Almonty Industries (NASDAQ:ALM) Stock Price Up 6.2% – Still a Buy?

Almonty Industries Inc. (NASDAQ:ALM) rose 6.2% during mid-day trading on Friday. The stock traded as high as $8.19 and last traded at $8.1010. 578,440 shares traded hands during trading, a decline of 90% from the average daily volume of 5,850,697 shares. The stock had previously closed at $7.63.

Key Stories Impacting Almonty Industries

Here are a few of the latest stories about ALM:

• Neutral Sentiment: Analyst Stifel Nicolaus cut its price target from $21 to $18 but maintained a Buy rating. The lower target tempers the bullish signal, while the firm still sees substantial potential upside from the referenced share price. Stifel Nicolaus rating information
• Negative Sentiment: Quarterly earnings assessments were inconsistent: MarketBeat reported EPS of $0.12, above its $0.07 consensus, while Zacks said EPS was $0.03 and missed its $0.07 estimate. Zacks also reported a revenue-estimate miss, highlighting uncertainty about how results compare with expectations. Zacks Q3 estimate comparison
• Negative Sentiment: A report flags a potential C$43 million legal claim, which could create financial or operational uncertainty if it proceeds. Report on potential Canadian claim

Wall Street Analyst Weigh In

ALM has been the topic of a number of recent analyst reports. Weiss Ratings raised shares of Almonty Industries from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, September 25th. The Goldman Sachs Group began coverage on Almonty Industries in a research note on Thursday, September 24th. They set a “hold” rating and a $13.00 target price for the company. Jefferies Financial Group began coverage on Almonty Industries in a report on Wednesday, September 2nd. They issued a “buy” rating and a $26.25 target price on the stock. DA Davidson reiterated a “buy” rating and issued a $33.00 price target on shares of Almonty Industries in a research note on Tuesday, September 15th. Finally, Stifel Nicolaus decreased their price target on Almonty Industries from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Almonty Industries has a consensus rating of “Moderate Buy” and an average target price of $22.54.

Almonty Industries Trading Up 5.8%

The business’s 50 day moving average price is $11.80 and its two-hundred day moving average price is $15.65. The company has a current ratio of 9.58, a quick ratio of 9.51 and a debt-to-equity ratio of 1.37. The company has a market capitalization of $2.33 billion, a price-to-earnings ratio of 50.63 and a beta of 4.65.

Hedge Funds Weigh In On Almonty Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AlphaGrep UK Ltd acquired a new position in Almonty Industries in the 3rd quarter worth about $301,000. First Trust Advisors LP bought a new position in Almonty Industries in the third quarter valued at about $14,007,000. State Street Corp boosted its stake in shares of Almonty Industries by 10.9% during the third quarter. State Street Corp now owns 2,211,127 shares of the company’s stock valued at $29,098,000 after purchasing an additional 217,087 shares in the last quarter. Voya Investment Management LLC boosted its stake in shares of Almonty Industries by 9,667.6% during the third quarter. Voya Investment Management LLC now owns 2,043,568 shares of the company’s stock valued at $26,893,000 after purchasing an additional 2,022,646 shares in the last quarter. Finally, HighTower Advisors LLC grew its holdings in shares of Almonty Industries by 499.3% during the third quarter. HighTower Advisors LLC now owns 77,977 shares of the company’s stock worth $1,026,000 after purchasing an additional 64,966 shares during the last quarter.

About Almonty Industries

Almonty Industries Inc. is a mining company focused on tungsten, a metal used in applications such as cutting tools, industrial machinery, electronics and defense. The company produces tungsten concentrate and develops and operates tungsten mining assets. Its portfolio includes the Panasqueira mine in Portugal and the Los Santos mine in Spain, as well as the Sangdong tungsten project in South Korea. Almonty’s activities span Europe and Asia, with Sangdong representing a major project in the company’s effort to expand tungsten supply outside China.