Nevsun Resources (NYSE:NSU) was downgraded by equities researchers at Scotiabank from an “outperform” rating to a “sector perform” rating in a research report issued on Monday, The Fly reports. They presently have a $4.30 price objective on the stock, up from their prior price objective of $4.10. Scotiabank’s target price indicates a potential upside of 31.10% from the company’s current price.

Nevsun Resources (NYSE:NSU) traded up 6.10% on Monday, reaching $3.48. 274,547 shares of the company traded hands. The company has a market capitalization of $695.24 million and a PE ratio of 15.33. Nevsun Resources has a 52-week low of $2.27 and a 52-week high of $4.36. The stock has a 50-day moving average of $2.83 and a 200 day moving average of $2.84.

Several institutional investors have modified their holdings of NSU. CIBC World Markets raised its position in shares of Nevsun Resources by 2.4% in the fourth quarter. CIBC World Markets now owns 135,252 shares of the company’s stock worth $367,000 after buying an additional 3,160 shares during the period. GLG Partners LP raised its position in shares of Nevsun Resources by 0.8% in the fourth quarter. GLG Partners LP now owns 411,943 shares of the company’s stock worth $1,112,000 after buying an additional 3,295 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its position in shares of Nevsun Resources by 5.2% in the fourth quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 616,500 shares of the company’s stock worth $2,312,000 after buying an additional 30,600 shares during the period. Bank of Montreal Can raised its position in shares of Nevsun Resources by 22.4% in the fourth quarter. Bank of Montreal Can now owns 701,013 shares of the company’s stock worth $1,900,000 after buying an additional 128,509 shares during the period. Finally, Deutsche Bank AG raised its position in shares of Nevsun Resources by 24.9% in the fourth quarter. Deutsche Bank AG now owns 1,037,053 shares of the company’s stock worth $2,809,000 after buying an additional 206,908 shares during the period.

Several other analysts have also issued reports on the stock. Zacks Investment Research lowered shares of Nevsun Resources from a “buy” rating to a “hold” rating in a research report on Wednesday, December 30th. RBC Capital reiterated a “sector perform” rating on shares of Nevsun Resources in a research report on Wednesday, December 2nd. Raymond James lowered shares of Nevsun Resources from an “outperform” rating to a “market perform” rating in a research report on Friday, December 4th. Finally, Paradigm Capital reiterated a “buy” rating and set a $5.50 price target (down previously from $7.50) on shares of Nevsun Resources in a research report on Monday, November 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. Nevsun Resources currently has a consensus rating of “Hold” and an average price target of $4.60.

Nevsun Resources Ltd. (NYSE:NSU) is engaged in the acquisition, exploration, development and operation of mineral property interests. The Company’s principal mining operation is the Bisha Mine and the Company’s principal mineral property is the Bisha property, which is owned by Bisha Mining Share Company (BMSC).

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