Nevsun Resources (TSE:NSU) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The brokerage presently has a C$3.00 target price on the stock. Zacks Investment Research’s target price would suggest a potential downside of 21.88% from the company’s current price.

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. “

NSU has been the subject of several other research reports. Dundee Securities upped their price objective 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 issued a C$5.50 price objective on shares of Nevsun Resources in a report on Monday, June 20th. Canaccord Genuity reaffirmed a “buy” rating on shares of Nevsun Resources in a report on Wednesday, September 14th. Raymond James Financial Inc. reduced their price objective on shares of Nevsun Resources from C$5.00 to C$4.50 and set a “market perform” rating for the company in a report on Wednesday, October 5th. Finally, Royal Bank Of Canada reaffirmed 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 assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of C$5.31.

Analyst Recommendations for Nevsun Resources (TSE:NSU)

Shares of Nevsun Resources (TSE:NSU) opened at 3.84 on Thursday. The stock has a market capitalization of $1.15 billion and a P/E ratio of 47.41. Nevsun Resources has a one year low of $3.27 and a one year high of $4.81. The stock’s 50 day moving average is $4.09 and its 200-day moving average is $4.16.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 4.17%. The ex-dividend date is Wednesday, September 28th.

In other Nevsun Resources news, Director Gary Edward German sold 20,000 shares of the company’s stock in a transaction dated Wednesday, October 5th. The shares were sold at an average price of C$3.72, for a total value of C$74,400.00. Also, insider Thomas S. Whelan purchased 50,000 shares of the business’s stock in a transaction on 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 hedge funds have recently bought and sold shares of NSU. Franklin Resources Inc. increased its stake in Nevsun Resources by 4.6% in the second quarter. Franklin Resources Inc. now owns 6,455,100 shares of the company’s stock valued at $18,934,000 after buying an additional 285,000 shares during the last quarter. JPMorgan Chase & Co. increased its stake in 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 last quarter. Acadian Asset Management LLC increased its stake in 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 last quarter. Vanguard Group Inc. increased its stake in Nevsun Resources by 15.6% in the second quarter. Vanguard Group Inc. now owns 3,465,598 shares of the company’s stock valued at $10,189,000 after buying an additional 468,961 shares during the last quarter. Finally, Walthausen & Co. LLC increased its stake in Nevsun Resources by 9.6% in the second quarter. Walthausen & Co. LLC now owns 1,991,819 shares of the company’s stock valued at $5,856,000 after buying an additional 174,940 shares during the last quarter.

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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