Nevsun Resources (NSU) Upgraded to Outperform by Macquarie
Several other analysts also recently issued reports on NSU. Eight Capital upgraded Nevsun Resources from a neutral rating to a buy rating and boosted their price objective for the stock from C$2.25 to C$4.25 in a report on Monday, October 30th. TheStreet downgraded Nevsun Resources from a c rating to a d+ rating in a report on Thursday, August 10th. Raymond James Financial, Inc. restated a mkt perform rating on shares of Nevsun Resources in a report on Tuesday, August 15th. TD Securities downgraded Nevsun Resources from a buy rating to a hold rating and cut their price objective for the stock from C$5.00 to C$4.00 in a report on Thursday, August 10th. Finally, Royal Bank Of Canada downgraded Nevsun Resources from an outperform rating to a sector perform rating and cut their price objective for the stock from C$5.50 to C$4.00 in a report on Friday, August 11th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of C$4.31.
Shares of Nevsun Resources (TSE:NSU) traded up C$0.13 during trading on Monday, reaching C$3.13. 765,173 shares of the company’s stock traded hands, compared to its average volume of 692,578. Nevsun Resources has a 12-month low of C$2.49 and a 12-month high of C$4.63.
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The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 17th. Shareholders of record on Friday, September 29th were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $0.04 annualized dividend and a yield of 1.28%. Nevsun Resources’s dividend payout ratio (DPR) is presently -31.82%.
In other Nevsun Resources news, insider Peter Gerald Jan Kukielski bought 105,000 shares of the stock in a transaction on Tuesday, August 22nd. The shares were bought at an average price of C$2.62 per share, with a total value of C$275,100.00. Also, insider Scott Trebilcock bought 40,000 shares of the stock in a transaction on Friday, August 25th. The shares were acquired at an average cost of C$2.82 per share, for a total transaction of C$112,800.00.
A number of large investors have recently added to or reduced their stakes in NSU. Franklin Resources Inc. grew 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 acquiring an additional 1,387,500 shares in the last quarter. FIL Ltd grew its stake in Nevsun Resources by 10.0% during the 2nd quarter. FIL Ltd now owns 10,492,649 shares of the basic materials company’s stock valued at $25,323,000 after acquiring an additional 949,823 shares in the last quarter. Royal Bank of Canada grew 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 acquiring an additional 818,703 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Nevsun Resources by 1,040.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 388,286 shares of the basic materials company’s stock valued at $838,000 after acquiring an additional 354,252 shares in the last quarter. Finally, Tocqueville Asset Management L.P. purchased a new position in Nevsun Resources during the 2nd quarter valued at about $811,000.
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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