Nevsun Resources (TSE:NSU) – Research analysts at Raymond James Financial cut their Q3 2016 EPS estimates for shares of Nevsun Resources in a note issued to investors on Tuesday. Raymond James Financial analyst A. Terentiew now anticipates that the firm will earn $0.00 per share for the quarter, down from their previous forecast of $0.03. Raymond James Financial has a “Market Perform” rating and a $4.50 price objective on the stock. Raymond James Financial also issued estimates for Nevsun Resources’ Q4 2016 earnings at $0.00 EPS and FY2017 earnings at $0.10 EPS.
A number of other equities analysts have also issued reports on the company. Zacks Investment Research lowered Nevsun Resources from a “buy” rating to a “hold” rating in a research note on Wednesday. Scotiabank reaffirmed a “sector perform” rating and set a C$5.00 price target on shares of Nevsun Resources in a research note on Friday, September 30th. 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 target on shares of Nevsun Resources in a research note on Friday, July 29th. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a C$6.50 price objective on shares of Nevsun Resources in a research note on Friday, July 22nd. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of C$5.38.
Nevsun Resources (TSE:NSU) traded up 1.35% during trading on Thursday, reaching $3.75. The company had a trading volume of 161,130 shares. Nevsun Resources has a 52-week low of $3.27 and a 52-week high of $4.81. The company has a 50-day moving average price of $4.11 and a 200 day moving average price of $4.17. The stock has a market cap of $1.12 billion and a PE ratio of 46.30.
Several hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. boosted its stake in shares of Nevsun Resources by 125,521.6% in the second quarter. JPMorgan Chase & Co. now owns 5,652,972 shares of the company’s stock valued at $16,620,000 after buying an additional 5,648,472 shares during the period. Acadian Asset Management LLC boosted its stake in shares of Nevsun Resources by 112.5% in the second quarter. Acadian Asset Management LLC now owns 4,431,377 shares of the company’s stock valued at $12,931,000 after buying an additional 2,346,200 shares during the period. Bank of Montreal Can acquired a new stake in shares of Nevsun Resources during the second quarter valued at approximately $3,288,000. AGF Investments Inc. raised its stake 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 valued at $2,494,000 after buying an additional 848,179 shares in the last quarter. Finally, Emerald Acquisition Ltd. purchased a new stake in shares of Nevsun Resources during the second quarter valued at about $2,387,000.
In other Nevsun Resources news, insider Thomas S. Whelan bought 50,000 shares of the firm’s stock in a transaction dated Friday, September 2nd. The stock was acquired at an average price of C$4.10 per share, with a total value of C$205,000.00.
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 given a $0.04 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $0.16 annualized dividend and a dividend yield of 4.32%.
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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