Brokerages Set Nevsun Resources (NSU) Price Target at $5.13

Nevsun Resources (TSE:NSU) (TSE:NSU) has earned an average recommendation of “Buy” from the nine brokerages that are currently covering the firm. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is C$5.13.

A number of equities analysts have weighed in on the stock. Paradigm Capital decreased their price objective on shares of Nevsun Resources from C$7.70 to C$6.50 in a research report on Monday, February 27th. Royal Bank of Canada decreased their price objective on shares of Nevsun Resources from C$6.50 to C$5.50 and set an “outperform (spec)” rating for the company in a research report on Monday, February 27th. Canaccord Genuity raised shares of Nevsun Resources from a “hold” rating to a “buy” rating in a research report on Friday, February 24th. TD Securities decreased their price objective on shares of Nevsun Resources from C$6.00 to C$5.50 and set a “buy” rating for the company in a research report on Friday, February 24th. Finally, Scotiabank decreased their price objective on shares of Nevsun Resources from C$5.00 to C$4.25 and set a “sector perform” rating for the company in a research report on Friday, February 24th.

In other news, insider Peter Tam acquired 10,000 shares of the firm’s stock in a transaction on Friday, March 17th. The stock was bought at an average cost of C$3.28 per share, with a total value of C$32,800.00. Also, insider Joseph Paul Giuffre purchased 18,500 shares of Nevsun Resources stock in a transaction dated Monday, February 27th. The shares were bought at an average cost of C$3.51 per share, for a total transaction of C$64,935.00. Over the last three months, insiders acquired 58,000 shares of company stock valued at $171,485.

Institutional investors have recently modified their holdings of the company. I.G. Investment Management LTD. boosted its position in shares of Nevsun Resources by 1,011.7% in the fourth quarter. I.G. Investment Management LTD. now owns 657,000 shares of the company’s stock valued at $2,029,000 after buying an additional 597,900 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in shares of Nevsun Resources during the fourth quarter valued at approximately $3,168,000. Vertex One Asset Management Inc. bought a new position in shares of Nevsun Resources during the fourth quarter valued at approximately $2,166,000. Moloney Securities Asset Management LLC bought a new position in shares of Nevsun Resources during the fourth quarter valued at approximately $154,000. Finally, Intact Investment Management Inc. boosted its position in shares of Nevsun Resources by 14.4% in the fourth quarter. Intact Investment Management Inc. now owns 5,371,738 shares of the company’s stock valued at $22,234,000 after buying an additional 675,000 shares during the last quarter.

Nevsun Resources (TSE:NSU) opened at 3.24 on Tuesday. Nevsun Resources has a 12-month low of $3.01 and a 12-month high of $4.81. The company has a market cap of $978.06 million and a price-to-earnings ratio of 81.00. The firm’s 50-day moving average is $3.69 and its 200 day moving average is $4.01.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 13th. Shareholders of record on Friday, March 31st will be given a $0.01 dividend. The ex-dividend date of this dividend is Wednesday, March 29th. This represents a $0.04 dividend on an annualized basis and a yield of 1.23%.

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Nevsun Resources Company Profile

Nevsun Resources Ltd is a Canada-based base metals mining company. The Company is engaged in the acquisition, exploration, development and operation of mineral property interests. Its segment is the mining business in Africa. Its 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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