Addenda Capital Inc. Has $23.24 Million Position in Alamos Gold Inc. $AGI

Key Points

• Addenda Capital reduced its Alamos Gold stake by 61.5% in the second quarter, selling 1.22 million shares and retaining 765,971 shares valued at $23.24 million. Institutional investors and hedge funds collectively own 64.33% of the company.
• Analysts maintain a generally positive outlook, with eight Buy ratings and two Holds, producing a consensus “Moderate Buy” rating and an average price target of $47.50, despite several recent target-price cuts.
• Alamos Gold exceeded quarterly earnings expectations with $0.59 EPS versus $0.52 forecast and reported 35.6% year-over-year revenue growth to $594.1 million. The company also declared a quarterly dividend of $0.04 per share, representing a 0.4% yield.

Addenda Capital Inc. lessened its stake in shares of Alamos Gold Inc. (NYSE:AGI - Free Report) TSE: AGI by 61.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 765,971 shares of the basic materials company's stock after selling 1,221,088 shares during the period. Addenda Capital Inc. owned 0.18% of Alamos Gold worth $23,240,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Atlantic Union Bankshares Corp acquired a new stake in shares of Alamos Gold during the 4th quarter worth approximately $25,000. Clearstead Advisors LLC lifted its stake in Alamos Gold by 62.7% during the fourth quarter. Clearstead Advisors LLC now owns 651 shares of the basic materials company's stock worth $25,000 after purchasing an additional 251 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in Alamos Gold by 44.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 722 shares of the basic materials company's stock worth $28,000 after purchasing an additional 222 shares during the last quarter. Parallel Advisors LLC acquired a new stake in shares of Alamos Gold in the 1st quarter valued at $35,000. Finally, Sunbelt Securities Inc. acquired a new stake in shares of Alamos Gold in the 1st quarter valued at $59,000. 64.33% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on AGI. Royal Bank Of Canada reduced their price objective on Alamos Gold from $52.00 to $42.00 and set an "outperform" rating on the stock in a research note on Thursday, July 9th. Weiss Ratings cut shares of Alamos Gold from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, July 23rd. Jefferies Financial Group reduced their price target on shares of Alamos Gold from $50.00 to $49.00 and set a "buy" rating on the stock in a research note on Monday, July 6th. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of Alamos Gold in a report on Saturday, June 20th. Finally, Bank of America lowered their price objective on shares of Alamos Gold from $50.00 to $39.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $47.50.

Alamos Gold Stock Performance

NYSE:AGI opened at $36.78 on Monday. The stock's 50-day moving average is $31.62 and its 200-day moving average is $39.35. Alamos Gold Inc. has a 1-year low of $27.05 and a 1-year high of $55.41. The company has a current ratio of 2.07, a quick ratio of 1.67 and a debt-to-equity ratio of 0.04. The stock has a market cap of $15.40 billion, a P/E ratio of 13.28, a price-to-earnings-growth ratio of 0.49 and a beta of 0.56.

Alamos Gold (NYSE:AGI - Get Free Report) TSE: AGI last issued its quarterly earnings data on Wednesday, July 29th. The basic materials company reported $0.59 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.52 by $0.07. Alamos Gold had a net margin of 52.64% and a return on equity of 19.28%. The business had revenue of $594.10 million during the quarter, compared to analyst estimates of $593.58 million. During the same quarter last year, the business earned $0.34 EPS. The firm's quarterly revenue was up 35.6% on a year-over-year basis. Equities research analysts anticipate that Alamos Gold Inc. will post 2.12 earnings per share for the current year.

Alamos Gold Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be paid a $0.04 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $0.16 annualized dividend and a dividend yield of 0.4%. Alamos Gold's payout ratio is currently 5.78%.

About Alamos Gold

Alamos Gold Inc is a Canadian-based intermediate gold producer engaged in the exploration, development and operation of mining projects in North America. Its principal activities include the acquisition, exploration and development of gold-bearing properties, and the management of operating mines. The company focuses on sustainable production practices and maintains a portfolio that spans both producing assets and advanced-stage development projects.

Alamos Gold operates multiple open pit and underground mines, including the Young-Davidson and Island Gold mines in Ontario, Canada, and the Mulatos mine in Sonora, Mexico.

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