Nevsun Resources (NSU) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research lowered shares of Nevsun Resources (TSE:NSU) (TSE:NSU) from a buy rating to a hold rating in a research report report published on Wednesday morning.
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. “
NSU has been the topic of a number of other reports. Scotiabank reiterated a sector perform rating and set a C$4.00 price target on shares of Nevsun Resources in a research report on Monday, July 17th. TheStreet cut Nevsun Resources from a c rating to a d+ rating in a research report on Thursday, August 10th. Royal Bank Of Canada cut Nevsun Resources from an outperform rating to a sector perform rating and dropped their price target for the stock from C$5.50 to C$4.00 in a research report on Friday, August 11th. TD Securities cut Nevsun Resources from a buy rating to a hold rating and dropped their price target for the stock from C$5.00 to C$4.00 in a research report on Thursday, August 10th. Finally, Eight Capital reiterated a neutral rating on shares of Nevsun Resources in a research report on Thursday, August 17th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of C$4.13.
Nevsun Resources (TSE NSU) traded down 1.14% on Wednesday, hitting $2.60. The stock had a trading volume of 99,051 shares. Nevsun Resources has a 12-month low of $2.49 and a 12-month high of $4.63. The company’s 50 day moving average price is $2.88 and its 200-day moving average price is $3.14. The company’s market cap is $785.43 million.
TRADEMARK VIOLATION NOTICE: “Nevsun Resources (NSU) Downgraded to Hold at Zacks Investment Research” was posted by Daily Political and is the property of of Daily Political. If you are reading this piece on another site, it was illegally stolen and reposted in violation of US & international trademark and copyright laws. The original version of this piece can be read at https://www.dailypolitical.com/2017/09/14/nevsun-resources-nsu-downgraded-to-hold-at-zacks-investment-research.html.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 17th. Investors of record on Friday, September 29th will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 1.86%. The ex-dividend date of this dividend is Thursday, September 28th.
In other Nevsun Resources news, insider Peter Gerald Jan Kukielski bought 105,000 shares of the stock in a transaction that occurred on Tuesday, August 22nd. The shares were purchased at an average cost of C$2.62 per share, for a total transaction of C$275,100.00. Also, insider Scott Trebilcock bought 40,000 shares of the stock in a transaction that occurred on Friday, August 25th. The stock was acquired at an average price of C$2.82 per share, for a total transaction of C$112,800.00.
A number of hedge funds and other institutional investors have recently modified their holdings of NSU. FIL Ltd boosted its stake in Nevsun Resources by 75.8% during the 1st quarter. FIL Ltd now owns 9,542,826 shares of the basic materials company’s stock valued at $24,536,000 after purchasing an additional 4,113,409 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Nevsun Resources by 1,523.6% during the 1st quarter. Wells Fargo & Company MN now owns 2,827,905 shares of the basic materials company’s stock valued at $7,240,000 after purchasing an additional 2,653,735 shares in the last quarter. Franklin Resources Inc. boosted its stake in Nevsun Resources by 14.9% during the 2nd quarter. Franklin Resources Inc. now owns 10,722,600 shares of the basic materials company’s stock valued at $25,893,000 after purchasing an additional 1,387,500 shares in the last quarter. Royal Bank of Canada boosted its stake in Nevsun Resources by 505.7% during the 2nd quarter. Royal Bank of Canada now owns 980,600 shares of the basic materials company’s stock valued at $2,364,000 after purchasing an additional 818,703 shares in the last quarter. Finally, Tocqueville Asset Management L.P. bought a new position in Nevsun Resources during the 2nd quarter valued at $811,000.
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.
Receive News & Ratings for Nevsun Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nevsun Resources and related companies with MarketBeat.com's FREE daily email newsletter.