Nevsun Resources (NSU) Trading Down 3.9%
Nevsun Resources (TSE:NSU) (NYSEAMERICAN:NSU)’s share price dropped 3.9% on Thursday . The company traded as low as C$3.06 and last traded at C$3.18. Approximately 314,365 shares were traded during trading, an increase of 44% from the average daily volume of 219,067 shares. The stock had previously closed at C$3.06.
NSU has been the subject of a number of research analyst reports. Scotiabank restated an “outperform” rating and set a C$4.75 price objective on shares of Nevsun Resources in a research report on Tuesday, November 14th. Zacks Investment Research cut shares of Nevsun Resources from a “hold” rating to a “sell” rating in a research report on Saturday, October 14th. Royal Bank of Canada upped their price objective on shares of Nevsun Resources from C$4.00 to C$5.00 in a research report on Monday, October 30th. Canaccord Genuity upped their price objective on shares of Nevsun Resources from C$3.25 to C$4.50 in a research report on Monday, October 30th. Finally, Macquarie upgraded shares of Nevsun Resources from a “neutral” rating to an “outperform” rating in a research report on Monday, November 13th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. Nevsun Resources has an average rating of “Buy” and an average price target of C$4.31.
The company has a market capitalization of $905.13, a PE ratio of -13.45 and a beta of 0.52.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 17th. Stockholders of record on Friday, December 29th will be given a $0.013 dividend. This represents a $0.05 dividend on an annualized basis and a dividend yield of 1.76%. This is a boost from Nevsun Resources’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend is Thursday, December 28th. Nevsun Resources’s dividend payout ratio is -31.82%.
In other Nevsun Resources news, Director David Smith bought 20,500 shares of Nevsun Resources stock in a transaction dated Wednesday, December 6th. The stock was acquired at an average cost of C$2.77 per share, for a total transaction of C$56,785.00.
Hedge funds and other institutional investors have recently modified their holdings of the company. Franklin Resources Inc. grew its holdings in shares of 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 valued at $25,893,000 after purchasing an additional 1,387,500 shares during the period. FIL Ltd grew its holdings in shares of Nevsun Resources by 10.0% in the second quarter. FIL Ltd now owns 10,492,649 shares of the basic materials company’s stock valued at $25,323,000 after purchasing an additional 949,823 shares during the period. Royal Bank of Canada grew its holdings in shares of Nevsun Resources by 505.7% in the second quarter. Royal Bank of Canada now owns 980,600 shares of the basic materials company’s stock valued at $2,364,000 after purchasing an additional 818,703 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Nevsun Resources by 1,040.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 388,286 shares of the basic materials company’s stock valued at $838,000 after purchasing an additional 354,252 shares during the period. Finally, Vanguard Group Inc. grew its holdings in shares of Nevsun Resources by 5.2% in the second quarter. Vanguard Group Inc. now owns 5,867,806 shares of the basic materials company’s stock valued at $14,142,000 after purchasing an additional 291,317 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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