Bank of Nova Scotia Reduces Stock Holdings in Alamos Gold Inc. $AGI

Key Points

• Bank of Nova Scotia reduced its stake in Alamos Gold by 6.4% in the first quarter, selling 38,919 shares and ending with 564,712 shares valued at about $25.1 million.
• Alamos Gold reported Q1 EPS of $0.54, matching analyst estimates, while revenue came in at $596.7 million, below expectations but up 79.2% year over year.
• Several analysts recently adjusted views on the stock, with nine Buy ratings and two Hold ratings overall and a consensus price target of $47.50, despite some recent target cuts.

Bank of Nova Scotia lessened its position in shares of Alamos Gold Inc. (NYSE:AGI - Free Report) TSE: AGI by 6.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 564,712 shares of the basic materials company's stock after selling 38,919 shares during the quarter. Bank of Nova Scotia owned approximately 0.13% of Alamos Gold worth $25,118,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. State of Wyoming grew its stake in Alamos Gold by 169.4% in the 1st quarter. State of Wyoming now owns 4,944 shares of the basic materials company's stock valued at $220,000 after acquiring an additional 3,109 shares during the last quarter. Cetera Investment Advisers lifted its holdings in shares of Alamos Gold by 14.7% in the first quarter. Cetera Investment Advisers now owns 23,125 shares of the basic materials company's stock valued at $1,026,000 after purchasing an additional 2,972 shares in the last quarter. Petra Financial Advisors Inc. lifted its holdings in shares of Alamos Gold by 2.3% in the first quarter. Petra Financial Advisors Inc. now owns 23,153 shares of the basic materials company's stock valued at $1,029,000 after purchasing an additional 518 shares in the last quarter. First Trust Advisors LP grew its position in shares of Alamos Gold by 14.7% in the first quarter. First Trust Advisors LP now owns 113,005 shares of the basic materials company's stock valued at $5,023,000 after purchasing an additional 14,523 shares during the last quarter. Finally, Chase Investment Counsel Corp grew its position in shares of Alamos Gold by 179.4% in the first quarter. Chase Investment Counsel Corp now owns 24,876 shares of the basic materials company's stock valued at $1,105,000 after purchasing an additional 15,974 shares during the last quarter. 64.33% of the stock is currently owned by hedge funds and other institutional investors.

Alamos Gold Trading Up 0.7%

Shares of AGI opened at $29.59 on Friday. Alamos Gold Inc. has a fifty-two week low of $23.92 and a fifty-two week high of $55.41. The company has a market capitalization of $12.39 billion, a PE ratio of 11.79, a price-to-earnings-growth ratio of 0.38 and a beta of 0.55. The stock has a fifty day moving average of $33.90 and a two-hundred day moving average of $40.71. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.61 and a current ratio of 2.01.

Alamos Gold (NYSE:AGI - Get Free Report) TSE: AGI last posted its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $0.54 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.54. The business had revenue of $596.70 million for the quarter, compared to analysts' expectations of $612.35 million. Alamos Gold had a return on equity of 18.03% and a net margin of 51.24%.The business's revenue was up 79.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.14 earnings per share. As a group, analysts forecast that Alamos Gold Inc. will post 2.19 EPS for the current year.

Alamos Gold Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Thursday, June 11th were given a dividend of $0.04 per share. The ex-dividend date was Thursday, June 11th. This represents a $0.16 annualized dividend and a yield of 0.5%. Alamos Gold's dividend payout ratio is 6.37%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Weiss Ratings downgraded Alamos Gold from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Alamos Gold in a report on Saturday, June 20th. Bank of America cut their price target on Alamos Gold from $50.00 to $39.00 and set a "buy" rating for the company in a report on Thursday, July 9th. Jefferies Financial Group reduced their price objective on Alamos Gold from $50.00 to $49.00 and set a "buy" rating on the stock in a research report on Monday, July 6th. Finally, Royal Bank Of Canada dropped their price objective on Alamos Gold from $52.00 to $42.00 and set an "outperform" rating for the company in a research report on Thursday, July 9th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average 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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