Alamos Gold (NYSE:AGI) Price Target Cut to $50.00 by Analysts at Bank of America

Alamos Gold (NYSE:AGI) (TSE:AGI) had its target price reduced by investment analysts at Bank of America from $57.00 to $50.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the basic materials company’s stock. Bank of America‘s price objective would indicate a potential upside of 37.93% from the stock’s current price.

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

Alamos Gold Price Performance

NYSE AGI opened at $36.25 on Monday. Alamos Gold has a fifty-two week low of $23.92 and a fifty-two week high of $55.41. The stock’s 50-day moving average is $41.16 and its two-hundred day moving average is $42.15. The firm has a market cap of $15.20 billion, a P/E ratio of 14.44, a price-to-earnings-growth ratio of 0.47 and a beta of 0.49. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.01 and a quick ratio of 1.61.

Alamos Gold (NYSE:AGI) (TSE:AGI) last released its quarterly earnings results 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 company had revenue of $596.70 million during the quarter, compared to the consensus estimate of $612.35 million. Alamos Gold had a return on equity of 18.03% and a net margin of 51.24%.The firm’s revenue was up 79.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.14 EPS. On average, analysts anticipate that Alamos Gold will post 2.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Alamos Gold

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wealth High Governance Capital Ltda acquired a new position in shares of Alamos Gold during the 1st quarter worth about $6,241,000. Wealth High Governance Asset Management Ltda. bought a new stake in Alamos Gold during the 1st quarter valued at approximately $5,291,000. PVG Asset Management Corp grew its holdings in Alamos Gold by 746.8% in the 1st quarter. PVG Asset Management Corp now owns 45,244 shares of the basic materials company’s stock valued at $2,010,000 after buying an additional 39,901 shares during the last quarter. Parallel Advisors LLC acquired a new stake in Alamos Gold in the 1st quarter valued at approximately $35,000. Finally, Groupama Asset Managment grew its holdings in Alamos Gold by 9.9% in the 1st quarter. Groupama Asset Managment now owns 499,286 shares of the basic materials company’s stock valued at $22,183,000 after buying an additional 44,899 shares during the last quarter. 64.33% of the stock is owned by institutional investors and hedge funds.

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.