CIBC Asset Management Inc Raises Position in Allied Gold Corporation $AAUC

CIBC Asset Management Inc grew its stake in Allied Gold Corporation (NYSE:AAUC) by 684.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,209 shares of the company’s stock after purchasing an additional 75,223 shares during the quarter. CIBC Asset Management Inc owned approximately 0.07% of Allied Gold worth $1,977,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Bank of America Corp DE bought a new stake in Allied Gold during the second quarter worth $13,169,000. Orion Resource Partners LP bought a new position in Allied Gold during the 2nd quarter valued at $103,634,000. Tower Research Capital LLC TRC purchased a new position in Allied Gold during the 2nd quarter worth $127,000. Cibc World Market Inc. boosted its holdings in Allied Gold by 54.4% during the 3rd quarter. Cibc World Market Inc. now owns 22,690 shares of the company’s stock worth $396,000 after acquiring an additional 7,991 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Allied Gold by 4.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,867,201 shares of the company’s stock worth $32,695,000 after acquiring an additional 75,931 shares in the last quarter.

Allied Gold Price Performance

Shares of Allied Gold stock opened at $25.68 on Tuesday. Allied Gold Corporation has a 1 year low of $11.40 and a 1 year high of $32.20. The firm has a market cap of $3.23 billion and a PE ratio of -24.93. The stock has a fifty day moving average price of $29.47 and a 200-day moving average price of $28.00.

Allied Gold (NYSE:AAUC) last issued its quarterly earnings results on Thursday, May 14th. The company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.03). The company had revenue of $394.11 million during the quarter. Allied Gold had a positive return on equity of 36.56% and a negative net margin of 9.08%. As a group, equities analysts anticipate that Allied Gold Corporation will post 5.45 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently weighed in on AAUC. Weiss Ratings reissued a “sell (d-)” rating on shares of Allied Gold in a research report on Friday, April 24th. Canaccord Genuity Group raised shares of Allied Gold from a “hold” rating to a “buy” rating in a research report on Monday, June 1st. Zacks Research upgraded shares of Allied Gold from a “strong sell” rating to a “hold” rating in a research note on Monday, May 11th. Finally, Stifel Nicolaus cut shares of Allied Gold from a “buy” rating to a “hold” rating in a research report on Tuesday, February 10th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold”.

Allied Gold Profile

Allied Gold (NYSE: AAUC) is a publicly listed company that operates in the gold mining sector. The firm’s business centers on identifying, acquiring and advancing gold-bearing properties with the objective of creating and operating economically viable mining assets. Allied Gold’s activities are typical of junior and mid-tier gold companies, encompassing exploration, resource definition, development planning and the eventual production and sale of gold.

Core business activities for Allied Gold include mineral exploration programs to discover and delineate gold resources, feasibility and engineering studies to assess project economics, permitting and mine development work where projects progress to the construction phase, and operational oversight for producing assets.