Alamos Gold Inc. $AGI Stock Position Cut by Canoe Financial LP

Key Points

• Canoe Financial reduced its Alamos Gold position by 38.4% in the third quarter, selling 42,528 shares and retaining 68,298 shares valued at approximately $2.18 million. Institutional investors collectively own 64.33% of the company.
• Alamos Gold reported quarterly earnings of $0.59 per share, exceeding estimates of $0.52, while revenue rose 35.6% year over year to $594.1 million.
• Analyst sentiment remains generally positive, with eight Buy ratings and one Sell rating, resulting in a “Moderate Buy” consensus and an average price target of $47.50 versus the reported share price of $31.73.

Canoe Financial LP lowered its holdings in shares of Alamos Gold Inc. (NYSE:AGI - Free Report) TSE: AGI by 38.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 68,298 shares of the basic materials company's stock after selling 42,528 shares during the quarter. Canoe Financial LP's holdings in Alamos Gold were worth $2,179,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. Parallel Advisors LLC bought a new stake in shares of Alamos Gold during the first quarter worth $35,000. Mather Group LLC. bought a new position in shares of Alamos Gold in the third quarter worth about $29,000. Versant Capital Management Inc increased its stake in Alamos Gold by 258.0% in the 3rd quarter. Versant Capital Management Inc now owns 1,228 shares of the basic materials company's stock worth $40,000 after buying an additional 885 shares during the period. Sunbelt Securities Inc. bought a new stake in Alamos Gold during the 1st quarter valued at about $59,000. Finally, CoreCap Advisors LLC lifted its holdings in Alamos Gold by 146.8% during the 3rd quarter. CoreCap Advisors LLC now owns 1,900 shares of the basic materials company's stock valued at $62,000 after buying an additional 1,130 shares in the last quarter. Institutional investors own 64.33% of the company's stock.

Alamos Gold Stock Down 0.3%

Shares of Alamos Gold stock opened at $31.73 on Thursday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.07 and a quick ratio of 1.67. Alamos Gold Inc. has a 1 year low of $27.05 and a 1 year high of $55.41. The firm's 50-day moving average is $34.56 and its two-hundred day moving average is $36.06. The stock has a market cap of $13.28 billion, a price-to-earnings ratio of 11.45, a PEG ratio of 0.49 and a beta of 0.59.

Alamos Gold (NYSE:AGI - Get Free Report) TSE: AGI last posted its earnings results on Wednesday, July 29th. The basic materials company reported $0.59 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 for the quarter, compared to the consensus estimate of $593.58 million. During the same quarter last year, the firm posted $0.34 EPS. The company's revenue for the quarter was up 35.6% on a year-over-year basis. As a group, research analysts expect that Alamos Gold Inc. will post 2.06 earnings per share for the current fiscal year.

Alamos Gold Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 24th. Investors of record on Thursday, September 10th were paid a $0.04 dividend. The ex-dividend date of this dividend was Thursday, September 10th. This represents a $0.16 dividend on an annualized basis and a yield of 0.5%. Alamos Gold's payout ratio is 5.78%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Zacks Research downgraded shares of Alamos Gold from a "hold" rating to a "strong sell" rating in a research note on Monday, October 5th. Jefferies Financial Group decreased their price target on shares of Alamos Gold from $50.00 to $49.00 and set a "buy" rating for the company in a research note on Monday, July 6th. Bank of America decreased their price target on shares of Alamos Gold from $50.00 to $39.00 and set a "buy" rating for the company in a research note on Thursday, July 9th. Weiss Ratings raised Alamos Gold from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, October 8th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $42.00 price objective on shares of Alamos Gold in a report on Wednesday, September 16th. Eight analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Alamos Gold presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.50.

Alamos Gold Company Profile

Alamos Gold Inc is a Canadian-based intermediate gold producer engaged in the exploration, development and operation of gold mines. The company produces gold doré and concentrate from its mining operations and also evaluates opportunities to expand existing assets and develop new projects.

Alamos Gold's principal operations are located in Ontario, Canada, including the Young-Davidson underground mine and the Island Gold underground mine. The company also operates the Magino open-pit mine in Ontario, which became part of its portfolio through the acquisition of Argonaut Gold.

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