Almonty Industries (NASDAQ:ALM) Earns Neutral Rating from Analysts at The Goldman Sachs Group

Key Points

• Goldman Sachs initiated coverage of Almonty Industries with a “neutral” rating and a $13.00 price target, implying approximately 4.55% downside from the prior close.
• Other analysts remain more optimistic: the stock has a consensus “Moderate Buy” rating and an average price target of $24.05, with targets ranging from $25.00 to $33.00 among recent firms.
• Almonty shares opened at $13.62 and have traded between $5.25 and $24.41 over the past year. The company develops and operates tungsten projects, including the Sangdong project in South Korea and the Panasqueira mine in Portugal.

Equities researchers at The Goldman Sachs Group initiated coverage on shares of Almonty Industries (NASDAQ:ALM - Get Free Report) in a report issued on Thursday, Benzinga reports. The firm set a "neutral" rating and a $13.00 price target on the stock. The Goldman Sachs Group's target price suggests a potential downside of 4.55% from the company's previous close.

ALM has been the topic of several other research reports. Oppenheimer increased their price target on Almonty Industries from $22.00 to $25.00 and gave the company an "outperform" rating in a report on Wednesday, June 3rd. Jefferies Financial Group started coverage on Almonty Industries in a research note on Wednesday, September 2nd. They set a "buy" rating and a $26.25 target price for the company. DA Davidson reissued a "buy" rating and issued a $33.00 price target on shares of Almonty Industries in a report on Tuesday, September 15th. Finally, Weiss Ratings raised shares of Almonty Industries from a "sell (d-)" rating to a "hold (c-)" rating in a report on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $24.05.

Almonty Industries Price Performance

ALM opened at $13.62 on Thursday. The stock has a fifty day moving average price of $15.18 and a 200 day moving average price of $17.20. Almonty Industries has a 1 year low of $5.25 and a 1 year high of $24.41. The stock has a market cap of $3.92 billion, a price-to-earnings ratio of 85.13 and a beta of 3.75. 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 made changes to their positions in ALM. Cooper Creek Partners Management LLC lifted its stake in Almonty Industries by 110.4% in the first quarter. Cooper Creek Partners Management LLC now owns 4,781,415 shares of the company's stock valued at $69,235,000 after buying an additional 2,508,478 shares in the last quarter. Encompass Capital Advisors LLC increased 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 worth $62,276,000 after buying an additional 1,392,806 shares during the last quarter. Next Century Growth Investors LLC bought a new position in Almonty Industries during the fourth quarter worth about $16,345,000. Bank of America Corp DE increased its position 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 buying an additional 686,982 shares during the last quarter. Finally, Walleye Capital LLC acquired a new position in Almonty Industries during the first quarter worth approximately $12,953,000.

Almonty Industries Company Profile

Almonty Industries Inc is a mining and development company focused primarily on tungsten, a specialty metal used in industrial, technology, energy, automotive, aerospace and defense applications. The company's activities include the exploration, development, operation and redevelopment of tungsten-mining projects, as well as the production of tungsten concentrates.

Almonty's principal assets include the Sangdong Tungsten Project in South Korea, one of the company's key development projects, and the Panasqueira tungsten mine in Portugal, a producing operation with a long operating history.

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