JPMorgan Chase & Co. Increases AngloGold Ashanti (NYSE:AU) Price Target to $31.00

AngloGold Ashanti (NYSE:AU) had its price objective increased by JPMorgan Chase & Co. from $23.00 to $31.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the mining company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 29.98% from the stock’s current price.

Separately, StockNews.com raised AngloGold Ashanti from a “sell” rating to a “hold” rating in a research note on Friday, February 23rd. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $24.25.

AngloGold Ashanti Price Performance

Shares of NYSE:AU opened at $23.85 on Wednesday. The business’s 50 day simple moving average is $20.83 and its 200 day simple moving average is $18.90. AngloGold Ashanti has a 1 year low of $14.91 and a 1 year high of $30.26.

Hedge Funds Weigh In On AngloGold Ashanti

A number of institutional investors have recently added to or reduced their stakes in AU. Ballentine Partners LLC bought a new position in shares of AngloGold Ashanti in the 1st quarter valued at $257,000. Polianta Ltd acquired a new stake in shares of AngloGold Ashanti during the first quarter valued at about $1,234,000. GAMMA Investing LLC grew its holdings in shares of AngloGold Ashanti by 108.9% during the first quarter. GAMMA Investing LLC now owns 2,505 shares of the mining company’s stock worth $56,000 after purchasing an additional 1,306 shares during the last quarter. CWM LLC increased its stake in shares of AngloGold Ashanti by 36.1% in the first quarter. CWM LLC now owns 1,890 shares of the mining company’s stock valued at $42,000 after buying an additional 501 shares during the period. Finally, PNC Financial Services Group Inc. raised its holdings in AngloGold Ashanti by 32.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,215 shares of the mining company’s stock valued at $79,000 after buying an additional 1,032 shares during the last quarter. 36.09% of the stock is currently owned by institutional investors and hedge funds.

About AngloGold Ashanti

AngloGold Ashanti plc operates as a gold mining company in Africa, the Americas, and Australia. The company primarily explores for gold, as well as produces silver and sulphuric acid as by-products. Its flagship property is a 100% owned Geita project located in the Lake Victoria goldfields of the Mwanza region in north-western Tanzania.