AngloGold Ashanti (NYSE:AU) Trading 5.5% Higher – Time to Buy?

Shares of AngloGold Ashanti plc (NYSE:AU) shot up 5.5% during mid-day trading on Tuesday . The company traded as high as $24.90 and last traded at $24.82. 925,334 shares were traded during mid-day trading, a decline of 45% from the average session volume of 1,687,330 shares. The stock had previously closed at $23.53.

Analyst Ratings Changes

Several analysts have weighed in on AU shares. Royal Bank of Canada raised AngloGold Ashanti from a “sector perform” rating to an “outperform” rating and set a $31.00 target price on the stock in a research note on Tuesday, December 3rd. Scotiabank raised shares of AngloGold Ashanti from a “sector underperform” rating to a “sector perform” rating and set a $30.00 price objective for the company in a report on Thursday, November 21st. StockNews.com lowered shares of AngloGold Ashanti from a “buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Investec upgraded shares of AngloGold Ashanti from a “hold” rating to a “buy” rating in a research report on Friday, October 18th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of AngloGold Ashanti from $37.00 to $32.00 and set an “overweight” rating for the company in a report on Friday, December 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $31.75.

AngloGold Ashanti Stock Up 4.0 %

The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.14 and a current ratio of 1.73. The stock’s fifty day simple moving average is $25.09 and its two-hundred day simple moving average is $27.15. The company has a market capitalization of $10.27 billion, a price-to-earnings ratio of 7.64 and a beta of 0.94.

Hedge Funds Weigh In On AngloGold Ashanti

Hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC purchased a new position in shares of AngloGold Ashanti in the third quarter worth approximately $126,000. JPMorgan Chase & Co. boosted its stake in AngloGold Ashanti by 378.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,782 shares of the mining company’s stock worth $127,000 after purchasing an additional 3,782 shares during the period. Blue Trust Inc. grew its position in AngloGold Ashanti by 72.6% during the 3rd quarter. Blue Trust Inc. now owns 5,991 shares of the mining company’s stock worth $151,000 after purchasing an additional 2,520 shares in the last quarter. Ritholtz Wealth Management acquired a new stake in AngloGold Ashanti during the 3rd quarter valued at $222,000. Finally, International Assets Investment Management LLC purchased a new stake in shares of AngloGold Ashanti in the third quarter valued at $3,010,000. 36.09% of the stock is currently owned by institutional investors and hedge funds.

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.