Zacks Investment Research downgraded shares of Nevsun Resources (TSE:NSU) from a buy rating to a hold rating in a research note issued to investors on Wednesday.

According to Zacks, “NEVSUN RESOURCES LTD., is a natural resource company engaged in the acquisition, exploration, development and production of mineral properties. The Company’s portfolio is focused on properties in Africa with gold and base metal (copper and zinc) resources/reserves. The Company’s principal mineral properties are the Bisha property located in Eritrea, North-East Africa. “

Other research analysts have also recently issued reports about the stock. Dundee Securities raised their target price on shares of Nevsun Resources from C$6.25 to C$7.00 in a report on Monday, June 20th. Canaccord Genuity reissued a buy rating on shares of Nevsun Resources in a research note on Wednesday, September 14th. TD Securities reissued a buy rating and issued a C$5.50 price objective on shares of Nevsun Resources in a research note on Monday, June 20th. Royal Bank Of Canada reissued an outperform rating and issued a C$6.50 price objective on shares of Nevsun Resources in a research note on Friday, July 22nd. Finally, Scotiabank reissued a sector perform rating and issued a C$5.00 price objective on shares of Nevsun Resources in a research note on Friday, September 30th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Nevsun Resources presently has an average rating of Buy and a consensus price target of C$5.38.

Nevsun Resources (TSE:NSU) opened at 3.74 on Wednesday. Nevsun Resources has a one year low of $3.27 and a one year high of $4.81. The firm has a market capitalization of $1.12 billion and a P/E ratio of 46.17. The stock has a 50 day moving average price of $4.11 and a 200 day moving average price of $4.17.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be paid 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 4.32%.

In related news, insider Thomas S. Whelan bought 50,000 shares of the firm’s stock in a transaction on Friday, September 2nd. The shares were purchased at an average price of C$4.10 per share, with a total value of C$205,000.00.

Several hedge funds have recently bought and sold shares of NSU. 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 during the period. Spark Investment Management LLC raised its position in shares of Nevsun Resources by 43.5% in the first quarter. Spark Investment Management LLC now owns 89,000 shares of the company’s stock worth $287,000 after buying an additional 27,000 shares during the period. UBS Group AG raised its position in shares of Nevsun Resources by 249.9% in the first quarter. UBS Group AG now owns 165,095 shares of the company’s stock worth $535,000 after buying an additional 117,906 shares during the period. PCJ Investment Counsel Ltd. raised its position in shares of Nevsun Resources by 51.8% in the first quarter. PCJ Investment Counsel Ltd. now owns 341,623 shares of the company’s stock worth $1,109,000 after buying an additional 116,623 shares during the period. Finally, 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 during the period.

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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