Wells Fargo & Company MN lowered its position in Nevsun Resources (TSE:NSU) (TSE:NSU) by 11.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,507,626 shares of the basic materials company’s stock after selling 320,279 shares during the period. Wells Fargo & Company MN owned about 0.83% of Nevsun Resources worth $6,043,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Aperio Group LLC increased its position in shares of Nevsun Resources by 2.7% in the 2nd quarter. Aperio Group LLC now owns 163,805 shares of the basic materials company’s stock valued at $395,000 after buying an additional 4,332 shares in the last quarter. BlueCrest Capital Management Ltd increased its holdings in Nevsun Resources by 7.4% during the 1st quarter. BlueCrest Capital Management Ltd now owns 1,476,400 shares of the basic materials company’s stock worth $3,780,000 after purchasing an additional 101,400 shares in the last quarter. Karp Capital Management Corp bought a new position in Nevsun Resources during the 1st quarter worth about $408,000. Edmond DE Rothschild Holding S.A. increased its holdings in Nevsun Resources by 44.2% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 137,000 shares of the basic materials company’s stock worth $351,000 after purchasing an additional 42,000 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Nevsun Resources by 5.5% during the 1st quarter. Vanguard Group Inc. now owns 5,576,489 shares of the basic materials company’s stock worth $14,276,000 after purchasing an additional 292,766 shares in the last quarter.
In related news, insider Scott Trebilcock bought 40,000 shares of the company’s stock in a transaction on Friday, August 25th. The shares were purchased at an average cost of C$2.82 per share, for a total transaction of C$112,800.00. Also, insider Peter Gerald Jan Kukielski bought 105,000 shares of the company’s stock in a transaction on Tuesday, August 22nd. The stock was bought at an average price of C$2.62 per share, for a total transaction of C$275,100.00.
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NSU has been the subject of a number of research reports. 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 Nevsun Resources from a “buy” rating to a “hold” rating and lowered 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 Nevsun Resources from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from C$5.50 to C$4.00 in a report on Friday, August 11th. TheStreet cut Nevsun Resources from a “c” rating to a “d+” rating in a report on Thursday, August 10th. Finally, Raymond James Financial, Inc. reiterated a “mkt perform” rating on shares of Nevsun Resources in a report on Tuesday, August 15th. Five investment analysts have rated the stock with a hold rating and two 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$4.07.
Shares of Nevsun Resources (TSE:NSU) opened at 2.95 on Wednesday. Nevsun Resources has a 52 week low of $2.49 and a 52 week high of $4.63. The firm’s market capitalization is $891.16 million. The company has a 50-day moving average of $2.72 and a 200 day moving average of $3.06.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 17th. Investors of record on Friday, September 29th will be issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend is Thursday, September 28th.
Nevsun Resources 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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