BMO Capital Markets Raises AngloGold Ashanti (NYSE:AU) Price Target to $34.00

AngloGold Ashanti (NYSE:AU) had its target price raised by equities researchers at BMO Capital Markets from $28.00 to $34.00 in a report released on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the mining company’s stock. BMO Capital Markets’ target price would suggest a potential upside of 22.13% from the company’s previous close.

Other analysts also recently issued reports about the company. Scotiabank increased their price objective on AngloGold Ashanti from $22.00 to $26.00 and gave the company a “sector perform” rating in a report on Thursday, May 23rd. JPMorgan Chase & Co. lowered their price objective on AngloGold Ashanti from $33.00 to $32.00 and set an “overweight” rating for the company in a research report on Wednesday, July 3rd. Finally, HSBC lowered AngloGold Ashanti from a “hold” rating to a “reduce” rating in a research report on Friday, April 19th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, AngloGold Ashanti has an average rating of “Hold” and an average target price of $27.50.

AngloGold Ashanti Price Performance

AngloGold Ashanti stock traded down $0.04 during mid-day trading on Wednesday, reaching $27.84. 357,422 shares of the company were exchanged, compared to its average volume of 1,918,593. AngloGold Ashanti has a 12 month low of $14.91 and a 12 month high of $30.09. The company has a fifty day simple moving average of $25.89 and a 200-day simple moving average of $22.94.

AngloGold Ashanti (NYSE:AU) last released its quarterly earnings data on Tuesday, August 6th. The mining company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.09. The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same period last year, the business earned $0.17 earnings per share. As a group, research analysts expect that AngloGold Ashanti will post 2.29 EPS for the current fiscal year.

Institutional Investors Weigh In On AngloGold Ashanti

Several institutional investors have recently bought and sold shares of the stock. CWM LLC lifted its stake in AngloGold Ashanti by 36.1% in the first quarter. CWM LLC now owns 1,890 shares of the mining company’s stock valued at $42,000 after purchasing an additional 501 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of AngloGold Ashanti by 108.9% during the 1st quarter. GAMMA Investing LLC now owns 2,505 shares of the mining company’s stock valued at $56,000 after buying an additional 1,306 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of AngloGold Ashanti by 32.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,215 shares of the mining company’s stock worth $79,000 after acquiring an additional 1,032 shares during the period. Blue Trust Inc. increased its holdings in AngloGold Ashanti by 338.3% in the 2nd quarter. Blue Trust Inc. now owns 3,471 shares of the mining company’s stock worth $87,000 after acquiring an additional 2,679 shares during the last quarter. Finally, Toronto Dominion Bank bought a new stake in AngloGold Ashanti in the 1st quarter valued at about $118,000. Institutional investors own 36.09% of the company’s stock.

About AngloGold Ashanti

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.