Scotiabank Reiterates Sector Perform Rating for Nevsun Resources (NSU)
Nevsun Resources (TSE:NSU) (TSE:NSU)‘s stock had its “sector perform” rating reaffirmed by Scotiabank in a report released on Monday. They presently have a C$4.50 price objective on the stock. Scotiabank’s target price would indicate a potential upside of 6.13% from the company’s previous close.
A number of other analysts have also recently weighed in on NSU. Canaccord Genuity restated a “buy” rating on shares of Nevsun Resources in a research note on Wednesday, September 14th. Zacks Investment Research cut Nevsun Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, October 5th. Raymond James Financial Inc. cut their price target on Nevsun Resources from C$5.00 to C$4.50 and set a “market perform” rating on the stock in a research note on Wednesday, October 5th. Finally, TD Securities restated a “buy” rating and issued a C$5.50 price target on shares of Nevsun Resources in a research note on Friday, October 28th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of C$5.19.
Shares of Nevsun Resources (TSE:NSU) opened at 4.24 on Monday. The stock has a market cap of $1.27 billion and a P/E ratio of 57.30. Nevsun Resources has a 1-year low of $3.27 and a 1-year high of $4.81. The firm’s 50-day moving average price is $3.93 and its 200 day moving average price is $4.06.
Nevsun Resources (TSE:NSU) last released its earnings results on Thursday, October 27th. The company reported $0.01 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.01. The company earned $22.90 million during the quarter, compared to analysts’ expectations of $22.50 million. On average, equities analysts expect that Nevsun Resources will post $0.07 earnings per share for the current fiscal year.
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In related news, insider Thomas S. Whelan purchased 50,000 shares of the company’s stock in a transaction that occurred on Friday, September 2nd. The shares were purchased at an average price of C$4.10 per share, for a total transaction of C$205,000.00. Also, Director Gary Edward German sold 20,000 shares of the business’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.
Institutional investors have recently modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Nevsun Resources by 0.4% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,361,519 shares of the company’s stock valued at $7,134,000 after buying an additional 9,775 shares during the period. U S Global Investors Inc. boosted its position in shares of Nevsun Resources by 26.9% in the third quarter. U S Global Investors Inc. now owns 433,900 shares of the company’s stock valued at $1,315,000 after buying an additional 92,100 shares during the period. The Manufacturers Life Insurance Company bought a new position in shares of Nevsun Resources during the third quarter valued at about $8,771,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Nevsun Resources by 14.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 182,936 shares of the company’s stock valued at $553,000 after buying an additional 22,744 shares during the period. Finally, KCG Holdings Inc. boosted its position in shares of Nevsun Resources by 230.8% in the third quarter. KCG Holdings Inc. now owns 89,884 shares of the company’s stock valued at $272,000 after buying an additional 62,711 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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