Nevsun Resources (NSU) Rating Lowered to Hold at Canaccord Genuity

Nevsun Resources (NYSEAMERICAN:NSU) was downgraded by research analysts at Canaccord Genuity from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, The Fly reports.

Several other research analysts have also weighed in on the stock. Zacks Investment Research raised shares of Nevsun Resources from a “strong sell” rating to a “hold” rating in a research note on Thursday. Scotiabank lowered shares of Nevsun Resources from an “outperform” rating to a “sector perform” rating in a research note on Friday, September 7th. Finally, TheStreet raised shares of Nevsun Resources from a “d+” rating to a “c-” rating in a research note on Tuesday, July 31st. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $2.75.

Shares of NSU stock opened at $4.41 on Thursday. Nevsun Resources has a 1-year low of $1.98 and a 1-year high of $4.53.

Nevsun Resources (NYSEAMERICAN:NSU) last announced its earnings results on Thursday, July 26th. The company reported ($0.05) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.08). The company had revenue of $76.41 million for the quarter. Nevsun Resources had a negative return on equity of 18.80% and a negative net margin of 43.87%.

Several institutional investors and hedge funds have recently modified their holdings of the company. Passport Capital LLC acquired a new stake in shares of Nevsun Resources during the first quarter worth about $4,486,000. Renaissance Technologies LLC lifted its position in shares of Nevsun Resources by 1.6% during the second quarter. Renaissance Technologies LLC now owns 1,801,200 shares of the company’s stock worth $6,252,000 after purchasing an additional 28,400 shares in the last quarter. Allianz Asset Management GmbH lifted its position in shares of Nevsun Resources by 31.7% during the first quarter. Allianz Asset Management GmbH now owns 884,576 shares of the company’s stock worth $2,106,000 after purchasing an additional 213,088 shares in the last quarter. Millennium Management LLC lifted its position in shares of Nevsun Resources by 77.9% during the first quarter. Millennium Management LLC now owns 864,860 shares of the company’s stock worth $2,058,000 after purchasing an additional 378,756 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp acquired a new stake in shares of Nevsun Resources during the second quarter worth about $2,764,000.

About Nevsun Resources

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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