Insider Buying: Nevsun Resources (NSU) Insider Buys C$156,500.00 in Stock
Posted by Casey Walker on May 8th, 2017
Nevsun Resources (TSE:NSU) (TSE:NSU) insider Thomas S. Whelan purchased 50,000 shares of Nevsun Resources stock in a transaction that occurred on Monday, May 1st. The shares were bought at an average price of C$3.13 per share, for a total transaction of C$156,500.00.
Shares of Nevsun Resources (TSE:NSU) traded up 2.34% during midday trading on Monday, hitting $3.06. The stock had a trading volume of 208,121 shares. Nevsun Resources has a 52-week low of $2.83 and a 52-week high of $4.63. The company has a market cap of $924.04 million and a PE ratio of 437.14. The company’s 50 day moving average is $3.28 and its 200 day moving average is $3.83.
Nevsun Resources (TSE:NSU) last issued its quarterly earnings results on Thursday, February 23rd. The basic materials company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.01) by $0.04. The firm earned $36.19 million during the quarter. On average, analysts anticipate that Nevsun Resources will post $0.02 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, April 13th. Stockholders of record on Friday, March 31st were issued a $0.01 dividend. The ex-dividend date of this dividend was Wednesday, March 29th. This represents a $0.04 annualized dividend and a dividend yield of 1.34%.
A number of hedge funds and other institutional investors have recently made changes to their positions in NSU. Sprott Inc. boosted its position in shares of Nevsun Resources by 298.1% in the third quarter. Sprott Inc. now owns 10,469,054 shares of the basic materials company’s stock valued at $31,721,000 after buying an additional 7,839,628 shares during the period. Renaissance Technologies LLC boosted its position in shares of Nevsun Resources by 21.9% in the fourth quarter. Renaissance Technologies LLC now owns 6,207,600 shares of the basic materials company’s stock valued at $19,180,000 after buying an additional 1,115,800 shares during the period. Jennison Associates LLC boosted its position in shares of Nevsun Resources by 51.4% in the first quarter. Jennison Associates LLC now owns 5,437,404 shares of the basic materials company’s stock valued at $13,964,000 after buying an additional 1,845,017 shares during the period. FIL Ltd boosted its position in shares of Nevsun Resources by 299.7% in the fourth quarter. FIL Ltd now owns 5,429,417 shares of the basic materials company’s stock valued at $16,793,000 after buying an additional 4,071,198 shares during the period. Finally, Intact Investment Management Inc. boosted its position in shares of Nevsun Resources by 14.4% in the fourth quarter. Intact Investment Management Inc. now owns 5,371,738 shares of the basic materials company’s stock valued at $22,234,000 after buying an additional 675,000 shares during the period.
NSU has been the topic of several recent research reports. Royal Bank of Canada reduced their price target on Nevsun Resources from C$6.50 to C$5.50 and set an “outperform (spec)” rating on the stock in a research report on Monday, February 27th. BMO Capital Markets initiated coverage on Nevsun Resources in a research report on Wednesday, February 1st. They set a “market perform” rating and a C$4.75 price target on the stock. TD Securities reduced their price target on Nevsun Resources from C$6.00 to C$5.50 and set a “buy” rating on the stock in a research report on Friday, February 24th. Scotiabank cut their price objective on Nevsun Resources from C$5.00 to C$4.25 and set a “sector perform” rating on the stock in a research report on Friday, February 24th. Finally, Canaccord Genuity upgraded Nevsun Resources from a “hold” rating to a “buy” rating in a research report on Friday, February 24th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of C$4.97.
About Nevsun Resources
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.
