Zacks Investment Research Downgrades AngloGold Ashanti (NYSE:AU) to Sell

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AngloGold Ashanti (NYSE:AU) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research note issued 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. “

Other equities research analysts have also issued research reports about the company. Royal Bank of Canada raised AngloGold Ashanti from a “sector perform” rating to an “outperform” rating and set a $17.05 target price on the stock in a research report on Wednesday, June 26th. ValuEngine lowered AngloGold Ashanti from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 2nd. BMO Capital Markets raised AngloGold Ashanti from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $16.00 to $21.00 in a research report on Thursday, June 27th. Finally, JPMorgan Chase & Co. cut their target price on AngloGold Ashanti from $26.60 to $26.10 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. AngloGold Ashanti currently has an average rating of “Hold” and a consensus target price of $20.23.

AU stock opened at $20.79 on Wednesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.90 and a quick ratio of 0.43. The firm has a market capitalization of $8.11 billion, a P/E ratio of 39.23, a P/E/G ratio of 0.41 and a beta of -1.04. The business’s 50-day moving average is $20.44 and its two-hundred day moving average is $16.93. AngloGold Ashanti has a 1 year low of $9.17 and a 1 year high of $23.85.

Several hedge funds and other institutional investors have recently modified their holdings of AU. AQR Capital Management LLC raised its position in shares of AngloGold Ashanti by 351.6% during the 2nd quarter. AQR Capital Management LLC now owns 4,096,410 shares of the mining company’s stock worth $72,957,000 after acquiring an additional 3,189,262 shares in the last quarter. BlackRock Inc. raised its position in shares of AngloGold Ashanti by 17.3% during the 2nd quarter. BlackRock Inc. now owns 17,378,854 shares of the mining company’s stock worth $309,518,000 after acquiring an additional 2,564,271 shares in the last quarter. Bamco Inc. NY acquired a new stake in shares of AngloGold Ashanti during the 2nd quarter worth about $32,246,000. Invesco Ltd. raised its position in shares of AngloGold Ashanti by 2,871.8% during the 2nd quarter. Invesco Ltd. now owns 1,363,033 shares of the mining company’s stock worth $24,275,000 after acquiring an additional 1,317,167 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new stake in shares of AngloGold Ashanti during the 2nd quarter worth about $16,398,000. 36.63% of the stock is currently owned by institutional investors and hedge funds.

AngloGold Ashanti Company Profile

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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