Nevsun Resources (TSE:NSU) (NYSEAMERICAN:NSU) – Haywood Securities cut their FY2017 earnings per share estimates for Nevsun Resources in a report issued on Wednesday, Zacks Investment Research reports. Haywood Securities analyst P. Vaillancourt now forecasts that the basic materials company will post earnings of ($0.17) per share for the year, down from their prior forecast of ($0.12).
A number of other equities research analysts also recently issued reports on the company. Zacks Investment Research downgraded Nevsun Resources from a “hold” rating to a “sell” rating in a research report on Saturday, October 14th. BMO Capital Markets downgraded Nevsun Resources from an “outperform” rating to a “market perform” rating and lowered their price target for the company from C$4.00 to C$3.25 in a research report on Wednesday, August 16th. TD Securities raised Nevsun Resources from a “hold” rating to a “buy” rating and set a C$3.75 price target for the company in a research report on Friday, October 27th. Royal Bank Of Canada boosted their price target on Nevsun Resources from C$4.00 to C$5.00 in a research report on Monday, October 30th. Finally, Scotiabank raised Nevsun Resources from a “sector perform” rating to an “outperform” rating and set a C$3.50 price target for the company in a research report on Friday, September 8th. One 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. The company has an average rating of “Buy” and an average price target of C$4.31.
Nevsun Resources (TSE NSU) traded down C$0.02 during trading on Monday, reaching C$2.77. The company had a trading volume of 242,354 shares, compared to its average volume of 666,576. Nevsun Resources has a 52-week low of C$2.49 and a 52-week high of C$4.63.
Hedge funds and other institutional investors have recently modified their holdings of the company. K2 Principal Fund L.P. purchased a new stake in shares of Nevsun Resources in the second quarter worth about $169,000. Virtu KCG Holdings LLC boosted its holdings in Nevsun Resources by 605.3% in the second quarter. Virtu KCG Holdings LLC now owns 77,446 shares of the basic materials company’s stock valued at $187,000 after purchasing an additional 66,465 shares during the last quarter. Shell Asset Management Co. boosted its holdings in Nevsun Resources by 87.7% in the third quarter. Shell Asset Management Co. now owns 47,620 shares of the basic materials company’s stock valued at $193,000 after purchasing an additional 22,248 shares during the last quarter. Bank of Nova Scotia boosted its holdings in Nevsun Resources by 88.5% in the second quarter. Bank of Nova Scotia now owns 91,584 shares of the basic materials company’s stock valued at $221,000 after purchasing an additional 42,987 shares during the last quarter. Finally, Aperio Group LLC boosted its holdings in Nevsun Resources by 2.7% in the second quarter. Aperio Group LLC now owns 163,805 shares of the basic materials company’s stock valued at $395,000 after purchasing an additional 4,332 shares during the last quarter.
In related news, Director David Smith bought 20,500 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The stock was bought at an average price of C$2.77 per share, with a total value of C$56,785.00.
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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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