Canoe Financial LP Cuts Stock Holdings in Alamos Gold Inc. $AGI

Key Points

• Canoe Financial LP lowered its stake in Alamos Gold by 25.1% in Q4, selling 60,373 shares and finishing the period with 180,127 shares valued at $6.956 million.
• Other large institutions increased or initiated positions—VanEck raised holdings 35.3% to 45,544,137 shares (about $1.588B) and Norges Bank opened a new ~$144.8M position—leaving institutional ownership at 64.33%.
• Analysts maintain a consensus Buy with an average target of $45.50; Alamos recently beat EPS estimates ($0.54 vs. $0.49) and raised its quarterly dividend to $0.04.

Canoe Financial LP lowered its holdings in Alamos Gold Inc. (NYSE:AGI - Free Report) TSE: AGI by 25.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 180,127 shares of the basic materials company's stock after selling 60,373 shares during the quarter. Canoe Financial LP's holdings in Alamos Gold were worth $6,956,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Van ECK Associates Corp increased its holdings in Alamos Gold by 35.3% during the third quarter. Van ECK Associates Corp now owns 45,544,137 shares of the basic materials company's stock valued at $1,587,666,000 after buying an additional 11,876,324 shares during the period. Norges Bank bought a new position in Alamos Gold in the second quarter worth approximately $144,808,000. CIBC Asset Management Inc lifted its holdings in Alamos Gold by 29.3% during the second quarter. CIBC Asset Management Inc now owns 11,132,337 shares of the basic materials company's stock worth $296,623,000 after buying an additional 2,521,347 shares during the period. Mackenzie Financial Corp lifted its holdings in Alamos Gold by 32.3% during the second quarter. Mackenzie Financial Corp now owns 8,979,615 shares of the basic materials company's stock worth $238,990,000 after buying an additional 2,192,593 shares during the period. Finally, Bank of America Corp DE boosted its position in Alamos Gold by 137.3% during the 3rd quarter. Bank of America Corp DE now owns 2,624,565 shares of the basic materials company's stock valued at $91,492,000 after acquiring an additional 1,518,374 shares in the last quarter. Hedge funds and other institutional investors own 64.33% of the company's stock.

Analyst Ratings Changes

AGI has been the topic of a number of analyst reports. Wall Street Zen downgraded Alamos Gold from a "strong-buy" rating to a "buy" rating in a report on Sunday, March 1st. Jefferies Financial Group reaffirmed a "buy" rating and set a $49.00 price objective on shares of Alamos Gold in a research report on Sunday, December 7th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Alamos Gold in a research note on Wednesday, February 4th. Scotiabank increased their target price on shares of Alamos Gold from $55.00 to $60.00 and gave the company a "sector outperform" rating in a research report on Friday, February 6th. Finally, Weiss Ratings reaffirmed a "buy (a)" rating on shares of Alamos Gold in a report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $45.50.

Alamos Gold Price Performance

Shares of AGI stock opened at $42.47 on Friday. Alamos Gold Inc. has a fifty-two week low of $23.49 and a fifty-two week high of $55.41. The firm has a market capitalization of $17.83 billion, a price-to-earnings ratio of 20.22, a PEG ratio of 0.57 and a beta of 0.55. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.60 and a current ratio of 2.00. The stock's 50-day simple moving average is $44.73 and its 200-day simple moving average is $38.67.

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

Alamos Gold Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 26th. Shareholders of record on Thursday, March 12th were issued a $0.04 dividend. This is an increase from Alamos Gold's previous quarterly dividend of $0.03. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Thursday, March 12th. Alamos Gold's dividend payout ratio is 7.62%.

Alamos Gold 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.

Want to see what other hedge funds are holding AGI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alamos Gold Inc. (NYSE:AGI - Free Report) TSE: AGI.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.