AngloGold Ashanti Ltd. (AU) Downgraded to “Strong Sell” at Zacks Investment Research
AngloGold Ashanti Ltd. (NYSE:AU) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “AngloGold Limited is the largest gold producer at 7 million ounces a year, with reserves of 126 m oz. The company has operations in six countries on three continents, some of which are joint ventures, as well as exploration activities in ten countries. AngloGold can be financially characterized by high cash generation, substantial reinvestment in long-term growth and the payment of significant dividends. The company distinguishes itself from its producer peer group through its active involvement in the development of the gold market, particularly in Asia. “
Other research analysts have also recently issued reports about the stock. Jefferies Group reiterated a “buy” rating on shares of AngloGold Ashanti in a report on Tuesday, August 23rd. Citigroup Inc. reiterated a “sell” rating on shares of AngloGold Ashanti in a report on Thursday, August 18th. Finally, Deutsche Bank AG cut shares of AngloGold Ashanti from a “buy” rating to a “hold” rating in a report on Wednesday, July 6th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $47.00.
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AngloGold Ashanti (NYSE:AU) traded down 3.50% during midday trading on Tuesday, hitting $12.96. 3,912,385 shares of the stock traded hands. The company has a 50-day moving average price of $16.16 and a 200-day moving average price of $16.88. AngloGold Ashanti has a 1-year low of $6.20 and a 1-year high of $22.91. The firm has a market cap of $5.29 billion, a P/E ratio of 48.36 and a beta of -0.93.
Hedge funds have recently bought and sold shares of the company. Seven Eight Capital LLC raised its position in shares of AngloGold Ashanti by 40.7% in the first quarter. Seven Eight Capital LLC now owns 7,600 shares of the mining company’s stock valued at $104,000 after buying an additional 2,200 shares during the last quarter. Invictus RG acquired a new position in shares of AngloGold Ashanti during the second quarter valued at $154,000. Principal Financial Group Inc. acquired a new position in shares of AngloGold Ashanti during the second quarter valued at $186,000. Bailard Inc. raised its position in shares of AngloGold Ashanti by 9.2% in the second quarter. Bailard Inc. now owns 13,106 shares of the mining company’s stock valued at $237,000 after buying an additional 1,106 shares during the last quarter. Finally, Stifel Financial Corp raised its position in shares of AngloGold Ashanti by 17.8% in the second quarter. Stifel Financial Corp now owns 14,717 shares of the mining company’s stock valued at $267,000 after buying an additional 2,227 shares during the last quarter. Institutional investors and hedge funds own 39.88% of the company’s stock.
AngloGold Ashanti Company Profile
AngloGold Ashanti Limited (AngloGold Ashanti) is a gold mining company. The Company’s business activities span the spectrum of the mining value chain. Its main product is gold. Its portfolio includes over 17 mines in approximately nine countries. It also produces silver, uranium and sulfuric acid as by-products.
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