Nevsun Resources (NSU) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Nevsun Resources (TSE:NSU) (TSE:NSU) from a hold rating to a buy rating in a research report released on Thursday. Zacks Investment Research currently has C$2.25 price target on the basic materials company’s stock.
According to Zacks, “NEVSUN RESOURCES LTD., is a natural resource company engaged in the acquisition, exploration, development and production of mineral properties. The Company’s portfolio is focused on properties in Africa with gold and base metal (copper and zinc) resources/reserves. The Company’s principal mineral properties are the Bisha property located in Eritrea, North-East Africa. “
Other analysts also recently issued reports about the company. TD Securities decreased their price target on Nevsun Resources from C$5.50 to C$5.00 and set a buy rating on the stock in a research note on Friday, April 28th. Scotiabank restated a sector perform rating and issued a C$4.25 price target on shares of Nevsun Resources in a research note on Friday, April 28th. Royal Bank Of Canada downgraded Nevsun Resources from an outperform rating to a sector perform rating and decreased their price target for the company from C$5.50 to C$4.00 in a research note on Friday, August 11th. TheStreet downgraded Nevsun Resources from a c rating to a d+ rating in a research note on Thursday, August 10th. Finally, Raymond James Financial, Inc. restated a mkt perform rating on shares of Nevsun Resources in a research note on Tuesday, August 15th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Nevsun Resources presently has a consensus rating of Hold and an average target price of C$4.09.
Nevsun Resources (NSU) opened at 2.81 on Thursday. The stock’s market cap is $848.86 million. Nevsun Resources has a 12-month low of $2.49 and a 12-month high of $4.63. The company has a 50 day moving average of $3.03 and a 200-day moving average of $3.26.
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In other news, insider Peter Gerald Jan Kukielski bought 105,000 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The shares were bought at an average cost of C$2.62 per share, for a total transaction of C$275,100.00.
Several hedge funds have recently modified their holdings of NSU. Sprott Inc. increased its stake in shares of Nevsun Resources by 0.4% in the second quarter. Sprott Inc. now owns 3,431,806 shares of the basic materials company’s stock valued at $8,271,000 after buying an additional 14,055 shares in the last quarter. BlueCrest Capital Management Ltd raised its position in Nevsun Resources by 7.4% in the first quarter. BlueCrest Capital Management Ltd now owns 1,476,400 shares of the basic materials company’s stock valued at $3,780,000 after buying an additional 101,400 shares during the last quarter. Cambrian Capital Limited Partnership raised its position in Nevsun Resources by 84.0% in the first quarter. Cambrian Capital Limited Partnership now owns 138,000 shares of the basic materials company’s stock valued at $353,000 after buying an additional 63,000 shares during the last quarter. Edmond DE Rothschild Holding S.A. raised its position in Nevsun Resources by 44.2% in 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 last quarter. Finally, Vanguard Group Inc. raised its position in Nevsun Resources by 5.5% in the first quarter. Vanguard Group Inc. now owns 5,576,489 shares of the basic materials company’s stock valued at $14,276,000 after buying an additional 292,766 shares during the last quarter.
Nevsun Resources Company Profile
Nevsun Resources Ltd. engages in the acquisition, exploration, development, and operation of mineral properties in Africa. It explores for gold, copper, zinc, and silver deposits. The companys principal assets include its 100% interest in the upper zone and 60.4% interest in the lower zone of the Timok project, a copper-gold development project in Serbia; and its 60% owned Bisha mine in Eritrea.
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