Nevsun Resources (NSU) Stock Rating Lowered by Zacks Investment Research

Nevsun Resources (TSE:NSU) (TSE:NSU) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

According to Zacks, “NEVSUN RESOURCES LTD., is a natural resource company engaged in the acquisition, exploration, development and production of mineral properties. The Company’s portfolio is focused on properties in Africa with gold and base metal (copper and zinc) resources/reserves. The Company’s principal mineral properties are the Bisha property located in Eritrea, North-East Africa. “

Several other research analysts have also recently issued reports on the stock. BMO Capital Markets cut shares of Nevsun Resources from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from C$4.00 to C$3.25 in a report on Wednesday, August 16th. Scotiabank reiterated a “sector perform” rating and set a C$4.00 target price on shares of Nevsun Resources in a report on Monday, July 17th. TD Securities cut shares of Nevsun Resources from a “buy” rating to a “hold” rating and dropped their target price for the stock from C$5.00 to C$4.00 in a report on Thursday, August 10th. Royal Bank Of Canada cut shares of Nevsun Resources from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from C$5.50 to C$4.00 in a report on Friday, August 11th. Finally, TheStreet cut shares of Nevsun Resources from a “c” rating to a “d+” rating in a report on Thursday, August 10th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of C$4.13.

Nevsun Resources (NSU) opened at 2.61 on Wednesday. The stock’s market capitalization is $788.45 million. Nevsun Resources has a 12 month low of $2.49 and a 12 month high of $4.63. The company’s 50-day moving average is $2.86 and its 200-day moving average is $3.14.

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In related news, insider Peter Gerald Jan Kukielski acquired 105,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was purchased at an average cost of C$2.62 per share, with a total value of C$275,100.00. Also, insider Scott Trebilcock acquired 40,000 shares of the firm’s stock in a transaction that occurred on Friday, August 25th. The stock was bought at an average cost of C$2.82 per share, with a total value of C$112,800.00.

Several institutional investors have recently made changes to their positions in NSU. Wells Fargo & Company MN raised its position in shares of Nevsun Resources by 1,523.6% in the 1st quarter. Wells Fargo & Company MN now owns 2,827,905 shares of the basic materials company’s stock valued at $7,240,000 after purchasing an additional 2,653,735 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Nevsun Resources by 12.7% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 267,258 shares of the basic materials company’s stock valued at $685,000 after purchasing an additional 30,122 shares during the last quarter. Karp Capital Management Corp purchased a new position in shares of Nevsun Resources in the 1st quarter valued at approximately $408,000. Schroder Investment Management Group raised its position in shares of Nevsun Resources by 5.7% in the 1st quarter. Schroder Investment Management Group now owns 2,582,411 shares of the basic materials company’s stock valued at $8,599,000 after purchasing an additional 138,347 shares during the last quarter. Finally, Deprince Race & Zollo Inc. purchased a new position in Nevsun Resources during the 1st quarter worth approximately $436,000.

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.

Analyst Recommendations for Nevsun Resources (TSE:NSU)

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