Scotiabank Analysts Give Nevsun Resources (NSU) a C$4.75 Price Target
Scotiabank set a C$4.75 price target on Nevsun Resources (TSE:NSU) (NYSEAMERICAN:NSU) in a research report report published on Friday morning. The firm currently has an outperform rating on the basic materials company’s stock.
Several other equities analysts have also weighed in on NSU. Eight Capital upgraded Nevsun Resources from a neutral rating to a buy rating and raised their target price for the company from C$2.25 to C$4.25 in a report on Monday, October 30th. Zacks Investment Research lowered Nevsun Resources from a buy rating to a hold rating in a report on Thursday, September 21st. Canaccord Genuity raised their target price on Nevsun Resources from C$3.25 to C$4.50 in a report on Monday, October 30th. Macquarie upgraded Nevsun Resources from a neutral rating to an outperform rating in a report on Monday, November 13th. Finally, 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. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of Buy and an average target price of C$4.31.
Nevsun Resources (NSU) traded down C$0.08 during midday trading on Friday, reaching C$2.96. The company’s stock had a trading volume of 314,300 shares, compared to its average volume of 368,377. Nevsun Resources has a one year low of C$2.49 and a one year high of C$4.63. The company has a market capitalization of $894.55, a price-to-earnings ratio of -13.45 and a beta of 0.52.
In other Nevsun Resources news, Director David Smith acquired 20,500 shares of the company’s stock in a transaction dated Wednesday, December 6th. The shares were acquired at an average cost of C$2.77 per share, for a total transaction of C$56,785.00.
Several institutional investors have recently bought and sold shares of NSU. K2 Principal Fund L.P. bought a new position in shares of Nevsun Resources in the second quarter worth about $169,000. Virtu KCG Holdings LLC increased its stake 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 acquiring an additional 66,465 shares during the period. Shell Asset Management Co. increased its stake in Nevsun Resources by 87.7% during the third quarter. Shell Asset Management Co. now owns 47,620 shares of the basic materials company’s stock valued at $193,000 after acquiring an additional 22,248 shares during the period. Bank of Nova Scotia increased its stake 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 acquiring an additional 42,987 shares during the period. Finally, CIBC World Markets Inc. increased its stake in Nevsun Resources by 42.1% during the second quarter. CIBC World Markets Inc. now owns 213,286 shares of the basic materials company’s stock valued at $514,000 after acquiring an additional 63,185 shares during the period.
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Nevsun Resources Company 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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