Korea Investment CORP Grows Stake in Alamos Gold Inc. $AGI

Key Points

• Korea Investment CORP increased its stake by 125.1% in Q3, buying an additional 258,514 shares to hold 465,219 shares (0.11% of Alamos Gold) worth about $16.22 million.
• Other institutions also ramped up exposure—Norges Bank opened a ~$144.8 million stake and firms like Geode, CIBC and Mackenzie materially increased positions, leaving institutional investors with 64.33% ownership.
• Alamos beat EPS estimates ($0.54 vs. $0.49) with revenue up 53.1% YoY but slightly below consensus, raised its quarterly dividend to $0.04 (0.3% yield), has a $21.27 billion market cap and an average analyst rating of "Buy" (avg. price target $45.50).

Korea Investment CORP increased its position in shares of Alamos Gold Inc. (NYSE:AGI - Free Report) TSE: AGI by 125.1% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 465,219 shares of the basic materials company's stock after purchasing an additional 258,514 shares during the quarter. Korea Investment CORP owned 0.11% of Alamos Gold worth $16,219,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Alamos Gold in the second quarter valued at approximately $144,808,000. Geode Capital Management LLC raised its position in shares of Alamos Gold by 639.2% during the 2nd quarter. Geode Capital Management LLC now owns 3,380,859 shares of the basic materials company's stock worth $91,379,000 after purchasing an additional 2,923,478 shares during the last quarter. CIBC Asset Management Inc raised its position in shares of Alamos Gold by 29.3% during the 2nd quarter. CIBC Asset Management Inc now owns 11,132,337 shares of the basic materials company's stock worth $296,623,000 after purchasing an additional 2,521,347 shares during the last quarter. Mackenzie Financial Corp lifted its stake in Alamos Gold by 32.3% in 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 buying an additional 2,192,593 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Alamos Gold by 105.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,394,604 shares of the basic materials company's stock valued at $64,032,000 after buying an additional 1,227,695 shares during the last quarter. 64.33% of the stock is currently owned by hedge funds and other institutional investors.

Alamos Gold Trading Down 1.0%

Shares of AGI stock opened at $50.65 on Wednesday. The firm's 50-day simple moving average is $44.06 and its 200-day simple moving average is $37.60. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.00 and a quick ratio of 1.60. Alamos Gold Inc. has a 1-year low of $23.33 and a 1-year high of $55.41. The firm has a market cap of $21.27 billion, a P/E ratio of 24.12, a PEG ratio of 0.68 and a beta of 0.54.

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

Alamos Gold Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Stockholders of record on Thursday, March 12th will be paid a dividend of $0.04 per share. The ex-dividend date of this dividend is Thursday, March 12th. This represents a $0.16 annualized dividend and a dividend yield of 0.3%. This is a boost from Alamos Gold's previous quarterly dividend of $0.03. Alamos Gold's dividend payout ratio is presently 7.62%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on AGI shares. Scotiabank boosted their price target on 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 Alamos Gold from a "strong-buy" rating to a "buy" rating in a research note on Sunday, March 1st. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Alamos Gold in a research report on Wednesday, February 4th. Desjardins started coverage on shares of Alamos Gold in a report on Friday, November 28th. They issued a "buy" rating on the stock. Finally, Weiss Ratings reaffirmed a "buy (a)" rating on shares of Alamos Gold in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Alamos Gold has an average rating of "Buy" and an average price target of $45.50.

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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