Nevsun Resources’ (NSU) Buy Rating Reaffirmed at TD Securities
Nevsun Resources (TSE:NSU)‘s stock had its “buy” rating reiterated by investment analysts at TD Securities in a report issued on Friday. They currently have a C$5.50 price target on the stock. TD Securities’ price target points to a potential upside of 44.74% from the stock’s previous close.
Other research analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Nevsun Resources from a “hold” rating to a “buy” rating and set a C$3.00 price target for the company in a research note on Thursday, October 6th. Canaccord Genuity reiterated a “buy” rating on shares of Nevsun Resources in a research report on Wednesday, September 14th. Raymond James Financial Inc. reduced their price objective on Nevsun Resources from C$5.00 to C$4.50 and set a “market perform” rating for the company in a research report on Wednesday, October 5th. Royal Bank Of Canada reiterated an “outperform” rating and set a C$6.50 price objective on shares of Nevsun Resources in a research report on Friday, July 22nd. Finally, Scotiabank reiterated a “sector perform” rating and set a C$5.00 price objective on shares of Nevsun Resources in a research report on Friday, September 30th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Nevsun Resources presently has an average rating of “Buy” and a consensus target price of C$5.19.
Shares of Nevsun Resources (TSE:NSU) traded up 2.15% on Friday, reaching $3.80. The company’s stock had a trading volume of 1,064,603 shares. The company has a market capitalization of $1.14 billion and a price-to-earnings ratio of 46.91. Nevsun Resources has a 12-month low of $3.27 and a 12-month high of $4.81. The company’s 50-day moving average is $3.96 and its 200 day moving average is $4.11.
Nevsun Resources (TSE:NSU) last posted its quarterly earnings results on Thursday, October 27th. The company reported $0.01 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.01. The business earned $22.90 million during the quarter, compared to analysts’ expectations of $22.50 million. Equities analysts anticipate that Nevsun Resources will post $0.10 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 4.21%. The ex-dividend date was Wednesday, September 28th.
In related news, Director Gary Edward German sold 20,000 shares of the stock in a transaction that occurred on Wednesday, October 5th. The stock was sold at an average price of C$3.72, for a total transaction of C$74,400.00. Also, insider Thomas S. Whelan purchased 50,000 shares of the company’s stock in a transaction that occurred on Friday, September 2nd. The shares were purchased at an average cost of C$4.10 per share, with a total value of C$205,000.00.
A number of institutional investors have recently made changes to their positions in NSU. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its position in shares of Nevsun Resources by 35.7% in the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 938,900 shares of the company’s stock worth $3,558,000 after buying an additional 246,800 shares during the last quarter. Emerald Acquisition Ltd. bought a new stake in shares of Nevsun Resources during the second quarter worth about $2,387,000. AGF Investments Inc. increased its stake in shares of Nevsun Resources by 37,151.9% in the second quarter. AGF Investments Inc. now owns 850,462 shares of the company’s stock worth $2,494,000 after buying an additional 848,179 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Nevsun Resources by 8.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 160,192 shares of the company’s stock worth $467,000 after buying an additional 12,600 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Nevsun Resources by 28.9% in the second quarter. Bank of New York Mellon Corp now owns 317,012 shares of the company’s stock worth $932,000 after buying an additional 70,987 shares during the period.
About Nevsun Resources
Nevsun Resources Ltd. is a mining company. The Company is engaged in the acquisition, exploration, development and operation of mineral property interests. The Company’s segment is the mining business in Africa. The Company’s principal property is the Bisha Property which hosts a gold, copper and zinc deposit, and includes satellite volcanogenic massive sulfides (VMS) deposits at Harena, Northwest, Hambok, Aderat and Asheli.
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