Randgold Resources (NASDAQ:GOLD) Rating Lowered to Strong Sell at Zacks Investment Research

Randgold Resources (NASDAQ:GOLD) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Friday, November 10th.

According to Zacks, “Randgold Resources is an international gold mining and exploration business. It has to date discovered the 7 Moz Morila deposit in southern Mali, the plus 5 Moz Yalea deposit in western Mali and the 3 Moz Tongon deposit in the Côte d’Ivoire. The Company successfully developed the Morila deposit into one of the world’s largest and highest-margin gold mines. In addition, Randgold Resources has a portfolio of prospective exploration projects across Africa in Mali, Côte d’Ivoire, Senegal, Burkina Faso, Ghana and Tanzania. “

A number of other research analysts also recently issued reports on GOLD. UBS downgraded shares of Randgold Resources from a “buy” rating to a “neutral” rating in a research report on Thursday, November 9th. Investec upgraded shares of Randgold Resources from a “hold” rating to a “buy” rating in a research report on Friday, November 3rd. Finally, BidaskClub downgraded shares of Randgold Resources from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $84.90.

Randgold Resources (NASDAQ:GOLD) traded down $0.17 on Friday, hitting $97.06. 290,202 shares of the stock traded hands, compared to its average volume of 666,632. Randgold Resources has a fifty-two week low of $67.54 and a fifty-two week high of $108.29. The company has a market cap of $9,093.62, a price-to-earnings ratio of 32.77 and a beta of -0.07.

Several institutional investors and hedge funds have recently modified their holdings of GOLD. Ameriprise Financial Inc. grew its stake in shares of Randgold Resources by 15.8% during the 1st quarter. Ameriprise Financial Inc. now owns 5,250 shares of the basic materials company’s stock worth $461,000 after acquiring an additional 716 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Randgold Resources by 14.8% in the first quarter. Geode Capital Management LLC now owns 23,065 shares of the basic materials company’s stock valued at $2,013,000 after buying an additional 2,969 shares in the last quarter. Paloma Partners Management Co bought a new position in shares of Randgold Resources in the first quarter valued at $226,000. Pennsylvania Trust Co bought a new position in shares of Randgold Resources in the second quarter valued at $212,000. Finally, Creative Planning grew its stake in shares of Randgold Resources by 41.3% in the second quarter. Creative Planning now owns 1,540 shares of the basic materials company’s stock valued at $136,000 after buying an additional 450 shares in the last quarter. 35.15% of the stock is owned by institutional investors.

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Randgold Resources Company Profile

Randgold Resources Limited is engaged in gold mining, exploration and related activities. The Company’s activities are focused on West and Central Africa. The Company operates through the gold mining segment. The Company operates various mines, such as Morila, Loulo, Gounkoto, Tongon and Kibali. The Company is exploring in African countries, such as Mali, Senegal, Cote d’Ivoire and the Democratic Republic of Congo (DRC).

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