Zacks Investment Research lowered shares of Nevsun Resources (NYSEAMERICAN:NSU) from a hold rating to a strong sell rating in a report issued on Thursday.
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. “
A number of other equities analysts also recently issued reports on the company. Scotiabank downgraded Nevsun Resources from an outperform rating to a sector perform rating in a research report on Friday, September 7th. Canaccord Genuity cut Nevsun Resources from a buy rating to a hold rating in a report on Thursday, October 11th. Finally, TheStreet raised Nevsun Resources from a d+ rating to a c- rating in a report on Tuesday, July 31st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $2.75.
Shares of NSU stock opened at $4.48 on Thursday. Nevsun Resources has a 12-month low of $2.00 and a 12-month high of $4.53.
Nevsun Resources (NYSEAMERICAN:NSU) last issued its quarterly earnings results on Thursday, October 25th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.07). The business had revenue of $71.61 million during the quarter.
Institutional investors have recently made changes to their positions in the business. Jane Street Group LLC raised its holdings in shares of Nevsun Resources by 275.0% during the first quarter. Jane Street Group LLC now owns 52,464 shares of the company’s stock valued at $125,000 after acquiring an additional 38,473 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Nevsun Resources by 140.0% during the second quarter. BlackRock Inc. now owns 40,858 shares of the company’s stock valued at $142,000 after acquiring an additional 23,835 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Nevsun Resources during the second quarter valued at approximately $237,000. PCJ Investment Counsel Ltd. acquired a new position in shares of Nevsun Resources during the second quarter valued at approximately $699,000. Finally, ARP Americas LP acquired a new position in shares of Nevsun Resources during the third quarter valued at approximately $832,000.
Nevsun Resources Company Profile
Nevsun Resources Ltd. engages in the mining and development of mineral properties in Europe, Africa, and North America. It explores for gold, copper, zinc, and silver deposits. The company's principal assets include Timok project, a copper-gold development project in Serbia; and Bisha copper- zinc mine in Eritrea.
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