Almonty Industries (NASDAQ:ALM) Sets New 1-Year High – Still a Buy?

Almonty Industries Inc. (NASDAQ:ALM)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $14.43 and last traded at $14.23, with a volume of 358035 shares changing hands. The stock had previously closed at $14.10.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ALM. Weiss Ratings reissued a “sell (e+)” rating on shares of Almonty Industries in a research report on Monday, December 29th. Oppenheimer raised their price objective on Almonty Industries from $7.00 to $12.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 15th. Wall Street Zen upgraded Almonty Industries from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Finally, DA Davidson increased their price target on Almonty Industries from $12.00 to $18.00 and gave the stock a “buy” rating in a report on Wednesday, February 4th. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $12.17.

Almonty Industries Trading Down 4.5%

The company has a market capitalization of $3.72 billion and a PE ratio of -61.56. The company has a quick ratio of 2.25, a current ratio of 2.38 and a debt-to-equity ratio of 1.02. The business has a 50 day simple moving average of $9.60.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. State of Wyoming bought a new position in shares of Almonty Industries during the fourth quarter worth about $41,000. TD Asset Management Inc boosted its position in Almonty Industries by 3.5% during the 4th quarter. TD Asset Management Inc now owns 156,474 shares of the company’s stock worth $1,378,000 after acquiring an additional 5,222 shares during the last quarter. CIBC Asset Management Inc bought a new position in shares of Almonty Industries during the 4th quarter worth approximately $180,000. Goldman Sachs Group Inc. grew its stake in shares of Almonty Industries by 353.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 847,359 shares of the company’s stock worth $7,465,000 after acquiring an additional 660,553 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Almonty Industries by 129.9% in the fourth quarter. Geode Capital Management LLC now owns 308,543 shares of the company’s stock valued at $2,717,000 after purchasing an additional 174,362 shares during the last quarter.

About Almonty Industries

Almonty Industries is a Canada-based mining company focused on the production, development and acquisition of tungsten assets. The company’s principal business activity is the mining and processing of tungsten-bearing ore to produce tungsten concentrates for industrial customers. Almonty pursues both operating mines and advanced-stage development projects with the objective of supplying a critical raw material used in hardmetals, tooling, drilling and other industrial applications.

Almonty’s asset footprint has historically included operating and development projects in Europe and Asia.