Raymond James Financial Inc. Cuts Nevsun Resources (NSU) Price Target to C$4.50
Nevsun Resources (TSE:NSU) had its price objective reduced by equities researchers at Raymond James Financial Inc. from C$5.00 to C$4.50 in a note issued to investors on Wednesday. The brokerage currently has a “market perform” rating on the stock. Raymond James Financial Inc.’s price target would suggest a potential upside of 19.68% from the stock’s current price.
A number of other brokerages have also recently commented on NSU. Dundee Securities upped their target price on shares of Nevsun Resources from C$6.25 to C$7.00 in a report on Monday, June 20th. TD Securities reaffirmed a “buy” rating and set a C$5.50 target price on shares of Nevsun Resources in a report on Monday, June 20th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a C$6.50 target price on shares of Nevsun Resources in a report on Friday, July 22nd. Scotiabank reaffirmed a “sector perform” rating and set a C$5.00 target price on shares of Nevsun Resources in a report on Wednesday, August 17th. Finally, Zacks Investment Research raised shares of Nevsun Resources from a “hold” rating to a “buy” rating and set a C$3.50 target price for the company in a report on Thursday, August 25th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of C$5.38.
Nevsun Resources (TSE:NSU) traded down 0.80% during mid-day trading on Wednesday, hitting $3.73. 258,399 shares of the stock traded hands. The company has a market cap of $1.12 billion and a P/E ratio of 46.05. Nevsun Resources has a 12 month low of $3.27 and a 12 month high of $4.81. The company’s 50 day moving average is $4.12 and its 200 day moving average is $4.17.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be given a dividend of $0.04 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 4.26%.
In related news, insider Thomas S. Whelan bought 50,000 shares of the company’s stock in a transaction that occurred on Friday, September 2nd. The stock was purchased at an average price of C$4.10 per share, for a total transaction of C$205,000.00.
Several institutional investors have recently modified their holdings of the company. Aperio Group LLC raised its position in shares of Nevsun Resources by 14.6% in the first quarter. Aperio Group LLC now owns 115,856 shares of the company’s stock worth $375,000 after buying an additional 14,740 shares in the last quarter. Global X Management Co. LLC bought a new position in shares of Nevsun Resources during the second quarter worth $869,000. AXA raised its position in shares of Nevsun Resources by 8,478.9% in the first quarter. AXA now owns 163,000 shares of the company’s stock worth $529,000 after buying an additional 161,100 shares in the last quarter. AGF Investments Inc. raised its position 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 worth $2,494,000 after buying an additional 848,179 shares in the last quarter. Finally, Fernwood Investment Management LLC bought a new position in shares of Nevsun Resources during the second quarter worth $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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