Scotiabank set a C$4.75 price objective on Nevsun Resources (TSE:NSU) (NYSEAMERICAN:NSU) in a research note released on Friday morning. The brokerage currently has an outperform rating on the basic materials company’s stock.

Several other equities research analysts have also commented on NSU. Zacks Investment Research raised Nevsun Resources from a hold rating to a buy rating and set a C$2.50 price target on the stock in a research note on Thursday, September 14th. TD Securities raised Nevsun Resources from a hold rating to a buy rating and set a C$3.75 price target on the stock in a research note on Friday, October 27th. Royal Bank of Canada upped their target price on Nevsun Resources from C$4.00 to C$5.00 in a research note on Monday, October 30th. Eight Capital raised Nevsun Resources from a neutral rating to a buy rating and upped their target price for the company from C$2.25 to C$4.25 in a research note on Monday, October 30th. Finally, Canaccord Genuity upped their target price on Nevsun Resources from C$3.25 to C$4.50 in a research note on Monday, October 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. Nevsun Resources currently has an average rating of Buy and a consensus price target of C$4.31.

Shares of Nevsun Resources (NSU) opened at C$2.96 on Friday. The company has a market capitalization of $894.55, a P/E ratio of -13.45 and a beta of 0.52. Nevsun Resources has a 52 week low of C$2.49 and a 52 week high of C$4.63.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 17th. Investors of record on Friday, December 29th will be paid a $0.013 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.05 dividend on an annualized basis and a yield of 1.76%. This is a positive change from Nevsun Resources’s previous quarterly dividend of $0.01. Nevsun Resources’s dividend payout ratio is presently -31.82%.

In related news, Director David Smith bought 20,500 shares of Nevsun Resources stock in a transaction that occurred on Wednesday, December 6th. The shares were purchased at an average price of C$2.77 per share, with a total value of C$56,785.00.

Several institutional investors have recently modified their holdings of the business. Franklin Resources Inc. lifted its stake in shares of Nevsun Resources by 14.9% during the 2nd quarter. Franklin Resources Inc. now owns 10,722,600 shares of the basic materials company’s stock worth $25,893,000 after purchasing an additional 1,387,500 shares during the period. FIL Ltd lifted its stake in shares of Nevsun Resources by 10.0% during the 2nd quarter. FIL Ltd now owns 10,492,649 shares of the basic materials company’s stock worth $25,323,000 after purchasing an additional 949,823 shares during the period. Vanguard Group Inc. lifted its stake in shares of Nevsun Resources by 5.2% during the 2nd quarter. Vanguard Group Inc. now owns 5,867,806 shares of the basic materials company’s stock worth $14,142,000 after purchasing an additional 291,317 shares during the period. Schroder Investment Management Group lifted its stake in shares of Nevsun Resources by 5.9% during the 3rd quarter. Schroder Investment Management Group now owns 2,291,699 shares of the basic materials company’s stock worth $6,234,000 after purchasing an additional 127,338 shares during the period. Finally, Royal Bank of Canada lifted its stake in shares of Nevsun Resources by 505.7% during the 2nd quarter. Royal Bank of Canada now owns 980,600 shares of the basic materials company’s stock worth $2,364,000 after purchasing an additional 818,703 shares during the period.

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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.

Analyst Recommendations for Nevsun Resources (TSE:NSU)

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