stock had its “neutral” rating reissued by Eight Capital in a research report issued to clients and investors on Thursday.
Several other research analysts also recently weighed in on the stock. Scotiabank restated a “sector perform” rating and issued a C$4.25 target price on shares of Nevsun Resources in a research note on Friday, April 28th. TD Securities decreased their target price on shares of Nevsun Resources from C$5.50 to C$5.00 and set a “buy” rating for the company in a research note on Friday, April 28th. Royal Bank Of Canada restated an “outperform” rating on shares of Nevsun Resources in a research note on Monday, April 24th. BMO Capital Markets downgraded shares of Nevsun Resources from an “outperform” rating to a “market perform” rating and decreased their target price for the company from C$4.00 to C$3.25 in a research note on Wednesday. Finally, TheStreet downgraded shares of Nevsun Resources from a “c” rating to a “d+” rating in a research note on Thursday, August 10th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of C$4.19.
Shares of Nevsun Resources (NSU) traded down 2.416% on Thursday, hitting $2.625. The stock had a trading volume of 315,373 shares. The company has a 50-day moving average of $3.13 and a 200-day moving average of $3.33. Nevsun Resources has a 52-week low of $2.49 and a 52-week high of $4.63. The company’s market cap is $792.98 million.
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A number of hedge funds and other institutional investors have recently bought and sold shares of NSU. Hexavest Inc. increased its position in Nevsun Resources by 3.6% in the first quarter. Hexavest Inc. now owns 1,782,297 shares of the basic materials company’s stock worth $4,571,000 after buying an additional 62,411 shares during the period. DORCHESTER WEALTH MANAGEMENT Co bought a new position in Nevsun Resources during the first quarter worth approximately $154,000. Wells Fargo & Company MN increased its position in Nevsun Resources by 1,523.6% in the first quarter. Wells Fargo & Company MN now owns 2,827,905 shares of the basic materials company’s stock worth $7,240,000 after buying an additional 2,653,735 shares during the period. Jennison Associates LLC increased its position in Nevsun Resources by 51.4% in the first quarter. Jennison Associates LLC now owns 5,437,404 shares of the basic materials company’s stock worth $13,964,000 after buying an additional 1,845,017 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Nevsun Resources by 12.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 267,258 shares of the basic materials company’s stock worth $685,000 after buying an additional 30,122 shares during the period.
About Nevsun Resources
Nevsun Resources Ltd. engages in the acquisition, exploration, development, and operation of mineral properties in Africa. It explores for gold, copper, zinc, and silver deposits. The companys principal assets include its 100% interest in the upper zone and 60.4% interest in the lower zone of the Timok project, a copper-gold development project in Serbia; and its 60% owned Bisha mine in Eritrea.
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