Nevsun Resources (TSE:NSU) (NYSEAMERICAN:NSU) dropped 6.1% during trading on Wednesday . The company traded as low as C$2.59 and last traded at C$2.60. Approximately 1,122,780 shares changed hands during trading, an increase of 259% from the average daily volume of 312,395 shares. The stock had previously closed at C$2.77.

NSU has been the topic of a number of recent analyst reports. Scotiabank set a C$4.75 price target on shares of Nevsun Resources and gave the company an “outperform” rating in a report on Friday, January 12th. Canaccord Genuity increased their price target on shares of Nevsun Resources from C$3.25 to C$4.50 in a report on Monday, October 30th. Eight Capital upgraded shares of Nevsun Resources from a “neutral” rating to a “buy” rating and increased their price target for the company from C$2.25 to C$4.25 in a report on Monday, October 30th. Macquarie upgraded shares of Nevsun Resources from a “neutral” rating to an “outperform” rating in a report on Monday, November 13th. Finally, Royal Bank of Canada increased their price target on shares of Nevsun Resources from C$4.00 to C$5.00 in a report on Monday, October 30th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. Nevsun Resources currently has a consensus rating of “Buy” and an average price target of C$4.31.

The company has a market cap of $787.26, a price-to-earnings ratio of -11.82 and a beta of 0.52.

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 17th. Investors of record on Friday, December 29th were issued a $0.013 dividend. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $0.05 annualized dividend and a yield of 2.04%. This is a boost from Nevsun Resources’s previous quarterly dividend of $0.01. Nevsun Resources’s dividend payout ratio (DPR) is currently -31.82%.

In related news, Director David Smith bought 20,500 shares of the company’s stock in a transaction that occurred on Wednesday, December 6th. The shares were bought at an average price of C$2.77 per share, for a total transaction of C$56,785.00.

A number of hedge funds have recently modified their holdings of NSU. Swiss National Bank boosted its holdings in Nevsun Resources by 6.1% in the second quarter. Swiss National Bank now owns 523,000 shares of the basic materials company’s stock worth $1,263,000 after purchasing an additional 30,300 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Nevsun Resources by 5.2% in the second quarter. Vanguard Group Inc. now owns 5,867,806 shares of the basic materials company’s stock worth $14,142,000 after purchasing an additional 291,317 shares during the last quarter. Virtu KCG Holdings LLC boosted its holdings in Nevsun Resources by 605.3% in the second quarter. Virtu KCG Holdings LLC now owns 77,446 shares of the basic materials company’s stock worth $187,000 after purchasing an additional 66,465 shares during the last quarter. Royal Bank of Canada raised its position in Nevsun Resources by 505.7% in the second quarter. Royal Bank of Canada now owns 980,600 shares of the basic materials company’s stock worth $2,364,000 after acquiring an additional 818,703 shares during the period. Finally, Bank of Nova Scotia raised its position in Nevsun Resources by 88.5% in the second 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 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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