Nevsun Resources (NSU) Downgraded by Zacks Investment Research
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 research firms also recently issued reports on NSU. Scotiabank restated a sector perform rating and set a C$5.00 target price on shares of Nevsun Resources in a research report on Wednesday, August 17th. Canaccord Genuity restated a buy rating on shares of Nevsun Resources in a research report on Wednesday, September 14th. TD Securities restated a buy rating and set a C$5.50 target price on shares of Nevsun Resources in a research report on Friday, July 29th. Royal Bank Of Canada restated an outperform rating and set a C$6.50 target price on shares of Nevsun Resources in a research report on Friday, July 22nd. Finally, Dundee Securities boosted their target price on shares of Nevsun Resources from C$6.25 to C$7.00 in a research report on Monday, June 20th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of C$5.31.
Nevsun Resources (TSE:NSU) opened at 3.84 on Wednesday. The company has a market cap of $1.15 billion and a P/E ratio of 47.41. The firm’s 50 day moving average is $4.09 and its 200 day moving average is $4.16. Nevsun Resources has a 12-month low of $3.27 and a 12-month high of $4.81.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a dividend of $0.04 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 4.17%.
In other news, Director Gary Edward German sold 20,000 shares of the business’s stock in a transaction dated Wednesday, October 5th. The shares were sold at an average price of C$3.72, for a total transaction of C$74,400.00. Also, insider Thomas S. Whelan bought 50,000 shares of the business’s stock in a transaction dated Friday, September 2nd. The shares were bought at an average cost of C$4.10 per share, with a total value of C$205,000.00.
Several hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its stake in Nevsun Resources by 125,521.6% in the second quarter. JPMorgan Chase & Co. now owns 5,652,972 shares of the company’s stock worth $16,620,000 after buying an additional 5,648,472 shares in the last quarter. Acadian Asset Management LLC boosted its stake in shares of Nevsun Resources by 112.5% in the second quarter. Acadian Asset Management LLC now owns 4,431,377 shares of the company’s stock valued at $12,931,000 after buying an additional 2,346,200 shares in the last quarter. Bank of Montreal Can acquired a new stake in shares of Nevsun Resources during the second quarter valued at about $3,288,000. AGF Investments Inc. boosted its stake in shares of Nevsun Resources by 37,151.9% in the second quarter. AGF Investments Inc. now owns 850,462 shares of the company’s stock valued at $2,494,000 after buying an additional 848,179 shares in the last quarter. Finally, Emerald Acquisition Ltd. acquired a new stake in shares of Nevsun Resources during the second quarter valued at about $2,387,000.
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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