Nevsun Resources (NSU) Downgraded by Zacks Investment Research to Hold
Zacks Investment Research downgraded shares of Nevsun Resources (TSE:NSU) (TSE:NSU) from a buy rating to a hold rating in a report published on Wednesday morning.
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. BMO Capital Markets lowered Nevsun Resources from an outperform rating to a market perform rating and decreased their price objective for the company from C$4.00 to C$3.25 in a report on Wednesday, August 16th. Scotiabank reduced their target price on Nevsun Resources from C$4.00 to C$3.50 and set a sector perform rating for the company in a research note on Thursday, August 10th. Eight Capital restated a neutral rating on shares of Nevsun Resources in a research note on Thursday, August 17th. TD Securities lowered Nevsun Resources from a buy rating to a hold rating and reduced their target price for the stock from C$5.00 to C$4.00 in a research note on Thursday, August 10th. Finally, Royal Bank Of Canada lowered Nevsun Resources from an outperform rating to a sector perform rating and reduced their target price for the stock from C$5.50 to C$4.00 in a research note on Friday, August 11th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of C$4.13.
Nevsun Resources (TSE:NSU) opened at 2.78 on Wednesday. The stock’s market cap is $839.80 million. The stock has a 50 day moving average price of $2.98 and a 200 day moving average price of $3.21. Nevsun Resources has a 1-year low of $2.49 and a 1-year high of $4.63.
In related news, insider Peter Gerald Jan Kukielski purchased 105,000 shares of the business’s stock in a transaction on Tuesday, August 22nd. The shares were bought at an average cost of C$2.62 per share, with a total value of C$275,100.00. Also, insider Scott Trebilcock purchased 40,000 shares of the business’s stock in a transaction on Friday, August 25th. The shares were bought at an average cost of C$2.82 per share, for a total transaction of C$112,800.00.
A number of large investors have recently made changes to their positions in the company. Wells Fargo & Company MN boosted its stake in Nevsun Resources by 1,523.6% in the first quarter. Wells Fargo & Company MN now owns 2,827,905 shares of the basic materials company’s stock worth $7,240,000 after buying an additional 2,653,735 shares during the period. Jennison Associates LLC boosted its stake in Nevsun Resources by 51.4% in the first quarter. Jennison Associates LLC now owns 5,437,404 shares of the basic materials company’s stock worth $13,964,000 after buying an additional 1,845,017 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Nevsun Resources by 12.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 267,258 shares of the basic materials company’s stock worth $685,000 after buying an additional 30,122 shares during the period. Karp Capital Management Corp acquired a new stake in Nevsun Resources during the first quarter worth approximately $408,000. Finally, Schroder Investment Management Group boosted its stake in Nevsun Resources by 5.7% in the first quarter. Schroder Investment Management Group now owns 2,582,411 shares of the basic materials company’s stock worth $8,599,000 after buying an additional 138,347 shares during the period.
Nevsun Resources Company Profile
Nevsun Resources Ltd. engages in the acquisition, exploration, development, and operation of mineral properties in Africa. It explores for gold, copper, zinc, and silver deposits. The companys principal assets include its 100% interest in the upper zone and 60.4% interest in the lower zone of the Timok project, a copper-gold development project in Serbia; and its 60% owned Bisha mine in Eritrea.
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