The Nevsun Resources (NSU) Upgraded by Zacks Investment Research to Buy

The Nevsun Resources (NSU) Upgraded by Zacks Investment Research to Buy

Nevsun Resources (TSE:NSU) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The firm currently has a C$3.00 target price on the stock. Zacks Investment Research’s price target would indicate a potential downside of 21.88% from the company’s current price.

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. “

A number of other equities research analysts have also recently commented on NSU. Dundee Securities lifted their price target on shares of Nevsun Resources from C$6.25 to C$7.00 in a report on Monday, June 20th. Scotiabank reaffirmed a “sector perform” rating and issued a C$5.00 price target on shares of Nevsun Resources in a report on Friday, September 30th. Canaccord Genuity reaffirmed a “buy” rating on shares of Nevsun Resources in a report on Wednesday, September 14th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a C$6.50 price target on shares of Nevsun Resources in a report on Friday, July 22nd. Finally, TD Securities reaffirmed a “buy” rating and issued a C$5.50 price target on shares of Nevsun Resources in a report on Monday, June 20th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of C$5.31.

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Nevsun Resources (TSE:NSU) traded up 5.21% during mid-day trading on Thursday, reaching $3.84. The company had a trading volume of 555,335 shares. Nevsun Resources has a one year low of $3.27 and a one year high of $4.81. The company has a market capitalization of $1.15 billion and a P/E ratio of 47.41. The stock has a 50 day moving average price of $4.09 and a 200 day moving average price of $4.16.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be given a dividend of $0.04 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 4.17%.

In other news, insider Thomas S. Whelan purchased 50,000 shares of Nevsun Resources stock in a transaction dated Friday, September 2nd. The stock was purchased at an average cost of C$4.10 per share, for a total transaction of C$205,000.00.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NSU. JPMorgan Chase & Co. raised its position in Nevsun Resources by 125,521.6% in the second quarter. JPMorgan Chase & Co. now owns 5,652,972 shares of the company’s stock worth $16,620,000 after buying an additional 5,648,472 shares during the period. Acadian Asset Management LLC raised its position in Nevsun Resources by 112.5% in the second quarter. Acadian Asset Management LLC now owns 4,431,377 shares of the company’s stock worth $12,931,000 after buying an additional 2,346,200 shares during the period. Bank of Montreal Can purchased a new position in Nevsun Resources during the second quarter worth approximately $3,288,000. AGF Investments Inc. raised its position in 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. Finally, Emerald Acquisition Ltd. purchased a new position in Nevsun Resources during the second quarter worth approximately $2,387,000.

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