Nevsun Resources (NSU) Shares Down 2.9%
Nevsun Resources (TSE:NSU) (TSE:NSU) shares fell 2.9% during trading on Tuesday . The stock traded as low as C$2.65 and last traded at C$2.65. 1,243,796 shares traded hands during trading, an increase of 136% from the average session volume of 526,922 shares. The stock had previously closed at C$2.73.
Several research firms have recently weighed in on NSU. BMO Capital Markets lowered Nevsun Resources from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from C$4.00 to C$3.25 in a research report on Wednesday, August 16th. Zacks Investment Research lowered Nevsun Resources from a “buy” rating to a “hold” rating in a research report on Wednesday, August 30th. Scotiabank lowered their price objective on Nevsun Resources from C$4.00 to C$3.50 and set a “sector perform” rating for the company in a research report on Thursday, August 10th. Eight Capital reissued a “neutral” rating on shares of Nevsun Resources in a research report on Thursday, August 17th. Finally, TD Securities lowered Nevsun Resources from a “buy” rating to a “hold” rating and lowered their price objective for the stock from C$5.00 to C$4.00 in a research report on Thursday, August 10th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Nevsun Resources currently has a consensus rating of “Hold” and an average price target of C$4.13.
The company’s 50 day moving average price is $2.83 and its 200 day moving average price is $3.12. The stock’s market capitalization is $800.53 million.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 17th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.01 per share. The ex-dividend date is Thursday, September 28th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.86%.
In other news, insider Scott Trebilcock bought 40,000 shares of the company’s stock in a transaction dated Friday, August 25th. The stock was bought at an average cost of C$2.82 per share, for a total transaction of C$112,800.00. Also, insider Peter Gerald Jan Kukielski bought 105,000 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The shares were purchased at an average price of C$2.62 per share, with a total value of C$275,100.00.
Several institutional investors have recently bought and sold shares of the company. K2 Principal Fund L.P. purchased a new stake in Nevsun Resources in the second quarter worth about $169,000. Virtu KCG Holdings LLC lifted its holdings in Nevsun Resources by 605.3% in the second quarter. Virtu KCG Holdings LLC now owns 77,446 shares of the basic materials company’s stock worth $187,000 after buying an additional 66,465 shares during the period. Bank of Nova Scotia lifted its holdings in Nevsun Resources by 88.5% in the second quarter. Bank of Nova Scotia now owns 91,584 shares of the basic materials company’s stock worth $221,000 after buying an additional 42,987 shares during the period. Edmond DE Rothschild Holding S.A. lifted its holdings 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 worth $351,000 after buying an additional 42,000 shares during the period. Finally, Cambrian Capital Limited Partnership lifted its holdings 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 worth $353,000 after buying an additional 63,000 shares during the period.
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About Nevsun Resources
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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