Nevsun Resources (TSE:NSU)‘s stock had its “sector perform” rating reissued by investment analysts at Scotiabank in a research report issued on Friday. They presently have a C$5.00 price objective on the stock. Scotiabank’s price target would indicate a potential upside of 27.88% from the stock’s current price.
A number of other equities research analysts also recently weighed in on the company. Canaccord Genuity reissued a “buy” rating on shares of Nevsun Resources in a research report on Wednesday, September 14th. Zacks Investment Research raised Nevsun Resources from a “hold” rating to a “buy” rating and set a C$3.50 target price on the stock in a research report on Thursday, August 25th. TD Securities reissued a “buy” rating and set a C$5.50 target price on shares of Nevsun Resources in a research report on Friday, July 29th. Royal Bank Of Canada reissued an “outperform” rating and set a C$6.50 target price on shares of Nevsun Resources in a research report on Friday, July 22nd. Finally, Dundee Securities lifted their target price on Nevsun Resources from C$6.25 to C$7.00 in a research report on Monday, June 20th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Nevsun Resources presently has a consensus rating of “Buy” and an average price target of C$5.31.
Nevsun Resources (TSE:NSU) opened at 3.91 on Friday. The firm’s 50-day moving average price is $4.14 and its 200-day moving average price is $4.18. Nevsun Resources has a 52 week low of $3.27 and a 52 week high of $4.81. The company has a market capitalization of $1.17 billion and a price-to-earnings ratio of 48.27.
The company 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 dividend on an annualized basis and a dividend yield of 4.09%. The ex-dividend date is Wednesday, September 28th.
In other news, insider Thomas S. Whelan bought 50,000 shares of the business’s stock in a transaction dated Friday, September 2nd. The stock was bought at an average price of C$4.10 per share, for a total transaction of C$205,000.00.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its position in Nevsun Resources by 125,521.6% in the second quarter. JPMorgan Chase & Co. now owns 5,652,972 shares of the company’s stock worth $16,620,000 after buying an additional 5,648,472 shares during the period. Acadian Asset Management LLC boosted its position in Nevsun Resources by 112.5% in the second quarter. Acadian Asset Management LLC now owns 4,431,377 shares of the company’s stock worth $12,931,000 after buying an additional 2,346,200 shares during the period. Bank of Montreal Can purchased a new position in Nevsun Resources during the second quarter worth about $3,288,000. AGF Investments Inc. boosted its position in 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 period. Finally, Emerald Acquisition Ltd. purchased a new position in Nevsun Resources during the second quarter worth about $2,387,000.
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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