Nevsun Resources (TSE:NSU) (TSE:NSU) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The brokerage currently has a C$2.50 target price on the basic materials company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 14.68% from the stock’s previous close.

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 equities research analysts have also issued research reports about the stock. Raymond James Financial, Inc. reaffirmed a “mkt perform” rating on shares of Nevsun Resources in a report on Tuesday, August 15th. BMO Capital Markets lowered shares of Nevsun Resources from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from C$4.00 to C$3.25 in a report on Wednesday, August 16th. Royal Bank Of Canada lowered shares of Nevsun Resources from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from C$5.50 to C$4.00 in a report on Friday, August 11th. Scotiabank lowered their target price on shares of Nevsun Resources from C$4.00 to C$3.50 and set a “sector perform” rating on the stock in a report on Thursday, August 10th. Finally, Eight Capital reaffirmed a “neutral” rating on shares of Nevsun Resources in a report on Thursday, August 17th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of C$4.13.

Shares of Nevsun Resources (NSU) opened at 2.67 on Thursday. Nevsun Resources has a 52-week low of $2.49 and a 52-week high of $4.63. The stock’s market cap is $806.57 million. The stock’s 50 day moving average is $2.95 and its 200 day moving average is $3.18.

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In related news, insider Peter Gerald Jan Kukielski bought 105,000 shares of the company’s stock in a transaction on Tuesday, August 22nd. The shares were purchased at an average cost of C$2.62 per share, for a total transaction of C$275,100.00. Also, insider Scott Trebilcock bought 40,000 shares of the company’s stock in a transaction on Friday, August 25th. The shares were bought at an average price of C$2.82 per share, for a total transaction of C$112,800.00.

A number of hedge funds have recently made changes to their positions in the business. K2 Principal Fund L.P. bought a new position in shares of Nevsun Resources during the 2nd quarter worth approximately $169,000. Virtu KCG Holdings LLC grew its stake in shares of Nevsun Resources by 605.3% during the 2nd quarter. Virtu KCG Holdings LLC now owns 77,446 shares of the basic materials company’s stock worth $187,000 after acquiring an additional 66,465 shares in the last quarter. Bank of Nova Scotia grew its stake in shares of Nevsun Resources by 88.5% during the 2nd quarter. Bank of Nova Scotia now owns 91,584 shares of the basic materials company’s stock worth $221,000 after acquiring an additional 42,987 shares in the last quarter. Edmond DE Rothschild Holding S.A. grew its stake in shares of Nevsun Resources by 44.2% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 137,000 shares of the basic materials company’s stock worth $351,000 after acquiring an additional 42,000 shares in the last quarter. Finally, Cambrian Capital Limited Partnership grew its stake in shares of Nevsun Resources by 84.0% during the 1st quarter. Cambrian Capital Limited Partnership now owns 138,000 shares of the basic materials company’s stock worth $353,000 after acquiring an additional 63,000 shares in the last quarter.

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 company’s 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.

Analyst Recommendations for Nevsun Resources (TSE:NSU)

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