Almonty Industries Inc. (NASDAQ:ALM) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Analysts give Almonty Industries a “Moderate Buy” consensus, with four buy ratings, one strong-buy, and one sell recommendation. The average 12-month price target is $21.875, while recent targets range as high as $33.
• Institutional interest has increased, including new positions from Bank of New York Mellon and Guardian Partners, while Bank of America expanded its holdings by 309.6% and Encompass Capital increased its stake by 47.9%.
• ALM shares opened at $13.42, below their 50-day and 200-day moving averages, despite trading well above the 52-week low. The company met quarterly EPS expectations at $0.01 and exceeded revenue estimates with $18.52 million, but continued to report negative net margins and return on equity.

Shares of Almonty Industries Inc. (NASDAQ:ALM - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the six analysts that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $21.8750.

A number of brokerages have recently weighed in on ALM. Oppenheimer raised their price objective on shares of Almonty Industries from $22.00 to $25.00 and gave the company an "outperform" rating in a report on Wednesday, June 3rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Almonty Industries in a research note on Thursday, June 18th. Texas Capital raised Almonty Industries to a "strong-buy" rating in a report on Thursday, April 16th. Finally, DA Davidson raised their price target on Almonty Industries from $25.00 to $33.00 and gave the company a "buy" rating in a research note on Friday, July 10th.

Institutional Investors Weigh In On Almonty Industries

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp acquired a new position in Almonty Industries in the second quarter valued at approximately $7,118,000. Bank of America Corp DE raised its holdings in Almonty Industries by 309.6% during the first quarter. Bank of America Corp DE now owns 908,911 shares of the company's stock worth $13,161,000 after purchasing an additional 686,982 shares in the last quarter. Guardian Partners Inc. purchased a new stake in shares of Almonty Industries during the 1st quarter worth approximately $434,000. Royal Bank of Canada lifted its position in shares of Almonty Industries by 6.1% during the 1st quarter. Royal Bank of Canada now owns 74,732 shares of the company's stock worth $1,082,000 after buying an additional 4,280 shares during the last quarter. Finally, Encompass Capital Advisors LLC boosted its holdings in shares of Almonty Industries by 47.9% in the 1st quarter. Encompass Capital Advisors LLC now owns 4,300,839 shares of the company's stock valued at $62,276,000 after buying an additional 1,392,806 shares in the last quarter.

Almonty Industries Stock Up 0.8%

ALM stock opened at $13.42 on Friday. The company's 50 day moving average price is $15.79 and its 200 day moving average price is $16.69. The firm has a market capitalization of $3.87 billion and a price-to-earnings ratio of -26.84. Almonty Industries has a fifty-two week low of $3.88 and a fifty-two week high of $24.41. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.37 and a current ratio of 2.45.

Almonty Industries (NASDAQ:ALM - Get Free Report) last posted its quarterly earnings results on Monday, May 11th. The company reported $0.01 EPS for the quarter, hitting the consensus estimate of $0.01. Almonty Industries had a negative net margin of 262.29% and a negative return on equity of 11.01%. The company had revenue of $18.52 million during the quarter, compared to analysts' expectations of $15.44 million. On average, equities research analysts anticipate that Almonty Industries will post 0.46 EPS for the current fiscal year.

Almonty Industries Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source