Nevsun Resources (NSU) Rating Increased to Buy at Zacks Investment Research
Nevsun Resources (TSE:NSU) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The firm currently has a C$3.00 price objective on the stock. Zacks Investment Research’s price target indicates a potential downside of 21.88% from the stock’s current price.
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. “
Other research analysts have also issued reports about the company. Royal Bank Of Canada reiterated an “outperform” rating and set a C$6.50 price objective on shares of Nevsun Resources in a research note on Friday, July 22nd. TD Securities restated a “buy” rating and issued a C$5.50 target price on shares of Nevsun Resources in a research note on Monday, June 20th. Scotiabank restated a “sector perform” rating and issued a C$5.00 target price on shares of Nevsun Resources in a research note on Wednesday, August 17th. Dundee Securities raised their target price on Nevsun Resources from C$6.25 to C$7.00 in a research note on Monday, June 20th. Finally, Raymond James Financial Inc. lowered their target price on Nevsun Resources from C$5.00 to C$4.50 and set a “market perform” rating for the company in a research note on Wednesday, October 5th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of C$5.31.
Shares of Nevsun Resources (TSE:NSU) opened at 3.84 on Thursday. The firm has a market cap of $1.15 billion and a P/E ratio of 47.41. The firm’s 50-day moving average price is $4.09 and its 200 day moving average price is $4.16. Nevsun Resources has a 12-month low of $3.27 and a 12-month high of $4.81.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be issued a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 4.17%. The ex-dividend date is Wednesday, September 28th.
In related news, Director Gary Edward German sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, October 5th. The stock was sold at an average price of C$3.72, for a total value of C$74,400.00. Also, insider Thomas S. Whelan purchased 50,000 shares of the firm’s stock in a transaction that occurred on Friday, September 2nd. The stock was purchased at an average price of C$4.10 per share, for a total transaction of C$205,000.00.
A number of institutional investors have recently bought and sold shares of the stock. Aperio Group LLC boosted its position in Nevsun Resources by 14.6% in the first quarter. Aperio Group LLC now owns 115,856 shares of the company’s stock valued at $375,000 after buying an additional 14,740 shares in the last quarter. Spark Investment Management LLC boosted its position in shares of Nevsun Resources by 43.5% in the first quarter. Spark Investment Management LLC now owns 89,000 shares of the company’s stock worth $287,000 after buying an additional 27,000 shares during the period. UBS Group AG boosted its position in shares of Nevsun Resources by 249.9% in the first quarter. UBS Group AG now owns 165,095 shares of the company’s stock worth $535,000 after buying an additional 117,906 shares during the period. PCJ Investment Counsel Ltd. boosted its position in shares of Nevsun Resources by 51.8% in the first quarter. PCJ Investment Counsel Ltd. now owns 341,623 shares of the company’s stock worth $1,109,000 after buying an additional 116,623 shares during the period. Finally, AXA boosted its position in shares of Nevsun Resources by 8,478.9% in the first quarter. AXA now owns 163,000 shares of the company’s stock worth $529,000 after buying an additional 161,100 shares during the period.
About Nevsun Resources
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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