Nevsun Resources’ (NSU) Sector Perform Rating Reaffirmed at Scotiabank

Nevsun Resources (TSE:NSU) (TSE:NSU)‘s stock had its “sector perform” rating reaffirmed by equities researchers at Scotiabank in a research note issued on Monday, July 17th. They currently have a C$4.00 price target on the basic materials company’s stock. Scotiabank’s target price would indicate a potential upside of 88.68% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. TD Securities cut their target price on Nevsun Resources from C$5.50 to C$5.00 and set a “buy” rating for the company in a research note on Friday, April 28th. Royal Bank Of Canada reissued an “outperform” rating on shares of Nevsun Resources in a research note on Monday, April 24th. Finally, BMO Capital Markets raised Nevsun Resources from a “market perform” rating to an “outperform” rating and cut their target price for the stock from C$4.50 to C$4.25 in a research note on Friday, March 24th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of C$4.31.

Nevsun Resources (NSU) traded down 2.91% during trading on Monday, hitting $2.67. The stock had a trading volume of 978,648 shares. The company’s 50 day moving average is $3.16 and its 200-day moving average is $3.37. Nevsun Resources has a 12 month low of $2.49 and a 12 month high of $4.63. The company’s market cap is $792.78 million.

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Large investors have recently modified their holdings of the stock. Edmond DE Rothschild Holding S.A. boosted its stake in shares of 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 last quarter. Vanguard Group Inc. boosted its stake in shares of Nevsun Resources by 5.5% in the first quarter. Vanguard Group Inc. now owns 5,576,489 shares of the basic materials company’s stock worth $14,276,000 after buying an additional 292,766 shares during the last quarter. Global X Management Co. LLC boosted its stake in shares of Nevsun Resources by 7.6% in the first quarter. Global X Management Co. LLC now owns 559,346 shares of the basic materials company’s stock worth $1,434,000 after buying an additional 39,390 shares during the last quarter. FIL Ltd boosted its stake in shares of Nevsun Resources by 75.8% in the first quarter. FIL Ltd now owns 9,542,826 shares of the basic materials company’s stock worth $24,536,000 after buying an additional 4,113,409 shares during the last quarter. Finally, Deprince Race & Zollo Inc. purchased a new stake in shares of Nevsun Resources during the first quarter worth $436,000.

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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