Nevsun Resources (NSU) Downgraded by TD Securities
Nevsun Resources (TSE:NSU) (TSE:NSU) was downgraded by stock analysts at TD Securities from a “buy” rating to a “hold” rating in a note issued to investors on Thursday. They presently have a C$4.00 price target on the basic materials company’s stock, down from their prior price target of C$5.00. TD Securities’ price objective points to a potential upside of 52.67% from the company’s previous close.
NSU has been the subject of several other research reports. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Nevsun Resources in a research note on Monday, April 24th. Scotiabank reaffirmed a “sector perform” rating and issued a C$4.00 target price on shares of Nevsun Resources in a research note on Monday, July 17th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of C$4.50.
Nevsun Resources (NSU) traded down 17.33% during midday trading on Thursday, reaching $2.72. 3,051,653 shares of the company traded hands. The company has a market capitalization of $821.37 million and a price-to-earnings ratio of 388.57. Nevsun Resources has a one year low of $2.49 and a one year high of $4.63. The stock’s 50 day moving average is $3.17 and its 200 day moving average is $3.38.
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Several hedge funds have recently added to or reduced their stakes in NSU. Franklin Resources Inc. raised its stake in Nevsun Resources by 14.9% in the second quarter. Franklin Resources Inc. now owns 10,722,600 shares of the basic materials company’s stock worth $25,893,000 after buying an additional 1,387,500 shares during the period. CIBC World Markets Inc. raised its stake in Nevsun Resources by 42.1% in the second quarter. CIBC World Markets Inc. now owns 213,286 shares of the basic materials company’s stock worth $514,000 after buying an additional 63,185 shares during the period. Swiss National Bank raised its stake 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 buying an additional 30,300 shares during the period. Tocqueville Asset Management L.P. bought a new stake in Nevsun Resources during the second quarter worth $811,000. Finally, Deprince Race & Zollo Inc. raised its stake in Nevsun Resources by 36.9% in the second quarter. Deprince Race & Zollo Inc. now owns 232,720 shares of the basic materials company’s stock worth $561,000 after buying an additional 62,720 shares during the period.
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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