Raffles Associates LP Maintains Stake in Nevsun Resources (NSU)
Raffles Associates LP maintained its stake in Nevsun Resources (TSE:NSU) (TSE:NSU) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 977,800 shares of the basic materials company’s stock at the end of the 2nd quarter. Nevsun Resources comprises 2.2% of Raffles Associates LP’s investment portfolio, making the stock its 13th largest position. Raffles Associates LP owned 0.33% of Nevsun Resources worth $2,356,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently made changes to their positions in the company. K2 Principal Fund L.P. bought a new stake in Nevsun Resources during the second quarter valued at approximately $169,000. Virtu KCG Holdings LLC grew its position in Nevsun Resources by 605.3% during the second quarter. Virtu KCG Holdings LLC now owns 77,446 shares of the basic materials company’s stock valued at $187,000 after buying an additional 66,465 shares during the period. Bank of Nova Scotia grew its position in Nevsun Resources by 88.5% during the second quarter. Bank of Nova Scotia now owns 91,584 shares of the basic materials company’s stock valued at $221,000 after buying an additional 42,987 shares during the period. Edmond DE Rothschild Holding S.A. grew its position in Nevsun Resources by 44.2% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 137,000 shares of the basic materials company’s stock valued at $351,000 after buying an additional 42,000 shares during the period. Finally, Karp Capital Management Corp bought a new stake in Nevsun Resources during the first quarter valued at approximately $408,000.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 17th. Stockholders of record on Friday, September 29th will be paid a dividend of $0.01 per share. The ex-dividend date is Thursday, September 28th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.69%.
Several brokerages recently issued reports on NSU. Eight Capital restated a “neutral” rating on shares of Nevsun Resources in a research report on Thursday, August 17th. Raymond James Financial, Inc. restated a “mkt perform” rating on shares of Nevsun Resources in a research report on Tuesday, August 15th. TheStreet lowered shares of Nevsun Resources from a “c” rating to a “d+” rating in a research report on Thursday, August 10th. TD Securities lowered shares of Nevsun Resources from a “buy” rating to a “hold” rating and cut their target price for the company from C$5.00 to C$4.00 in a research report on Thursday, August 10th. Finally, Royal Bank Of Canada lowered shares of Nevsun Resources from an “outperform” rating to a “sector perform” rating and cut their target price for the company from C$5.50 to C$4.00 in a research report on Friday, August 11th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Nevsun Resources presently has a consensus rating of “Hold” and an average target price of C$4.07.
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In related news, insider Scott Trebilcock purchased 40,000 shares of the company’s stock in a transaction that occurred on Friday, August 25th. The shares were purchased at an average price of C$2.82 per share, with a total value of C$112,800.00. Also, insider Peter Gerald Jan Kukielski purchased 105,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was bought at an average cost of C$2.62 per share, for a total transaction of C$275,100.00.
Nevsun Resources Profile
Nevsun Resources Ltd. is a base metals company. The Company’s two principal properties are the Timok Project in Serbia, which hosts the copper-gold Cukaru Peki deposit on the Brestovac-Metovnica Exploration Permit (the B-M Permit) and the Bisha Property in Eritrea, which hosts the copper-zinc-gold Bisha deposit and includes satellite volcanogenic massive sulphides (VMS) deposits at Harena, Northwest, Hambok and Asheli.
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