Alamos Gold (AGI) PT Lowered to $9.00 at Scotiabank

Alamos Gold (NYSE:AGI) (TSE:AGI) had its target price cut by stock analysts at Scotiabank from $11.00 to $9.00 in a research note issued to investors on Monday. The brokerage presently has a “sector perform” rating on the basic materials company’s stock. Scotiabank’s price objective indicates a potential upside of 46.34% from the company’s previous close.

Other analysts have also issued reports about the company. Zacks Investment Research raised Alamos Gold from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a report on Tuesday, December 5th. BMO Capital Markets reaffirmed a “buy” rating and issued a $11.50 target price (down from $14.00) on shares of Alamos Gold in a report on Friday, November 24th. Desjardins reaffirmed a “hold” rating on shares of Alamos Gold in a report on Monday, December 11th. ValuEngine raised Alamos Gold from a “sell” rating to a “hold” rating in a report on Thursday, August 24th. Finally, Royal Bank of Canada set a $9.00 target price on Alamos Gold and gave the company a “hold” rating in a report on Tuesday, October 10th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. Alamos Gold has a consensus rating of “Hold” and an average target price of $9.70.

Shares of Alamos Gold (NYSE:AGI) traded up $0.12 on Monday, reaching $6.15. The company’s stock had a trading volume of 1,735,751 shares, compared to its average volume of 2,681,056. The company has a market cap of $2,346.03, a price-to-earnings ratio of 100.50 and a beta of 0.46. Alamos Gold has a 1 year low of $5.93 and a 1 year high of $9.00.

Hedge funds have recently added to or reduced their stakes in the company. CIBC World Markets Inc. grew its holdings in shares of Alamos Gold by 12.2% in the second quarter. CIBC World Markets Inc. now owns 190,630 shares of the basic materials company’s stock valued at $1,369,000 after acquiring an additional 20,655 shares in the last quarter. Harvest Management LLC bought a new position in shares of Alamos Gold in the third quarter valued at approximately $270,000. Dimensional Fund Advisors LP grew its holdings in shares of Alamos Gold by 0.4% in the first quarter. Dimensional Fund Advisors LP now owns 507,684 shares of the basic materials company’s stock valued at $4,077,000 after acquiring an additional 2,198 shares in the last quarter. Ninepoint Partners LP purchased a new position in Alamos Gold in the third quarter valued at approximately $3,876,000. Finally, Bank of Nova Scotia lifted its stake in Alamos Gold by 105.1% in the second quarter. Bank of Nova Scotia now owns 83,073 shares of the basic materials company’s stock valued at $589,000 after purchasing an additional 42,573 shares during the last quarter. 63.00% of the stock is owned by institutional investors.

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About Alamos Gold

Alamos Gold Inc is a Canada-based mid-tier gold producer. The Company owns and operates the Mulatos Mine, as well as the Esperanza, Agi Dagi, Kirazli and Camyurt gold development projects. The Mulatos mine is located within the 30,536 hectares Salamandra group of concessions in the state of Sonora in northwest Mexico.