Tidal Investments LLC Increases Stake in AngloGold Ashanti plc

Tidal Investments LLC has significantly increased its investment in AngloGold Ashanti plc (NYSE:AU – Free Report), growing its stake by an impressive 80.5% during the third quarter of 2024. According to reports from HoldingsChannel, Tidal Investments now holds 25,452 shares of the mining company's stock after acquiring an additional 11,352 shares in the period. As of the latest filing with the Securities and Exchange Commission (SEC), Tidal Investments' holdings in AngloGold Ashanti are valued at approximately $678,000.

Additionally, various hedge funds have made updates to their investments in AngloGold Ashanti recently. For instance, TT International Asset Management LTD increased its stake by 51.3% in the third quarter, gaining ownership of 2,836,110 shares valued at $75,525,000 following the acquisition of 962,141 shares. Geode Capital Management LLC expanded its holdings by 2.7%, now owning 327,108 shares worth around $8,711,000 after purchasing 8,676 additional shares. Furthermore, the Public Employees Retirement System of Ohio entered the market with a new stake in AngloGold Ashanti worth approximately $1,606,000.

State Street Corp also made a noteworthy move by lifting its position in the company by 546.2%, bringing its total to 211,826 shares valued at $5,641,000 after purchasing an extra 179,045 shares. Additionally, Quantinno Capital Management LP enhanced its holdings by 6.1%, now owning 26,080 shares worth about $695,000. Currently, hedge funds and institutional investors collectively hold 36.09% of the company's stock.

AngloGold Ashanti Stock Overview

As of Friday, AngloGold Ashanti's shares opened at $23.90. The mining company's market capitalization stands at $10.03 billion, with a price-to-earnings (P/E) ratio of 7.47 and a beta of 0.94. Its debt-to-equity ratio is 0.46, indicating a reasonable level of debt relative to equity, while the quick ratio is 1.14, and the current ratio is 1.73. Over the past year, the stock recorded a low of $15.80 and a high of $32.57, with its fifty-day moving average at $26.38 and a two-hundred-day moving average at $27.09.

Insights from Market Analysts

Market analysts have shared varied opinions regarding AngloGold Ashanti's stock. In a research note dated November 12, StockNews.com downgraded the company from a “buy” rating to a “hold.” Meanwhile, Royal Bank of Canada upgraded its rating from “sector perform” to “outperform,” setting a target price of $31.00. Similarly, JPMorgan Chase & Co. reduced its target price from $37.00 to $32.00 while maintaining an “overweight” rating. Investec also upgraded the shares from “hold” to “buy” in mid-October, and Scotiabank shifted its stance from “sector underperform” to “sector perform,” establishing a target of $30.00 for the stock. Overall, one analyst rates the stock as a sell, two as hold, and four as buy based on data from MarketBeat, leaving the stock with an average rating of “Hold” and a target price of approximately $31.75.

About AngloGold Ashanti

AngloGold Ashanti plc is primarily focused on gold mining and operates across Africa, Australia, and the Americas. In addition to gold, the company also explores for silver and produces sulphuric acid as by-products of its operations. The company's flagship asset is the Geita mine, which is fully owned and situated in the Lake Victoria goldfields in Tanzania.

Investment, Mining, Shares