Bank of America Corp DE Increases Stake in Alamos Gold Inc. $AGI

Key Points

• Bank of America increased its Alamos Gold stake by 5.6% in the first quarter, adding 128,299 shares to own 2.44 million shares, or approximately 0.58% of the company. Institutional investors collectively hold 64.33% of AGI.
• Alamos Gold reported quarterly EPS of $0.59, beating estimates of $0.52, while revenue rose 35.6% year over year to $594.1 million. The company also maintains a quarterly dividend of $0.04 per share, yielding about 0.5%.
• Analysts remain broadly positive, with eight Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $47.50, despite several firms recently lowering their targets.

Bank of America Corp DE raised its holdings in shares of Alamos Gold Inc. (NYSE:AGI - Free Report) TSE: AGI by 5.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,438,796 shares of the basic materials company's stock after buying an additional 128,299 shares during the period. Bank of America Corp DE owned about 0.58% of Alamos Gold worth $108,356,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Sunbelt Securities Inc. purchased a new stake in Alamos Gold in the 1st quarter valued at about $59,000. Amundi lifted its holdings in Alamos Gold by 6.1% during the first quarter. Amundi now owns 3,411,224 shares of the basic materials company's stock worth $151,561,000 after buying an additional 197,486 shares during the period. Parvin Asset Management LLC lifted its holdings in Alamos Gold by 1.8% during the first quarter. Parvin Asset Management LLC now owns 35,390 shares of the basic materials company's stock worth $1,572,000 after buying an additional 625 shares during the period. EverSource Wealth Advisors LLC boosted its position in Alamos Gold by 73.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,497 shares of the basic materials company's stock valued at $111,000 after acquiring an additional 1,056 shares in the last quarter. Finally, Encompass Capital Advisors LLC bought a new stake in Alamos Gold during the 1st quarter valued at $13,332,000. Institutional investors own 64.33% of the company's stock.

Alamos Gold Price Performance

Shares of NYSE AGI opened at $33.23 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.67 and a current ratio of 2.07. The company has a market cap of $13.91 billion, a PE ratio of 11.99, a P/E/G ratio of 0.41 and a beta of 0.56. The business has a 50-day simple moving average of $31.95 and a two-hundred day simple moving average of $39.90. Alamos Gold Inc. has a fifty-two week low of $25.31 and a fifty-two week high of $55.41.

Alamos Gold (NYSE:AGI - Get Free Report) TSE: AGI last posted its quarterly earnings data on Wednesday, July 29th. The basic materials company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.07. Alamos Gold had a net margin of 52.64% and a return on equity of 19.28%. The firm had revenue of $594.10 million for the quarter, compared to the consensus estimate of $593.58 million. During the same quarter in the prior year, the company posted $0.34 earnings per share. The company's revenue for the quarter was up 35.6% compared to the same quarter last year. As a group, equities analysts expect that Alamos Gold Inc. will post 2.18 EPS for the current fiscal year.

Alamos Gold Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 25th. Stockholders of record on Thursday, June 11th were issued a dividend of $0.04 per share. The ex-dividend date of this dividend was Thursday, June 11th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.5%. Alamos Gold's payout ratio is 5.78%.

Analysts Set New Price Targets

Several research firms have recently commented on AGI. Wall Street Zen lowered Alamos Gold from a "buy" rating to a "hold" rating in a research report on Sunday, August 2nd. Bank of America cut their target price on Alamos Gold from $50.00 to $39.00 and set a "buy" rating on the stock in a research note on Thursday, July 9th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Alamos Gold in a report on Saturday, June 20th. 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 report on Monday, July 6th. Finally, Royal Bank Of Canada cut their price objective on shares of Alamos Gold from $52.00 to $42.00 and set an "outperform" rating on the stock in a research report on Thursday, July 9th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target 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 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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