Zacks Investment Research upgraded shares of Nevsun Resources (TSE:NSU) from a hold rating to a buy rating in a report published on Thursday morning. The firm currently has C$3.00 price objective on the stock.
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 several other research reports. Raymond James Financial Inc. lowered their price objective on shares of Nevsun Resources from C$5.00 to C$4.50 and set a market perform rating on the stock in a research note on Wednesday. Scotiabank restated a sector perform rating and issued a C$5.00 price objective on shares of Nevsun Resources in a research note on Friday, September 30th. Canaccord Genuity restated a buy rating on shares of Nevsun Resources in a research note on Wednesday, September 14th. TD Securities restated a buy rating and issued a C$5.50 price objective on shares of Nevsun Resources in a research note on Friday, July 29th. Finally, Royal Bank Of Canada restated an outperform rating and issued a C$6.50 price objective on shares of Nevsun Resources in a research note on Friday, July 22nd. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Nevsun Resources currently has a consensus rating of Buy and an average target price of C$5.31.
Nevsun Resources (TSE:NSU) traded up 3.01% during trading on Thursday, hitting $3.76. 234,325 shares of the stock traded hands. Nevsun Resources has a one year low of $3.27 and a one year high of $4.81. The stock has a market cap of $1.13 billion and a PE ratio of 46.42. The company has a 50-day moving average price of $4.10 and a 200 day moving average price of $4.16.
The business 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 dividend of $0.04 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 4.38%.
In related news, insider Thomas S. Whelan acquired 50,000 shares of the business’s stock in a transaction on Friday, September 2nd. The stock was bought at an average cost of C$4.10 per share, with a total value of C$205,000.00.
Several hedge funds and other institutional investors have recently modified their holdings of NSU. Barclays PLC boosted its position in shares of Nevsun Resources by 16.7% in the second quarter. Barclays PLC now owns 35,000 shares of the company’s stock worth $103,000 after buying an additional 5,000 shares during the last quarter. TFS Capital LLC boosted its position in shares of Nevsun Resources by 51.3% in the second quarter. TFS Capital LLC now owns 38,466 shares of the company’s stock worth $113,000 after buying an additional 13,041 shares during the last quarter. Paloma Partners Management Co boosted its position 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 during the last quarter. FNY Managed Accounts LLC bought a new position in shares of Nevsun Resources during the second quarter worth about $147,000. Finally, Fernwood Investment Management LLC bought a new position in shares of Nevsun Resources during the second quarter worth about $201,000.
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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