Brokerages Set Nevsun Resources (TSE:NSU) Price Target at $5.36
Shares of Nevsun Resources (TSE:NSU) have been given an average recommendation of “Buy” by the eight analysts that are currently covering the stock. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is C$5.36.
NSU has been the subject of a number of research reports. Scotiabank reiterated a “sector perform” rating and issued a C$5.00 price objective on shares of Nevsun Resources in a research report on Wednesday, August 17th. Canaccord Genuity reiterated a “buy” rating on shares of Nevsun Resources in a research report on Wednesday, September 14th. TD Securities reiterated a “buy” rating and issued a C$5.50 price objective on shares of Nevsun Resources in a research report on Friday, July 29th. Zacks Investment Research upgraded Nevsun Resources from a “hold” rating to a “buy” rating and set a C$3.50 price objective for the company in a research report on Thursday, August 25th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a C$6.50 price objective on shares of Nevsun Resources in a research report on Friday, July 22nd.
In related news, insider Thomas S. Whelan bought 50,000 shares of the company’s stock in a transaction dated Friday, September 2nd. The stock was acquired at an average cost of C$4.10 per share, with a total value of C$205,000.00.
A number of large investors have recently added to or reduced their stakes in NSU. Barclays PLC boosted its stake in 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 in the last quarter. TFS Capital LLC boosted its stake in 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 in the last quarter. Paloma Partners Management Co boosted its stake in 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 in the last quarter. FNY Managed Accounts LLC acquired a new stake in Nevsun Resources during the second quarter worth $147,000. Finally, Fernwood Investment Management LLC acquired a new stake in Nevsun Resources during the second quarter worth $201,000.
Nevsun Resources (TSE:NSU) opened at 3.97 on Thursday. The firm has a market cap of $1.19 billion and a price-to-earnings ratio of 49.01. The firm’s 50-day moving average price is $4.15 and its 200-day moving average price is $4.18. Nevsun Resources has a 12 month low of $3.27 and a 12 month high of $4.81.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders 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 dividend yield of 4.03%.
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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