Nevsun Resources (TSE:NSU) had its price target cut by Raymond James Financial Inc. from C$5.00 to C$4.50 in a research note released on Wednesday. They currently have a market perform rating on the stock.
A number of other brokerages have also recently commented on NSU. Scotiabank reaffirmed a sector perform rating and set a C$5.00 price objective on shares of Nevsun Resources in a research note on Wednesday, August 17th. Canaccord Genuity reaffirmed a buy rating on shares of Nevsun Resources in a research note on Wednesday, September 14th. TD Securities reaffirmed a buy rating and set a C$5.50 price objective on shares of Nevsun Resources in a research note on Friday, July 29th. 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 research note on Thursday, August 25th. Finally, Royal Bank Of Canada reissued an outperform rating and issued a C$6.50 price target on shares of Nevsun Resources in a research note on Friday, July 22nd. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of Buy and an average price target of C$5.38.
Shares of Nevsun Resources (TSE:NSU) opened at 3.74 on Wednesday. The company has a market cap of $1.12 billion and a PE ratio of 46.17. The company has a 50-day moving average of $4.11 and a 200 day moving average of $4.17. Nevsun Resources has a 12 month low of $3.27 and a 12 month high of $4.81.
The company 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 dividend on an annualized basis and a yield of 4.32%.
In other news, insider Thomas S. Whelan acquired 50,000 shares of the firm’s stock in a transaction on Friday, September 2nd. The shares were bought at an average price of C$4.10 per share, for a total transaction of C$205,000.00.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Aperio Group LLC raised its position in shares of Nevsun Resources by 14.6% in the first quarter. Aperio Group LLC now owns 115,856 shares of the company’s stock worth $375,000 after buying an additional 14,740 shares during the last quarter. Global X Management Co. LLC purchased a new position in shares of Nevsun Resources during the second quarter worth $869,000. AXA raised its position in shares of Nevsun Resources by 8,478.9% in the first quarter. AXA now owns 163,000 shares of the company’s stock worth $529,000 after buying an additional 161,100 shares during the last quarter. AGF Investments Inc. raised its position in shares of Nevsun Resources by 37,151.9% in the second quarter. AGF Investments Inc. now owns 850,462 shares of the company’s stock worth $2,494,000 after buying an additional 848,179 shares during the last quarter. Finally, Fernwood Investment Management LLC purchased a new position in shares of Nevsun Resources during the second quarter worth $201,000.
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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