Asanko Gold (AKG) Stock Rating Lowered by Zacks Investment Research
Asanko Gold (NYSEAMERICAN:AKG) (TSE:AKG) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Asanko Gold Inc. is a gold producer with its flagship asset, the Asanko Gold Mine, located in Ghana, West Africa. Asanko Gold Inc., formerly known as Keegan Resources Inc., is based in Vancouver, Canada. “
Separately, Clarus Securities reiterated a “speculative buy” rating on shares of Asanko Gold in a report on Thursday, April 19th. Three equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Asanko Gold presently has an average rating of “Hold” and a consensus target price of $1.17.
Asanko Gold (NYSEAMERICAN:AKG) (TSE:AKG) last released its earnings results on Thursday, March 15th. The basic materials company reported ($0.03) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.05. Asanko Gold had a net margin of 9.25% and a return on equity of 4.34%. The company had revenue of $59.63 million during the quarter.
Institutional investors and hedge funds have recently made changes to their positions in the company. Millennium Management LLC increased its holdings in shares of Asanko Gold by 85.7% in the 4th quarter. Millennium Management LLC now owns 144,700 shares of the basic materials company’s stock valued at $102,000 after purchasing an additional 66,796 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Asanko Gold by 3,221.3% in the 4th quarter. Renaissance Technologies LLC now owns 2,975,880 shares of the basic materials company’s stock valued at $2,101,000 after purchasing an additional 2,886,280 shares in the last quarter. Finally, Franklin Resources Inc. increased its holdings in shares of Asanko Gold by 3.1% in the 4th quarter. Franklin Resources Inc. now owns 9,939,675 shares of the basic materials company’s stock valued at $7,037,000 after purchasing an additional 298,000 shares in the last quarter.
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About Asanko Gold
Asanko Gold Inc engages in the exploration, development, and production of gold properties. Its principal project is the Asanko Gold Mine, which consists of two gold projects, such as the Obotan Project and the Esaase Project located in the Amansie West District of the Republic of Ghana, West Africa.
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