Nevsun Resources to Post FY2016 Earnings of $0.09 Per Share, Raymond James Financial Forecasts (NSU)
Nevsun Resources (TSE:NSU) – Equities research analysts at Raymond James Financial decreased their FY2016 earnings per share (EPS) estimates for shares of Nevsun Resources in a note issued to investors on Tuesday. Raymond James Financial analyst A. Terentiew now expects that the brokerage will earn $0.09 per share for the year, down from their previous forecast of $0.17. Raymond James Financial has a “Market Perform” rating and a $4.50 price objective on the stock.
Several other brokerages have also issued reports on NSU. TD Securities restated a “buy” rating and issued a C$5.50 price objective on shares of Nevsun Resources in a report on Friday, July 29th. Dundee Securities boosted their price objective on shares of Nevsun Resources from C$6.25 to C$7.00 in a report on Monday, June 20th. Zacks Investment Research upgraded shares of Nevsun Resources from a “hold” rating to a “buy” rating and set a C$3.50 price objective on the stock in a report on Thursday, August 25th. Scotiabank restated a “sector perform” rating and issued a C$5.00 price objective on shares of Nevsun Resources in a report on Friday, September 30th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a C$6.50 price objective on shares of Nevsun Resources in a report on Friday, July 22nd. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Nevsun Resources currently has a consensus rating of “Buy” and an average price target of C$5.31.
Nevsun Resources (TSE:NSU) traded up 3.56% during mid-day trading on Friday, reaching $3.78. 240,425 shares of the company were exchanged. Nevsun Resources has a 1-year low of $3.27 and a 1-year high of $4.81. The stock has a 50-day moving average of $4.10 and a 200 day moving average of $4.16. The firm has a market capitalization of $1.13 billion and a P/E ratio of 46.67.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be paid a dividend of $0.04 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 4.38%.
In other news, insider Thomas S. Whelan bought 50,000 shares of the business’s stock in a transaction that occurred on Friday, September 2nd. The shares were purchased at an average cost of C$4.10 per share, for a total transaction of C$205,000.00.
Hedge funds have recently added to or reduced their stakes in the company. Barclays PLC raised 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 during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Nevsun Resources by 8.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 160,192 shares of the company’s stock worth $467,000 after buying an additional 12,600 shares during the last quarter. TFS Capital LLC raised 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 during the last quarter. Aperio Group LLC raised its stake in 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 last quarter. Finally, Alliancebernstein L.P. raised its stake in Nevsun Resources by 8.1% in the second quarter. Alliancebernstein L.P. now owns 197,803 shares of the company’s stock worth $582,000 after buying an additional 14,890 shares during the last quarter.
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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