Trading Report: Today, Nevsun Resources (NSU) Receives Sector Perform Rating from Scotiabank

Today, Nevsun Resources (NSU) Receives Sector Perform Rating from Scotiabank

Scotiabank restated their sector perform rating on shares of Nevsun Resources (TSE:NSU) (TSE:NSU) in a research report sent to investors on Monday morning. The firm currently has a C$4.50 target price on the stock.

A number of other research analysts have also weighed in on NSU. Zacks Investment Research upgraded shares of Nevsun Resources from a hold rating to a buy rating and set a C$3.50 price objective for the company in a research note on Thursday, August 25th. TD Securities reiterated a buy rating and issued a C$5.50 price objective on shares of Nevsun Resources in a research note on Friday, October 28th. Canaccord Genuity reiterated a buy rating on shares of Nevsun Resources in a research note on Wednesday, September 14th. Finally, Raymond James Financial Inc. reduced their price objective on shares of Nevsun Resources from C$5.00 to C$4.50 and set a market perform rating for the company in a research note on Wednesday, October 5th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of C$5.19.

Shares of Nevsun Resources (TSE:NSU) opened at 4.27 on Monday. Nevsun Resources has a 1-year low of $3.27 and a 1-year high of $4.81. The company has a market capitalization of $1.28 billion and a PE ratio of 57.70. The firm’s 50-day moving average price is $3.93 and its 200 day moving average price is $4.06.

Nevsun Resources (TSE:NSU) last released its quarterly earnings data on Thursday, October 27th. The company reported $0.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.01. The business earned $22.90 million during the quarter, compared to analysts’ expectations of $22.50 million. Equities analysts predict that Nevsun Resources will post $0.07 EPS for the current fiscal year.

In related news, insider Thomas S. Whelan acquired 50,000 shares of the company’s stock in a transaction dated Friday, September 2nd. The stock was bought at an average cost of C$4.10 per share, with a total value of C$205,000.00. Also, Director Gary Edward German sold 20,000 shares of Nevsun Resources stock in a transaction 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.

Hedge funds have recently bought and sold shares of the company. Bank of Montreal Can bought a new stake in Nevsun Resources during the second quarter worth about $3,288,000. Global X Management Co. LLC bought a new stake in Nevsun Resources during the second quarter worth about $869,000. Bank of New York Mellon Corp increased its stake in 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 in the last quarter. Emerald Acquisition Ltd. bought a new stake in Nevsun Resources during the second quarter worth about $2,387,000. Finally, AGF Investments Inc. increased its stake 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 in the last quarter.

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