Bank of America Corp DE Raises Stock Holdings in Allied Gold Corporation $AAUC

Key Points

• Bank of America more than doubled its Allied Gold stake in the first quarter, purchasing 1.33 million additional shares to own 2.52 million shares, or about 2% of the company, valued at $78.3 million.
• Analyst sentiment remains mixed: several firms upgraded Allied Gold, including Stifel Nicolaus to “strong buy,” while others maintained sell or hold ratings. MarketBeat’s consensus rating is “Hold.”
• Allied Gold reported quarterly EPS of $0.44, beating the $0.25 consensus estimate, while shares opened at $21.89 and remain below their 50-day and 200-day moving averages.

Bank of America Corp DE boosted its stake in shares of Allied Gold Corporation (NYSE:AAUC - Free Report) by 111.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,521,475 shares of the company's stock after purchasing an additional 1,326,787 shares during the quarter. Bank of America Corp DE owned about 2.00% of Allied Gold worth $78,267,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. State of Wyoming bought a new stake in shares of Allied Gold in the 1st quarter valued at about $34,000. Global Retirement Partners LLC purchased a new stake in Allied Gold during the fourth quarter valued at approximately $34,000. Tower Research Capital LLC TRC acquired a new stake in Allied Gold in the second quarter valued at approximately $127,000. Virtu Financial LLC purchased a new position in Allied Gold in the fourth quarter worth $245,000. Finally, Kovack Advisors Inc. purchased a new position in Allied Gold in the fourth quarter worth $255,000.

Wall Street Analysts Forecast Growth

AAUC has been the subject of a number of recent analyst reports. Canadian Imperial Bank of Commerce raised Allied Gold to an "outperform" rating in a research report on Thursday, July 30th. Stifel Nicolaus raised Allied Gold from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 29th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Allied Gold in a research note on Tuesday, July 21st. National Bank Financial lowered Allied Gold to a "hold" rating in a research note on Wednesday, July 29th. Finally, Canaccord Genuity Group upgraded shares of Allied Gold from a "hold" rating to a "buy" rating in a report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Allied Gold presently has an average rating of "Hold".

Allied Gold Trading Up 0.5%

Shares of NYSE:AAUC opened at $21.89 on Monday. Allied Gold Corporation has a twelve month low of $11.40 and a twelve month high of $32.20. The company's 50 day moving average is $23.02 and its 200 day moving average is $27.96. The company has a market cap of $2.77 billion, a PE ratio of -40.53 and a beta of -0.20.

Allied Gold (NYSE:AAUC - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.25 by $0.19. Allied Gold had a negative net margin of 4.19% and a positive return on equity of 41.36%. Equities research analysts predict that Allied Gold Corporation will post 3.65 earnings per share for the current fiscal year.

About Allied Gold

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.

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