Royal Bank of Canada Lowers Stock Holdings in Allied Gold Corporation $AAUC

Royal Bank of Canada cut its position in Allied Gold Corporation (NYSE:AAUC) by 95.5% in the first quarter, HoldingsChannel reports. The institutional investor owned 5,120 shares of the company’s stock after selling 109,080 shares during the period. Royal Bank of Canada’s holdings in Allied Gold were worth $160,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Orion Resource Partners LP purchased a new stake in shares of Allied Gold in the 2nd quarter valued at $103,634,000. UBS Group AG grew its position in Allied Gold by 3,921.0% in the 4th quarter. UBS Group AG now owns 4,042,883 shares of the company’s stock valued at $92,501,000 after acquiring an additional 3,942,340 shares in the last quarter. Helikon Investments Ltd grew its position in Allied Gold by 12.0% in the 4th quarter. Helikon Investments Ltd now owns 16,498,498 shares of the company’s stock valued at $377,486,000 after acquiring an additional 1,761,864 shares in the last quarter. Absolute Gestao de Investimentos Ltda. purchased a new stake in Allied Gold during the first quarter worth about $51,353,000. Finally, L1 Capital Pty Ltd purchased a new stake in Allied Gold during the fourth quarter worth about $33,826,000.

Analysts Set New Price Targets

AAUC has been the topic of several research reports. National Bank Financial cut shares of Allied Gold to a “hold” rating in a research report on Wednesday, July 29th. Canadian Imperial Bank of Commerce upgraded shares of Allied Gold to an “outperform” rating in a report on Thursday, July 30th. Zacks Research raised shares of Allied Gold from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Canaccord Genuity Group upgraded shares of Allied Gold from a “hold” rating to a “buy” rating in a report on Monday, June 1st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Allied Gold in a research report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy”.

Allied Gold Price Performance

AAUC opened at $23.35 on Friday. The business has a fifty day moving average price of $22.18 and a 200 day moving average price of $27.13. Allied Gold Corporation has a 12 month low of $13.78 and a 12 month high of $32.20. The stock has a market capitalization of $3.25 billion, a price-to-earnings ratio of -43.24 and a beta of -0.22.

Allied Gold (NYSE:AAUC) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.19. Allied Gold had a positive return on equity of 41.36% and a negative net margin of 4.19%. On average, research analysts anticipate that Allied Gold Corporation will post 3.03 earnings per share for the current 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.