Alamos Gold Inc. $AGI Shares Acquired by Van ECK Associates Corp

Key Points

• Van ECK Associates Corp increased its stake in Alamos Gold by 35.3% in Q3, buying 11,876,324 shares to hold 45,544,137 shares (10.83% of the company) valued at about $1.59 billion, making AGI its 15th-largest position.
• Other major institutions—including Vanguard, CIBC Asset Management, Mackenzie and Geode—also boosted positions and Norges Bank initiated a new stake, leaving institutional investors owning roughly 64.33% of Alamos Gold.
• Alamos reported Q earnings of $0.54 EPS (vs. $0.49 estimate) with revenue up 53.1% year-over-year; Wall Street’s consensus rating is Buy with a $45.50 target, and the company raised its quarterly dividend to $0.04 (annualized $0.16, ~0.3% yield).

Van ECK Associates Corp increased its stake in shares of Alamos Gold Inc. (NYSE:AGI - Free Report) TSE: AGI by 35.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,544,137 shares of the basic materials company's stock after buying an additional 11,876,324 shares during the quarter. Alamos Gold comprises approximately 1.5% of Van ECK Associates Corp's holdings, making the stock its 15th largest position. Van ECK Associates Corp owned 10.83% of Alamos Gold worth $1,587,666,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Alamos Gold by 3.1% during the third quarter. Vanguard Group Inc. now owns 17,233,606 shares of the basic materials company's stock valued at $600,712,000 after acquiring an additional 524,263 shares during the period. CIBC Asset Management Inc lifted its position in Alamos Gold by 29.3% in the 2nd quarter. CIBC Asset Management Inc now owns 11,132,337 shares of the basic materials company's stock valued at $296,623,000 after purchasing an additional 2,521,347 shares during the last quarter. Mackenzie Financial Corp boosted its stake in Alamos Gold by 32.3% during the 2nd quarter. Mackenzie Financial Corp now owns 8,979,615 shares of the basic materials company's stock valued at $238,990,000 after purchasing an additional 2,192,593 shares during the period. Norges Bank bought a new position in Alamos Gold in the 2nd quarter worth about $144,808,000. Finally, Geode Capital Management LLC increased its stake in shares of Alamos Gold by 639.2% in the second quarter. Geode Capital Management LLC now owns 3,380,859 shares of the basic materials company's stock valued at $91,379,000 after purchasing an additional 2,923,478 shares during the period. 64.33% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on AGI. Desjardins assumed coverage on Alamos Gold in a report on Friday, November 28th. They issued a "buy" rating for the company. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of Alamos Gold in a report on Wednesday, February 4th. Scotiabank upped their price objective on shares of Alamos Gold from $55.00 to $60.00 and gave the stock a "sector outperform" rating in a report on Friday, February 6th. Wall Street Zen lowered shares of Alamos Gold from a "strong-buy" rating to a "buy" rating in a research report on Sunday, March 1st. Finally, Weiss Ratings restated a "buy (a)" rating on shares of Alamos Gold in a research report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $45.50.

Alamos Gold Price Performance

AGI stock opened at $51.24 on Tuesday. Alamos Gold Inc. has a one year low of $22.77 and a one year high of $55.41. The firm has a 50-day moving average of $43.83 and a two-hundred day moving average of $37.45. The firm has a market capitalization of $21.51 billion, a PE ratio of 24.40, a P/E/G ratio of 0.67 and a beta of 0.54. The company has a current ratio of 2.00, a quick ratio of 1.60 and a debt-to-equity ratio of 0.05.

Alamos Gold (NYSE:AGI - Get Free Report) TSE: AGI last issued its quarterly earnings results on Wednesday, February 18th. The basic materials company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.49 by $0.05. Alamos Gold had a net margin of 48.97% and a return on equity of 14.83%. The business had revenue of $575.30 million during the quarter, compared to the consensus estimate of $596.18 million. During the same quarter in the prior year, the firm earned $0.25 EPS. The firm's quarterly revenue was up 53.1% on a year-over-year basis. On average, analysts forecast that Alamos Gold Inc. will post 1.29 earnings per share for the current year.

Alamos Gold Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Thursday, March 12th will be given a dividend of $0.04 per share. The ex-dividend date of this dividend is Thursday, March 12th. This is a positive change from Alamos Gold's previous quarterly dividend of $0.03. This represents a $0.16 annualized dividend and a yield of 0.3%. Alamos Gold's payout ratio is presently 4.76%.

Alamos Gold Company Profile

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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