The Manufacturers Life Insurance Company Cuts Stake in Nevsun Resources (NSU)
The Manufacturers Life Insurance Company trimmed its position in Nevsun Resources (TSE:NSU) (NYSEAMERICAN:NSU) by 74.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 257,472 shares of the basic materials company’s stock after selling 752,825 shares during the quarter. The Manufacturers Life Insurance Company owned 0.09% of Nevsun Resources worth $620,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. K2 Principal Fund L.P. purchased a new stake in shares of Nevsun Resources during the 2nd quarter valued at about $169,000. Virtu KCG Holdings LLC raised its holdings 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 valued at $187,000 after buying an additional 66,465 shares during the period. Aperio Group LLC raised its holdings in shares of Nevsun Resources by 2.7% during the 2nd quarter. Aperio Group LLC now owns 163,805 shares of the basic materials company’s stock valued at $395,000 after buying an additional 4,332 shares during the period. CIBC World Markets Inc. raised its holdings in shares of Nevsun Resources by 42.1% during the 2nd quarter. CIBC World Markets Inc. now owns 213,286 shares of the basic materials company’s stock valued at $514,000 after buying an additional 63,185 shares during the period. Finally, Deprince Race & Zollo Inc. raised its holdings in shares of Nevsun Resources by 36.9% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 232,720 shares of the basic materials company’s stock valued at $561,000 after buying an additional 62,720 shares during the period.
In other Nevsun Resources news, insider Scott Trebilcock acquired 40,000 shares of the company’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.
NSU has been the topic of several analyst reports. Zacks Investment Research upgraded Nevsun Resources from a “hold” rating to a “buy” rating and set a C$2.50 target price on the stock in a report on Thursday, September 14th. Scotiabank reiterated an “outperform” rating and set a C$4.75 target price on shares of Nevsun Resources in a report on Tuesday, November 14th. Royal Bank Of Canada raised their target price on Nevsun Resources from C$4.00 to C$5.00 in a report on Monday, October 30th. Finally, Canaccord Genuity raised their target price on Nevsun Resources from C$3.25 to C$4.50 in a report on Monday, October 30th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of C$4.31.
Shares of Nevsun Resources (NSU) opened at C$2.92 on Tuesday. Nevsun Resources has a twelve month low of C$2.49 and a twelve month high of C$4.63.
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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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