Posted by Mickey Rousseau on Jan 18th, 2018 

Zacks Investment Research upgraded shares of Nevsun Resources (NYSEAMERICAN:NSU) from a hold rating to a buy rating in a report released on Wednesday, January 3rd. Zacks Investment Research currently has $2.75 target price on the stock.

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. “

Shares of Nevsun Resources (NYSEAMERICAN NSU) opened at $2.44 on Wednesday. Nevsun Resources has a 52-week low of $1.96 and a 52-week high of $3.37. The company has a market cap of $721.90, a P/E ratio of -14.35 and a beta of 0.88.

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 17th. Shareholders of record on Friday, December 29th were issued a $0.01 dividend. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.64%. Nevsun Resources’s dividend payout ratio is currently -23.53%.

An institutional investor recently raised its position in Nevsun Resources stock. Allianz Asset Management GmbH lifted its holdings in Nevsun Resources (NYSEAMERICAN:NSU) by 2,773.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 390,000 shares of the company’s stock after acquiring an additional 376,427 shares during the quarter. Allianz Asset Management GmbH owned 0.13% of Nevsun Resources worth $842,000 as of its most recent SEC filing.

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.