AngloGold Ashanti (NYSE:AU) Price Target Raised to $31.00

AngloGold Ashanti (NYSE:AU) had its price target raised by JPMorgan Chase & Co. from $23.00 to $31.00 in a research note issued to investors on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the mining company’s stock.

Separately, StockNews.com upgraded AngloGold Ashanti from a sell rating to a hold rating in a report on Friday, February 23rd. One analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Hold and an average target price of $24.25.

AngloGold Ashanti Stock Performance

Shares of AU stock opened at $23.84 on Wednesday. The stock’s fifty day moving average is $21.08 and its 200-day moving average is $18.99. AngloGold Ashanti has a 52 week low of $14.91 and a 52 week high of $30.26.

AngloGold Ashanti Increases Dividend

The company also recently declared a semi-annual dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a dividend of $0.19 per share. This represents a dividend yield of 1.1%. The ex-dividend date was Thursday, March 14th. This is a positive change from AngloGold Ashanti’s previous semi-annual dividend of $0.03.

Hedge Funds Weigh In On AngloGold Ashanti

Several hedge funds have recently added to or reduced their stakes in AU. Vanguard Group Inc. acquired a new position in AngloGold Ashanti in the third quarter valued at about $245,342,000. Barclays PLC acquired a new position in AngloGold Ashanti in the fourth quarter valued at about $180,693,000. First Eagle Investment Management LLC lifted its stake in AngloGold Ashanti by 312.3% in the fourth quarter. First Eagle Investment Management LLC now owns 6,003,149 shares of the mining company’s stock valued at $112,199,000 after buying an additional 4,547,011 shares during the period. BlackRock Inc. lifted its stake in AngloGold Ashanti by 19.5% in the first quarter. BlackRock Inc. now owns 9,948,606 shares of the mining company’s stock valued at $240,657,000 after buying an additional 1,625,854 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in shares of AngloGold Ashanti by 711.8% in the first quarter. JPMorgan Chase & Co. now owns 1,830,538 shares of the mining company’s stock worth $44,280,000 after acquiring an additional 1,605,046 shares in the last quarter. Institutional investors and hedge funds own 36.09% of the company’s stock.

About AngloGold Ashanti

AngloGold Ashanti plc operates as a gold mining company in Africa, the Americas, and Australia. 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 project located in the Lake Victoria goldfields of the Mwanza region in north-western Tanzania.