Nevsun Resources (NSU) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Nevsun Resources (TSE:NSU) (NYSEAMERICAN:NSU) have earned a consensus recommendation of “Buy” from the eleven brokerages that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating on the company. The average 12 month price objective among analysts that have covered the stock in the last year is C$4.57.

Several research analysts recently weighed in on the stock. Eight Capital upgraded shares of Nevsun Resources from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from C$2.25 to C$4.25 in a research report on Monday, October 30th. TD Securities upgraded shares of Nevsun Resources from a “hold” rating to a “buy” rating and set a C$3.75 price objective for the company in a research report on Friday, October 27th. Macquarie upgraded shares of Nevsun Resources from a “neutral” rating to an “outperform” rating in a research report on Monday, November 13th. Scotiabank set a C$4.75 target price on shares of Nevsun Resources and gave the stock an “outperform” rating in a report on Friday, January 12th. Finally, Canaccord Genuity lifted their target price on shares of Nevsun Resources from C$3.25 to C$4.50 in a report on Monday, October 30th.

In other Nevsun Resources news, Director David Smith bought 20,500 shares of the stock in a transaction on Wednesday, December 6th. The stock was purchased at an average price of C$2.77 per share, with a total value of C$56,785.00.

Hedge funds have recently made changes to their positions in the company. Virtu KCG Holdings LLC grew its holdings in shares of Nevsun Resources by 605.3% in the 2nd quarter. Virtu KCG Holdings LLC now owns 77,446 shares of the basic materials company’s stock valued at $187,000 after buying an additional 66,465 shares during the period. Shell Asset Management Co. grew its holdings in shares of Nevsun Resources by 87.7% in the 3rd quarter. Shell Asset Management Co. now owns 47,620 shares of the basic materials company’s stock valued at $193,000 after buying an additional 22,248 shares during the period. Bank of Nova Scotia grew its holdings in shares of Nevsun Resources by 88.5% in the 2nd quarter. Bank of Nova Scotia now owns 91,584 shares of the basic materials company’s stock valued at $221,000 after buying an additional 42,987 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Nevsun Resources by 1,040.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 388,286 shares of the basic materials company’s stock valued at $838,000 after buying an additional 354,252 shares during the period. Finally, Swiss National Bank grew its holdings in shares of Nevsun Resources by 6.1% in the 2nd quarter. Swiss National Bank now owns 523,000 shares of the basic materials company’s stock valued at $1,263,000 after buying an additional 30,300 shares during the period.

Nevsun Resources (TSE NSU) traded up C$0.04 during mid-day trading on Tuesday, reaching C$2.61. 406,031 shares of the company traded hands, compared to its average volume of 373,583. Nevsun Resources has a 1 year low of C$2.49 and a 1 year high of C$4.26. The company has a market cap of $785.75, a PE ratio of -11.82 and a beta of 0.36.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 17th. Shareholders of record on Friday, December 29th were issued a dividend of $0.013 per share. This represents a $0.05 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date was Thursday, December 28th. This is a positive change from Nevsun Resources’s previous quarterly dividend of $0.01. Nevsun Resources’s payout ratio is currently -31.82%.

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About Nevsun Resources

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.

Analyst Recommendations for Nevsun Resources (TSE:NSU)

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