Almonty Industries (NASDAQ:ALM) Coverage Initiated at Jefferies Financial Group

Key Points

• Jefferies initiated coverage of Almonty Industries with a “Buy” rating and a $26.25 price target, implying 48.81% upside from the prior close.
• Analyst sentiment is broadly positive: Almonty has an average “Buy” rating and a consensus price target of $26.81, with recent target increases from DA Davidson and Oppenheimer.
• Almonty’s stock opened at $17.64 and has traded between $3.98 and $24.41 over the past year; the tungsten producer has a $5.08 billion market capitalization and institutional investors have recently increased their positions.

Equities researchers at Jefferies Financial Group started coverage on shares of Almonty Industries (NASDAQ:ALM - Get Free Report) in a research report issued to clients and investors on Wednesday, Briefing.com reports. The brokerage set a "buy" rating and a $26.25 price target on the stock. Jefferies Financial Group's price objective would indicate a potential upside of 48.81% from the company's previous close.

Several other equities research analysts have also recently commented on ALM. DA Davidson increased their price objective on Almonty Industries from $25.00 to $33.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Weiss Ratings upgraded shares of Almonty Industries from a "sell (d-)" rating to a "hold (c-)" rating in a research note on Wednesday, August 12th. Finally, Oppenheimer raised their target price on Almonty Industries from $22.00 to $25.00 and gave the stock an "outperform" rating in a report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $26.81.

Almonty Industries Price Performance

ALM opened at $17.64 on Wednesday. Almonty Industries has a 12-month low of $3.98 and a 12-month high of $24.41. The stock has a fifty day simple moving average of $15.16 and a two-hundred day simple moving average of $17.26. The company has a market cap of $5.08 billion, a price-to-earnings ratio of 110.26 and a beta of 3.73. The company has a current ratio of 9.58, a quick ratio of 9.51 and a debt-to-equity ratio of 1.37.

Hedge Funds Weigh In On Almonty Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ALM. Van ECK Associates Corp lifted its stake in shares of Almonty Industries by 13,294.7% in the 4th quarter. Van ECK Associates Corp now owns 11,239,482 shares of the company's stock valued at $99,013,000 after purchasing an additional 11,155,572 shares during the last quarter. Cooper Creek Partners Management LLC increased its position in shares of Almonty Industries by 110.4% during the 1st quarter. Cooper Creek Partners Management LLC now owns 4,781,415 shares of the company's stock valued at $69,235,000 after purchasing an additional 2,508,478 shares during the last quarter. Encompass Capital Advisors LLC increased its position in shares of Almonty Industries by 47.9% during the 1st 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 during the last quarter. Next Century Growth Investors LLC purchased a new stake in Almonty Industries during the 4th quarter valued at $16,345,000. Finally, Alyeska Investment Group L.P. purchased a new stake in Almonty Industries during the 3rd quarter valued at $7,839,000.

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.

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