A number of other equities research analysts have also commented on the stock. Dundee Securities increased their price objective on shares of Nevsun Resources from C$6.25 to C$7.00 in a report on Monday, June 20th. TD Securities reissued a buy rating and set a C$5.50 price objective on shares of Nevsun Resources in a report on Monday, June 20th. Canaccord Genuity reissued a buy rating on shares of Nevsun Resources in a report on Wednesday, September 14th. Zacks Investment Research raised shares of Nevsun Resources from a hold rating to a buy rating and set a C$3.50 price objective on the stock in a report on Thursday, August 25th. Finally, Royal Bank Of Canada reissued an outperform rating and set a C$6.50 price objective on shares of Nevsun Resources in a report on Friday, July 22nd. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of C$5.31.
Shares of Nevsun Resources (TSE:NSU) opened at 3.76 on Friday. The firm has a market cap of $1.13 billion and a price-to-earnings ratio of 46.42. Nevsun Resources has a 12-month low of $3.27 and a 12-month high of $4.81. The stock’s 50 day moving average is $4.12 and its 200-day moving average is $4.17.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 4.26%. The ex-dividend date is Wednesday, September 28th.
In other news, insider Thomas S. Whelan purchased 50,000 shares of the business’s stock in a transaction that occurred on Friday, September 2nd. The shares were acquired at an average cost of C$4.10 per share, for a total transaction of C$205,000.00.
Hedge funds have recently made changes to their positions in the stock. Walthausen & Co. LLC increased its stake in shares of Nevsun Resources by 9.6% in the second quarter. Walthausen & Co. LLC now owns 1,991,819 shares of the company’s stock worth $5,856,000 after buying an additional 174,940 shares in the last quarter. Numeric Investors LLC purchased a new stake in shares of Nevsun Resources during the second quarter worth $225,000. Highbridge Capital Management LLC purchased a new stake in shares of Nevsun Resources during the second quarter worth $316,000. Jane Street Group LLC purchased a new stake in shares of Nevsun Resources during the second quarter worth $214,000. Finally, Paloma Partners Management Co increased its stake in shares of Nevsun Resources by 147.1% in the second quarter. Paloma Partners Management Co now owns 48,000 shares of the company’s stock worth $141,000 after buying an additional 28,577 shares in the last quarter.
Nevsun Resources Company Profile
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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