Alamos Gold (NYSE:AGI) Price Target Raised to $50.00 at Scotiabank

Key Points

• Scotiabank raised its price target for Alamos Gold from $39.00 to $50.00, indicating a potential upside of 55.25% from its current stock price.
• Several analysts have upgraded their ratings for Alamos Gold, with three giving it a Strong Buy and eight giving a Buy rating, reflecting a positive consensus on the stock's performance.
• Alamos Gold reported a 31.7% year-over-year revenue increase, with earnings per share at $0.34, surpassing analyst expectations of $0.33.

Alamos Gold (NYSE:AGI - Get Free Report) TSE: AGI had its target price upped by stock analysts at Scotiabank from $39.00 to $50.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a "sector outperform" rating on the basic materials company's stock. Scotiabank's price objective suggests a potential upside of 55.25% from the stock's previous close.

A number of other equities analysts have also commented on the stock. Stifel Canada upgraded shares of Alamos Gold to a "strong-buy" rating in a report on Tuesday, July 8th. National Bankshares reiterated an "outperform" rating on shares of Alamos Gold in a report on Tuesday, August 5th. CIBC reiterated an "outperform" rating on shares of Alamos Gold in a report on Tuesday, July 15th. Zacks Research upgraded shares of Alamos Gold from a "hold" rating to a "strong-buy" rating in a report on Friday, October 3rd. Finally, Stifel Nicolaus assumed coverage on shares of Alamos Gold in a report on Wednesday, July 9th. They issued a "buy" rating on the stock. Three equities research analysts have rated the stock with a Strong Buy rating and eight have given a Buy rating to the company. According to MarketBeat.com, Alamos Gold has an average rating of "Buy" and a consensus price target of $41.00.

Alamos Gold Stock Performance

AGI stock traded up $0.36 during mid-day trading on Thursday, hitting $32.21. 841,777 shares of the company were exchanged, compared to its average volume of 3,573,468. The company has a current ratio of 1.49, a quick ratio of 1.00 and a debt-to-equity ratio of 0.07. Alamos Gold has a 1-year low of $17.42 and a 1-year high of $37.54. The business has a 50 day simple moving average of $32.02 and a 200-day simple moving average of $28.42. The stock has a market capitalization of $13.55 billion, a PE ratio of 38.77, a price-to-earnings-growth ratio of 0.50 and a beta of 0.50.

Alamos Gold (NYSE:AGI - Get Free Report) TSE: AGI last posted its earnings results on Wednesday, July 30th. The basic materials company reported $0.34 earnings per share for the quarter, topping analysts' consensus estimates of $0.33 by $0.01. The firm had revenue of $438.20 million for the quarter, compared to analysts' expectations of $400.61 million. Alamos Gold had a net margin of 22.99% and a return on equity of 10.67%. The company's revenue was up 31.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.24 earnings per share. On average, equities analysts forecast that Alamos Gold will post 1.29 earnings per share for the current year.

Institutional Trading of Alamos Gold

Several institutional investors and hedge funds have recently made changes to their positions in AGI. Norges Bank purchased a new position in Alamos Gold in the 2nd quarter worth $144,808,000. Geode Capital Management LLC boosted its stake in Alamos Gold by 639.2% during the second quarter. Geode Capital Management LLC now owns 3,380,859 shares of the basic materials company's stock worth $91,379,000 after acquiring an additional 2,923,478 shares in the last quarter. CIBC Asset Management Inc boosted its stake in Alamos Gold by 29.3% during the second quarter. CIBC Asset Management Inc now owns 11,132,337 shares of the basic materials company's stock worth $296,623,000 after acquiring an additional 2,521,347 shares in the last quarter. Mackenzie Financial Corp boosted its stake in Alamos Gold by 32.3% during the second quarter. Mackenzie Financial Corp now owns 8,979,615 shares of the basic materials company's stock worth $238,990,000 after acquiring an additional 2,192,593 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. bought a new position in shares of Alamos Gold in the first quarter worth approximately $37,738,000. Hedge funds and other institutional investors own 64.33% of the company's stock.

Alamos Gold Company Profile

Alamos Gold Inc engages in the acquisition, exploration, development, and extraction of precious metals in Canada and Mexico. The company primarily explores for gold deposits. It holds 100% interest in the Young-Davidson mine and Island Gold mine located in the Ontario, Canada; Mulatos mine located in the Sonora, Mexico; and Lynn Lake project situated in the Manitoba, Canada.

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