Nevsun Resources (NSU) PT Lowered to C$4.50
Nevsun Resources (TSE:NSU) had its target price cut by Raymond James Financial Inc. from C$5.00 to C$4.50 in a report released on Wednesday morning. They currently have a market perform rating on the stock.
A number of other research analysts have also recently issued reports on the company. Zacks Investment Research cut Nevsun Resources from a buy rating to a hold rating in a research note on Wednesday, October 5th. Scotiabank reissued a sector perform rating and issued a C$5.00 target price on shares of Nevsun Resources in a research note on Friday, September 30th. Canaccord Genuity reissued a buy rating on shares of Nevsun Resources in a research note on Wednesday, September 14th. TD Securities reissued a buy rating and issued a C$5.50 target price on shares of Nevsun Resources in a research note on Friday, July 29th. Finally, Royal Bank Of Canada reissued an outperform rating and issued a C$6.50 target price on shares of Nevsun Resources in a research note on Friday, July 22nd. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Nevsun Resources currently has an average rating of Buy and a consensus target price of C$5.31.
Shares of Nevsun Resources (TSE:NSU) opened at 3.84 on Wednesday. The firm’s 50-day moving average price is $4.09 and its 200-day moving average price is $4.15. The company has a market capitalization of $1.15 billion and a price-to-earnings ratio of 47.41. Nevsun Resources has a one year low of $3.27 and a one year high of $4.81.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be issued a $0.04 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $0.16 annualized dividend and a yield of 4.17%.
In other Nevsun Resources news, Director Gary Edward German sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, October 5th. The shares were sold at an average price of C$3.72, for a total value of C$74,400.00. Also, insider Thomas S. Whelan acquired 50,000 shares of the stock in a transaction on Friday, September 2nd. The stock was bought at an average price of C$4.10 per share, with a total value of C$205,000.00.
Hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. raised its stake in shares of Nevsun Resources by 125,521.6% in the second quarter. JPMorgan Chase & Co. now owns 5,652,972 shares of the company’s stock valued at $16,620,000 after buying an additional 5,648,472 shares during the period. Acadian Asset Management LLC raised its position in 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 during the last quarter. Bank of Montreal Can acquired a new position in Nevsun Resources during the second quarter valued at about $3,288,000. AGF Investments Inc. raised its position in 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 during the last quarter. Finally, Emerald Acquisition Ltd. acquired a new position in Nevsun Resources during the second quarter valued at about $2,387,000.
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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