JPMorgan Chase & Co. Forecasts Strong Price Appreciation for AngloGold Ashanti (NYSE:AU) Stock

AngloGold Ashanti (NYSE:AU) had its target price lifted by research analysts at JPMorgan Chase & Co. from $128.00 to $131.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the mining company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 57.13% from the company’s previous close.

Several other equities analysts have also recently weighed in on the company. Zacks Research upgraded AngloGold Ashanti from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 28th. Scotiabank raised their target price on AngloGold Ashanti from $90.00 to $92.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, November 12th. Weiss Ratings raised AngloGold Ashanti from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, October 24th. Citigroup initiated coverage on AngloGold Ashanti in a research report on Monday, October 27th. They set a “buy” rating and a $90.00 price target on the stock. Finally, HSBC restated a “reduce” rating and issued a $55.00 price objective on shares of AngloGold Ashanti in a research report on Thursday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $80.83.

AngloGold Ashanti Stock Performance

NYSE AU opened at $83.37 on Wednesday. The firm has a market cap of $34.99 billion, a P/E ratio of 18.36 and a beta of 0.58. The company has a quick ratio of 2.22, a current ratio of 2.99 and a debt-to-equity ratio of 0.22. The company’s 50 day moving average is $75.06 and its 200-day moving average is $60.09. AngloGold Ashanti has a 12-month low of $22.45 and a 12-month high of $89.19.

AngloGold Ashanti (NYSE:AU) last released its quarterly earnings data on Tuesday, November 11th. The mining company reported $1.32 EPS for the quarter, missing the consensus estimate of $1.34 by ($0.02). AngloGold Ashanti had a return on equity of 24.50% and a net margin of 26.25%.The business had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.53 billion. Sell-side analysts predict that AngloGold Ashanti will post 3.83 earnings per share for the current year.

Institutional Investors Weigh In On AngloGold Ashanti

Several hedge funds have recently bought and sold shares of AU. Vanguard Group Inc. increased its holdings in shares of AngloGold Ashanti by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 22,748,740 shares of the mining company’s stock worth $1,589,484,000 after buying an additional 464,333 shares during the last quarter. Van ECK Associates Corp grew its position in AngloGold Ashanti by 10.0% in the third quarter. Van ECK Associates Corp now owns 19,847,932 shares of the mining company’s stock worth $1,395,905,000 after acquiring an additional 1,804,620 shares in the last quarter. State Street Corp increased its stake in AngloGold Ashanti by 14.9% in the third quarter. State Street Corp now owns 5,705,516 shares of the mining company’s stock valued at $401,269,000 after acquiring an additional 738,343 shares during the last quarter. Legal & General Group Plc increased its stake in AngloGold Ashanti by 5.9% in the third quarter. Legal & General Group Plc now owns 5,136,739 shares of the mining company’s stock valued at $361,310,000 after acquiring an additional 284,017 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in AngloGold Ashanti by 2.4% during the first quarter. Russell Investments Group Ltd. now owns 4,041,932 shares of the mining company’s stock valued at $150,054,000 after purchasing an additional 95,668 shares in the last quarter. 36.09% of the stock is currently owned by institutional investors.

AngloGold Ashanti Company Profile

AngloGold Ashanti plc operates as a gold mining company in Africa, Australia, and the Americas. 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 mine located in the Lake Victoria goldfields of the Mwanza region in north-western Tanzania.