Alamos Gold (NYSE:AGI) Price Target Cut to $39.00 by Analysts at Bank of America

Alamos Gold (NYSE:AGI) (TSE:AGI) had its price objective cut by equities research analysts at Bank of America from $50.00 to $39.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the basic materials company’s stock. Bank of America‘s price target would indicate a potential upside of 33.38% from the company’s previous close.

Several other equities research analysts also recently commented on the stock. Weiss Ratings downgraded shares of Alamos Gold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, June 23rd. Wall Street Zen lowered shares of Alamos Gold from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Alamos Gold in a research report on Saturday, June 20th. Finally, Jefferies Financial Group dropped their price objective on Alamos Gold from $50.00 to $49.00 and set a “buy” rating on the stock in a research note on Monday. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $49.33.

Alamos Gold Price Performance

Shares of AGI opened at $29.24 on Thursday. The stock has a market cap of $12.26 billion, a P/E ratio of 11.65, a price-to-earnings-growth ratio of 0.42 and a beta of 0.55. Alamos Gold has a 1 year low of $23.92 and a 1 year high of $55.41. The stock’s 50-day moving average price is $36.99 and its two-hundred day moving average price is $41.59. The company has a current ratio of 2.01, a quick ratio of 1.61 and a debt-to-equity ratio of 0.05.

Alamos Gold (NYSE:AGI) (TSE:AGI) last announced its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $0.54 EPS for the quarter, meeting analysts’ consensus estimates of $0.54. Alamos Gold had a return on equity of 18.03% and a net margin of 51.24%.The company had revenue of $596.70 million during the quarter, compared to analysts’ expectations of $612.35 million. During the same period in the prior year, the business posted $0.14 EPS. Alamos Gold’s revenue was up 79.2% on a year-over-year basis. On average, equities analysts predict that Alamos Gold will post 2.29 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. raised its holdings in shares of Alamos Gold by 105.2% during the first quarter. Goldman Sachs Group Inc. now owns 2,394,604 shares of the basic materials company’s stock worth $64,032,000 after acquiring an additional 1,227,695 shares during the period. Empowered Funds LLC bought a new position in Alamos Gold during the 1st quarter worth about $200,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Alamos Gold by 129.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,013,866 shares of the basic materials company’s stock valued at $27,111,000 after purchasing an additional 571,536 shares during the period. Qube Research & Technologies Ltd raised its stake in shares of Alamos Gold by 375.1% in the 2nd quarter. Qube Research & Technologies Ltd now owns 980,474 shares of the basic materials company’s stock valued at $26,042,000 after purchasing an additional 774,111 shares during the period. Finally, Sei Investments Co. lifted its holdings in shares of Alamos Gold by 6.9% in the second quarter. Sei Investments Co. now owns 403,217 shares of the basic materials company’s stock valued at $10,709,000 after purchasing an additional 26,045 shares in the last quarter. Institutional investors and hedge funds own 64.33% of the company’s stock.

About Alamos Gold

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.