Zacks Investment Research Downgrades Nevsun Resources (NSU) to Hold

Zacks Investment Research lowered shares of Nevsun Resources (NYSEAMERICAN:NSU) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.

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. “

Separately, Macquarie raised Nevsun Resources from a neutral rating to an outperform rating in a research note on Monday, November 13th.

Shares of Nevsun Resources (NYSEAMERICAN:NSU) opened at $2.39 on Wednesday. Nevsun Resources has a 1-year low of $1.96 and a 1-year high of $3.52. The company has a market capitalization of $721.90, a price-to-earnings ratio of -14.06 and a beta of 0.88.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 17th. Stockholders of record on Friday, December 29th will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 1.67%. The ex-dividend date is Thursday, December 28th. Nevsun Resources’s dividend payout ratio (DPR) is presently -23.53%.

A hedge fund recently raised its stake in Nevsun Resources stock. Allianz Asset Management GmbH lifted its holdings in shares of Nevsun Resources (NYSEAMERICAN:NSU) by 2,773.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 390,000 shares of the company’s stock after purchasing an additional 376,427 shares during the quarter. Allianz Asset Management GmbH owned 0.13% of Nevsun Resources worth $842,000 at the end of the most recent quarter.

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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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