Zacks Investment Research Lowers Nevsun Resources (NSU) to Hold
Zacks Investment Research downgraded shares of Nevsun Resources (TSE:NSU) (TSE:NSU) from a buy rating to a hold rating in a research report sent to investors on Thursday 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. “
Other research analysts also recently issued reports about the company. TheStreet downgraded Nevsun Resources from a c rating to a d+ rating in a report on Thursday, August 10th. TD Securities downgraded Nevsun Resources from a buy rating to a hold rating and lowered their price target for the company from C$5.00 to C$4.00 in a report on Thursday, August 10th. BMO Capital Markets downgraded Nevsun Resources from an outperform rating to a market perform rating and lowered their price target for the company from C$4.00 to C$3.25 in a report on Wednesday, August 16th. Raymond James Financial, Inc. reaffirmed a mkt perform rating on shares of Nevsun Resources in a report on Tuesday, August 15th. Finally, Eight Capital reaffirmed a neutral rating on shares of Nevsun Resources in a report on Thursday, August 17th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of C$4.13.
Shares of Nevsun Resources (TSE NSU) opened at 2.65 on Thursday. Nevsun Resources has a 12 month low of $2.49 and a 12 month high of $4.63. The stock’s 50 day moving average price is $2.80 and its 200 day moving average price is $3.12. The stock’s market capitalization is $800.53 million.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 17th. Investors of record on Friday, September 29th will be given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date is Thursday, September 28th.
In other news, insider Scott Trebilcock acquired 40,000 shares of Nevsun Resources stock in a transaction that occurred on Friday, August 25th. The stock was bought at an average price of C$2.82 per share, for a total transaction of C$112,800.00. Also, insider Peter Gerald Jan Kukielski acquired 105,000 shares of Nevsun Resources stock in a transaction that occurred on Tuesday, August 22nd. The shares were purchased at an average price of C$2.62 per share, with a total value of C$275,100.00.
A number of institutional investors and hedge funds have recently modified their holdings of NSU. Wells Fargo & Company MN increased its position in Nevsun Resources by 1,523.6% in the first quarter. Wells Fargo & Company MN now owns 2,827,905 shares of the basic materials company’s stock worth $7,240,000 after buying an additional 2,653,735 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Nevsun Resources by 12.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 267,258 shares of the basic materials company’s stock worth $685,000 after buying an additional 30,122 shares in the last quarter. Karp Capital Management Corp purchased a new stake in Nevsun Resources in the first quarter worth about $408,000. Schroder Investment Management Group increased its position in Nevsun Resources by 5.7% in the first quarter. Schroder Investment Management Group now owns 2,582,411 shares of the basic materials company’s stock worth $8,599,000 after buying an additional 138,347 shares in the last quarter. Finally, Deprince Race & Zollo Inc. purchased a new stake in Nevsun Resources in the first quarter worth about $436,000.
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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