Zacks Investment Research Lowers AngloGold Ashanti Ltd. (AU) to Strong Sell
AngloGold Ashanti Ltd. (NYSE:AU) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “strong sell” rating in a report released 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. “
A number of other research firms have also weighed in on AU. Jefferies Group reiterated a “buy” rating on shares of AngloGold Ashanti in a research note on Tuesday, August 23rd. Deutsche Bank AG lowered shares of AngloGold Ashanti from a “buy” rating to a “hold” rating in a research note on Wednesday, July 6th. Finally, Citigroup Inc. reiterated a “sell” rating on shares of AngloGold Ashanti in a research note on Thursday, August 18th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $47.00.
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AngloGold Ashanti (NYSE:AU) traded down 3.50% during mid-day trading on Tuesday, reaching $12.96. The company had a trading volume of 3,912,385 shares. The firm has a 50-day moving average price of $16.00 and a 200 day moving average price of $16.85. AngloGold Ashanti has a 12-month low of $6.20 and a 12-month high of $22.91. The firm has a market capitalization of $5.29 billion, a price-to-earnings ratio of 48.36 and a beta of -0.93.
Hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its stake in AngloGold Ashanti by 1.2% in the first quarter. BlackRock Inc. now owns 1,658,518 shares of the mining company’s stock worth $22,705,000 after buying an additional 19,497 shares in the last quarter. BlackRock Japan Co. Ltd increased its stake in AngloGold Ashanti by 9.3% in the first quarter. BlackRock Japan Co. Ltd now owns 626,937 shares of the mining company’s stock worth $8,583,000 after buying an additional 53,594 shares in the last quarter. Credit Agricole S A bought a new stake in AngloGold Ashanti during the first quarter worth about $12,068,000. UBS Group AG increased its stake in AngloGold Ashanti by 140.5% in the first quarter. UBS Group AG now owns 220,369 shares of the mining company’s stock worth $3,017,000 after buying an additional 128,747 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in AngloGold Ashanti by 165.9% in the first quarter. Wellington Management Group LLP now owns 2,797,946 shares of the mining company’s stock worth $38,304,000 after buying an additional 1,745,858 shares in the last quarter. 39.88% of the stock is owned by institutional investors.
About AngloGold Ashanti
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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