Progeny 3 Inc. Takes Position in Alamos Gold Inc. (NYSE:AGI)

Progeny 3 Inc. purchased a new position in Alamos Gold Inc. (NYSE:AGI) (TSE:AGI) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 800,155 shares of the basic materials company’s stock, valued at approximately $12,546,000. Alamos Gold comprises approximately 1.2% of Progeny 3 Inc.’s portfolio, making the stock its 23rd largest position. Progeny 3 Inc. owned 0.20% of Alamos Gold as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in AGI. Marshall Wace LLP purchased a new stake in shares of Alamos Gold during the second quarter worth $267,000. Epoch Investment Partners Inc. grew its stake in Alamos Gold by 120.4% during the 2nd quarter. Epoch Investment Partners Inc. now owns 194,965 shares of the basic materials company’s stock valued at $3,057,000 after acquiring an additional 106,506 shares in the last quarter. 1832 Asset Management L.P. raised its holdings in Alamos Gold by 140.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 1,470,777 shares of the basic materials company’s stock valued at $23,062,000 after acquiring an additional 858,977 shares during the last quarter. Goehring & Rozencwajg Associates LLC lifted its stake in Alamos Gold by 89.6% in the 2nd quarter. Goehring & Rozencwajg Associates LLC now owns 1,201,069 shares of the basic materials company’s stock worth $18,833,000 after purchasing an additional 567,706 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its position in shares of Alamos Gold by 18.4% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 13,785 shares of the basic materials company’s stock valued at $216,000 after purchasing an additional 2,141 shares in the last quarter. 64.33% of the stock is owned by institutional investors and hedge funds.

Alamos Gold Stock Performance

NYSE:AGI opened at $21.04 on Tuesday. Alamos Gold Inc. has a fifty-two week low of $10.78 and a fifty-two week high of $21.42. The company has a 50 day moving average price of $18.49 and a 200 day moving average price of $16.52. The stock has a market capitalization of $8.40 billion, a P/E ratio of 40.46, a PEG ratio of 0.82 and a beta of 1.18.

Alamos Gold (NYSE:AGI) (TSE:AGI) last released its quarterly earnings results on Wednesday, July 31st. The basic materials company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.19 by $0.05. Alamos Gold had a return on equity of 8.52% and a net margin of 17.73%. The business had revenue of $332.60 million during the quarter, compared to analyst estimates of $282.78 million. During the same period last year, the business posted $0.15 earnings per share. The company’s quarterly revenue was up 27.4% on a year-over-year basis. Research analysts forecast that Alamos Gold Inc. will post 0.75 earnings per share for the current fiscal year.

Alamos Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Thursday, September 12th will be given a dividend of $0.025 per share. The ex-dividend date is Thursday, September 12th. This represents a $0.10 annualized dividend and a dividend yield of 0.48%. Alamos Gold’s dividend payout ratio is presently 19.23%.

Analysts Set New Price Targets

Several analysts have issued reports on AGI shares. Jefferies Financial Group upped their target price on Alamos Gold from $21.00 to $23.00 and gave the company a “buy” rating in a report on Friday, September 13th. Scotiabank raised their price objective on shares of Alamos Gold from $20.00 to $22.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 19th. Royal Bank of Canada increased their price target on shares of Alamos Gold from $20.00 to $23.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Finally, National Bank Financial cut Alamos Gold from a “strong-buy” rating to a “hold” rating in a report on Sunday, September 8th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.81.

Alamos Gold Profile

Alamos Gold Inc engages in the acquisition, exploration, development, and extraction of precious metals in Canada and Mexico. The company primarily explores for gold deposits. It holds 100% interest in the Young-Davidson mine and Island Gold mine located in the Ontario, Canada; Mulatos mine located in the Sonora, Mexico; and Lynn Lake project situated in the Manitoba, Canada.