AngloGold Ashanti (NYSE:AU) Lowered to “Hold” at Zacks Investment Research

AngloGold Ashanti (NYSE:AU) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Headquartered in Johannesburg, South Africa, AngloGold Ashanti Limited is an independent, global gold mining company with mines and exploration projects across Continental Africa, South Africa, Americas and Australasia. It is the third-biggest gold mining company globally in terms of production. The company has a portfolio of long-life, relatively low-cost assets and differing orebody types located across major gold producing regions around the world. The company’s 14 operations are located across nine countries and its operating assets are supported by extensive exploration activities. “

A number of other brokerages have also recently issued reports on AU. ValuEngine cut AngloGold Ashanti from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Royal Bank of Canada upgraded AngloGold Ashanti from a “sector perform” rating to an “outperform” rating and set a $17.05 target price on the stock in a report on Wednesday, June 26th. Finally, BMO Capital Markets upgraded AngloGold Ashanti from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $16.00 to $21.00 in a report on Thursday, June 27th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $18.01.

Shares of AU traded up $0.57 during midday trading on Wednesday, reaching $20.14. The stock had a trading volume of 4,763,831 shares, compared to its average volume of 3,541,119. AngloGold Ashanti has a 52 week low of $7.07 and a 52 week high of $21.74. The company has a quick ratio of 0.73, a current ratio of 1.55 and a debt-to-equity ratio of 0.71. The firm has a 50 day moving average of $18.64. The firm has a market cap of $8.41 billion, a P/E ratio of 38.00, a P/E/G ratio of 0.55 and a beta of -0.79.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. O Shaughnessy Asset Management LLC purchased a new position in shares of AngloGold Ashanti during the first quarter valued at $31,000. Investors Research Corp purchased a new position in shares of AngloGold Ashanti during the first quarter valued at $34,000. Parallel Advisors LLC grew its holdings in shares of AngloGold Ashanti by 458.8% during the second quarter. Parallel Advisors LLC now owns 2,157 shares of the mining company’s stock valued at $38,000 after buying an additional 1,771 shares in the last quarter. Nkcfo LLC purchased a new position in shares of AngloGold Ashanti during the first quarter valued at $39,000. Finally, Signaturefd LLC grew its holdings in shares of AngloGold Ashanti by 60.9% during the first quarter. Signaturefd LLC now owns 2,962 shares of the mining company’s stock valued at $39,000 after buying an additional 1,121 shares in the last quarter. Institutional investors and hedge funds own 38.14% of the company’s stock.

About AngloGold Ashanti

AngloGold Ashanti Limited operates as a gold mining company. It also produces silver, uranium, and sulphuric acid; and dóre bars. The company operates 14 mines and 3 projects in 10 countries in South Africa, Continental Africa, the Americas, and Australasia. AngloGold Ashanti Limited was incorporated in 1944 and is headquartered in Johannesburg, South Africa.

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