Almonty Industries (NASDAQ:ALM) Stock Price Up 6.1% on Analyst Upgrade

Key Points

• Almonty Industries shares rose 6.1% after DA Davidson lifted its price target from $25 to $33 and maintained a buy rating. The stock traded as high as $16.02 during the session.
• Several other analysts also turned more positive on ALM, including B. Riley, Texas Capital, and Oppenheimer, while Weiss Ratings kept a sell rating. Overall, MarketBeat shows a Moderate Buy consensus with a $21.88 average price target.
• The company recently reported quarterly earnings of $0.01 per share, matching estimates, on revenue of $18.52 million, which topped forecasts. Almonty remains a tungsten-focused mining company with a market cap of about $4.48 billion.

Shares of Almonty Industries Inc. (NASDAQ:ALM - Get Free Report) rose 6.1% during mid-day trading on Friday after DA Davidson raised their price target on the stock from $25.00 to $33.00. DA Davidson currently has a buy rating on the stock. Almonty Industries traded as high as $16.02 and last traded at $15.6010. 786,304 shares traded hands during trading, a decline of 85% from the average session volume of 5,356,720 shares. The stock had previously closed at $14.70.

A number of other research firms have also commented on ALM. B. Riley Financial lifted their price objective on Almonty Industries from $17.00 to $23.00 and gave the stock a "buy" rating in a research note on Friday, March 20th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Almonty Industries in a report on Thursday, June 18th. Texas Capital raised Almonty Industries to a "strong-buy" rating in a research report on Thursday, April 16th. Finally, Oppenheimer upped their price target on Almonty Industries from $22.00 to $25.00 and gave the stock an "outperform" rating in a report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $21.88.

Institutional Investors Weigh In On Almonty Industries

A number of institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its position in shares of Almonty Industries by 309.6% during the 1st quarter. Bank of America Corp DE now owns 908,911 shares of the company's stock valued at $13,161,000 after acquiring an additional 686,982 shares in the last quarter. Guardian Partners Inc. acquired a new position in Almonty Industries in the first quarter worth about $434,000. Royal Bank of Canada lifted its stake in Almonty Industries by 6.1% during the first quarter. Royal Bank of Canada now owns 74,732 shares of the company's stock worth $1,082,000 after purchasing an additional 4,280 shares during the period. Encompass Capital Advisors LLC boosted its holdings in Almonty Industries by 47.9% during the first quarter. Encompass Capital Advisors LLC now owns 4,300,839 shares of the company's stock valued at $62,276,000 after purchasing an additional 1,392,806 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Almonty Industries by 23.5% during the first quarter. The Manufacturers Life Insurance Company now owns 57,031 shares of the company's stock valued at $826,000 after purchasing an additional 10,849 shares in the last quarter.

Almonty Industries Stock Performance

The firm has a 50 day moving average price of $18.16 and a two-hundred day moving average price of $16.06. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.37 and a current ratio of 2.45. The company has a market capitalization of $4.48 billion and a P/E ratio of -31.52.

Almonty Industries (NASDAQ:ALM - Get Free Report) last posted its earnings results on Monday, May 11th. The company reported $0.01 earnings per share 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 business had revenue of $18.52 million for the quarter, compared to analyst estimates of $15.44 million. On average, research analysts expect that Almonty Industries Inc. will post 0.46 earnings per share 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.

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