Freedom Broker Forecasts Strong Price Appreciation for AngloGold Ashanti (NYSE:AU) Stock

Key Points

• Freedom Broker raised AngloGold Ashanti’s price target to $111.50 from $107.00 and maintained a “buy” rating, implying 31.1% potential upside from the reported $85.05 share price.
• Analyst sentiment remains positive overall, with a consensus “Buy” rating and an average price target of $118.06; targets from other firms range as high as $140.
• AngloGold Ashanti reported quarterly revenue of $3.10 billion and earnings of $1.98 per share, slightly missing consensus estimates, while hedge funds and institutional investors own 36.09% of the stock.

AngloGold Ashanti (NYSE:AU - Get Free Report) had its price target upped by research analysts at Freedom Broker from $107.00 to $111.50 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a "buy" rating on the mining company's stock. Freedom Broker's price target points to a potential upside of 31.10% from the stock's current price.

AU has been the topic of several other reports. RBC Dominion Securities set a $110.00 price target on shares of AngloGold Ashanti and gave the stock an "outperform" rating in a research note on Thursday. Freedom Capital raised AngloGold Ashanti to a "strong-buy" rating in a research note on Friday, June 26th. The Goldman Sachs Group began coverage on AngloGold Ashanti in a report on Thursday, October 15th. They set a "buy" rating and a $104.00 target price on the stock. BMO Capital Markets cut shares of AngloGold Ashanti from an "outperform" rating to a "market perform" rating and set a $115.00 price target for the company. in a research report on Thursday, September 10th. Finally, JPMorgan Chase & Co. boosted their target price on AngloGold Ashanti from $134.00 to $140.00 and gave the stock an "overweight" rating in a report on Tuesday, September 15th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $118.06.

AngloGold Ashanti Stock Performance

AU traded down $6.44 during midday trading on Thursday, reaching $85.05. The company had a trading volume of 2,327,902 shares, compared to its average volume of 2,865,878. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.07 and a current ratio of 2.71. The business has a 50-day moving average price of $101.67 and a two-hundred day moving average price of $94.61. AngloGold Ashanti has a 12-month low of $62.55 and a 12-month high of $129.14. The stock has a market cap of $42.94 billion, a PE ratio of 11.40 and a beta of 0.73.

AngloGold Ashanti (NYSE:AU - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The mining company reported $1.98 earnings per share for the quarter, missing analysts' consensus estimates of $2.03 by ($0.05). AngloGold Ashanti had a net margin of 32.19% and a return on equity of 38.77%. The business had revenue of $3.10 billion during the quarter, compared to analysts' expectations of $3.20 billion. On average, sell-side analysts expect that AngloGold Ashanti will post 8.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AngloGold Ashanti

A number of institutional investors and hedge funds have recently made changes to their positions in AU. Moody National Bank Trust Division increased its position in AngloGold Ashanti by 7.8% during the third quarter. Moody National Bank Trust Division now owns 2,777 shares of the mining company's stock valued at $261,000 after acquiring an additional 202 shares during the last quarter. Quadrant Capital Group LLC grew its stake in shares of AngloGold Ashanti by 2.9% during the third quarter. Quadrant Capital Group LLC now owns 7,975 shares of the mining company's stock valued at $731,000 after buying an additional 224 shares during the last quarter. Monument Capital Management raised its holdings in shares of AngloGold Ashanti by 6.5% in the third quarter. Monument Capital Management now owns 4,037 shares of the mining company's stock worth $379,000 after buying an additional 245 shares during the period. Diversify Advisory Services LLC lifted its stake in shares of AngloGold Ashanti by 6.2% during the 3rd quarter. Diversify Advisory Services LLC now owns 4,290 shares of the mining company's stock worth $393,000 after acquiring an additional 252 shares during the last quarter. Finally, Banque Cantonale Vaudoise boosted its stake in shares of AngloGold Ashanti by 0.9% during the first quarter. Banque Cantonale Vaudoise now owns 27,795 shares of the mining company's stock valued at $2,667,000 after purchasing an additional 255 shares during the period. 36.09% of the stock is owned by hedge funds and other institutional investors.

AngloGold Ashanti Company Profile

AngloGold Ashanti plc is a global gold mining company engaged in the exploration, development, and operation of gold mines. Its principal product is refined gold, and the company also produces related byproducts at certain operations. In addition to operating mines, AngloGold Ashanti maintains exploration and development projects intended to expand and sustain its production portfolio.

The company has a geographically diversified portfolio spanning Africa, Australia, and the Americas. Its operations and projects have included assets in Ghana, Tanzania, Guinea, Côte d'Ivoire, the Democratic Republic of the Congo, Australia, Brazil, and Argentina.

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