Zacks Investment Research Lowers Nevsun Resources (NSU) to Sell

Zacks Investment Research cut shares of Nevsun Resources (NYSEAMERICAN:NSU) from a hold rating to a sell rating in a research note released on Thursday, March 15th.

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. “

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Shares of Nevsun Resources stock traded down $0.02 during trading on Thursday, hitting $2.43. The stock had a trading volume of 475,408 shares, compared to its average volume of 716,803. Nevsun Resources has a 12 month low of $1.96 and a 12 month high of $2.77.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Allianz Asset Management GmbH boosted its position in Nevsun Resources by 2,773.4% during the third quarter. Allianz Asset Management GmbH now owns 390,000 shares of the company’s stock valued at $842,000 after buying an additional 376,427 shares during the period. Bank of Montreal Can boosted its position in Nevsun Resources by 7.7% during the fourth quarter. Bank of Montreal Can now owns 1,542,439 shares of the company’s stock valued at $3,764,000 after buying an additional 109,936 shares during the period. Picton Mahoney Asset Management purchased a new stake in Nevsun Resources during the fourth quarter valued at about $1,322,000. The Manufacturers Life Insurance Company boosted its position in Nevsun Resources by 40.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 347,847 shares of the company’s stock valued at $849,000 after buying an additional 99,334 shares during the period. Finally, Virtu Financial LLC boosted its position in Nevsun Resources by 873.9% during the fourth quarter. Virtu Financial LLC now owns 193,363 shares of the company’s stock valued at $472,000 after buying an additional 173,509 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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