Alamos Gold (NYSE:AGI) Shares Gap Down on Analyst Downgrade

Alamos Gold Inc. (NYSE:AGI) (TSE:AGI)’s stock price gapped down before the market opened on Monday after Bank of America lowered their price target on the stock from $57.00 to $50.00. The stock had previously closed at $36.34, but opened at $32.19. Bank of America currently has a buy rating on the stock. Alamos Gold shares last traded at $31.4840, with a volume of 3,217,928 shares.

AGI has been the topic of a number of other reports. Weiss Ratings cut shares of Alamos Gold from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Alamos Gold in a research report on Saturday. Finally, Wall Street Zen downgraded shares of Alamos Gold from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 1st. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $53.00.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Atlantic Union Bankshares Corp acquired a new stake in Alamos Gold during the 4th quarter valued at $25,000. Clearstead Advisors LLC lifted its holdings in Alamos Gold by 62.7% in the 4th quarter. Clearstead Advisors LLC now owns 651 shares of the basic materials company’s stock worth $25,000 after buying an additional 251 shares in the last quarter. Smartleaf Asset Management LLC boosted its position in Alamos Gold by 44.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 722 shares of the basic materials company’s stock valued at $28,000 after buying an additional 222 shares during the last quarter. Parallel Advisors LLC purchased a new position in Alamos Gold in the 1st quarter valued at about $35,000. Finally, Bayforest Capital Ltd acquired a new stake in shares of Alamos Gold during the fourth quarter valued at about $44,000. 64.33% of the stock is owned by institutional investors and hedge funds.

Alamos Gold Stock Down 14.1%

The company has a market capitalization of $13.09 billion, a price-to-earnings ratio of 12.57, a P/E/G ratio of 0.47 and a beta of 0.49. The company has a quick ratio of 1.61, a current ratio of 2.01 and a debt-to-equity ratio of 0.05. The firm has a 50 day moving average price of $41.16 and a two-hundred day moving average price of $42.15.

Alamos Gold (NYSE:AGI) (TSE:AGI) last released its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $0.54 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 company’s revenue was up 79.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.14 earnings per share. As a group, sell-side analysts expect that Alamos Gold Inc. will post 2.46 earnings per share for the current year.

Alamos Gold Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th will be issued a dividend of $0.04 per share. The ex-dividend date is Thursday, June 11th. This represents a $0.16 annualized dividend and a yield of 0.5%. Alamos Gold’s payout ratio is currently 6.37%.

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.