Scotiabank Raises Earnings Estimates for AngloGold Ashanti

AngloGold Ashanti plc (NYSE:AU) – Investment analysts at Scotiabank upped their FY2024 earnings per share (EPS) estimates for shares of AngloGold Ashanti in a report released on Wednesday, January 8th. Scotiabank analyst T. Jakusconek now forecasts that the mining company will post earnings of $2.96 per share for the year, up from their prior forecast of $2.82. Scotiabank has a “Sector Perform” rating and a $30.00 price objective on the stock. The consensus estimate for AngloGold Ashanti’s current full-year earnings is $2.50 per share.

AU has been the topic of a number of other reports. StockNews.com downgraded shares of AngloGold Ashanti from a “buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Royal Bank of Canada upgraded AngloGold Ashanti from a “sector perform” rating to an “outperform” rating and set a $31.00 price target on the stock in a report on Tuesday, December 3rd. Investec upgraded AngloGold Ashanti from a “hold” rating to a “buy” rating in a research note on Friday, October 18th. Finally, JPMorgan Chase & Co. dropped their price objective on AngloGold Ashanti from $37.00 to $32.00 and set an “overweight” rating on the stock in a research report on Friday, December 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $31.75.

AngloGold Ashanti Stock Performance

AU stock opened at $25.21 on Thursday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.73 and a quick ratio of 1.14. The company has a market capitalization of $10.58 billion, a P/E ratio of 7.88 and a beta of 0.94. The business has a 50-day moving average price of $24.93 and a 200 day moving average price of $27.14. AngloGold Ashanti has a 1-year low of $15.80 and a 1-year high of $32.57.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in AU. SG Americas Securities LLC acquired a new position in shares of AngloGold Ashanti during the third quarter valued at about $126,000. JPMorgan Chase & Co. raised its holdings in shares of AngloGold Ashanti by 378.2% in the third quarter. JPMorgan Chase & Co. now owns 4,782 shares of the mining company’s stock worth $127,000 after buying an additional 3,782 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of AngloGold Ashanti by 72.6% during the third quarter. Blue Trust Inc. now owns 5,991 shares of the mining company’s stock worth $151,000 after buying an additional 2,520 shares during the period. Ritholtz Wealth Management purchased a new stake in shares of AngloGold Ashanti during the third quarter valued at $222,000. Finally, Ballentine Partners LLC raised its stake in AngloGold Ashanti by 5.9% in the 2nd quarter. Ballentine Partners LLC now owns 12,279 shares of the mining company’s stock worth $309,000 after acquiring an additional 682 shares during the last quarter. 36.09% of the stock is owned by institutional investors and hedge funds.

AngloGold Ashanti Company Profile

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.