Nevsun Resources (TSE:NSU) (NYSEAMERICAN:NSU) – Investment analysts at Cormark issued their FY2017 earnings per share estimates for shares of Nevsun Resources in a report issued on Monday. Cormark analyst S. Ioannou forecasts that the basic materials company will post earnings per share of ($0.59) for the year.
NSU has been the subject of a number of other research reports. Scotiabank reissued an “outperform” rating and issued a C$4.75 price objective on shares of Nevsun Resources in a research report on Tuesday, November 14th. TD Securities raised 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. Royal Bank of Canada raised their price objective on Nevsun Resources from C$4.00 to C$5.00 in a research report on Monday, October 30th. Macquarie raised Nevsun Resources from a “neutral” rating to an “outperform” rating in a research report on Monday, November 13th. Finally, Eight Capital raised Nevsun Resources from a “neutral” rating to a “buy” rating and raised their price objective for the stock from C$2.25 to C$4.25 in a research report on Monday, October 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of C$4.31.
The company also recently announced a quarterly dividend, which was paid on Wednesday, January 17th. Investors of record on Friday, December 29th were paid a $0.013 dividend. This is a positive change from Nevsun Resources’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $0.05 dividend on an annualized basis and a yield of 1.90%. Nevsun Resources’s dividend payout ratio (DPR) is -31.82%.
In other news, Director David Smith bought 20,500 shares of Nevsun Resources stock in a transaction that occurred on Wednesday, December 6th. The stock was bought at an average price of C$2.77 per share, for a total transaction of C$56,785.00.
A number of hedge funds have recently modified their holdings of the stock. Schroder Investment Management Group raised its stake in Nevsun Resources by 5.9% in the 3rd quarter. Schroder Investment Management Group now owns 2,291,699 shares of the basic materials company’s stock worth $6,234,000 after acquiring an additional 127,338 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in 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 worth $838,000 after acquiring an additional 354,252 shares during the last quarter. Global X MANAGEMENT CO LLC raised its stake in Nevsun Resources by 34.5% in the 3rd quarter. Global X MANAGEMENT CO LLC now owns 677,324 shares of the basic materials company’s stock worth $1,462,000 after acquiring an additional 173,800 shares during the last quarter. Shell Asset Management Co. raised its stake in shares of Nevsun Resources by 87.7% during 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 last quarter. Finally, Bank of Nova Scotia raised its stake in shares of Nevsun Resources by 88.5% during 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 last quarter.
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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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