Almonty Industries (NASDAQ:ALM) Stock Price Target Cut by B. Riley Financial

Key Points

• B. Riley Financial lowered Almonty Industries’ price target from $25.00 to $20.00 while maintaining a “buy” rating, implying approximately 112% upside from the stock’s $9.43 price.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $23.04. Other targets range from $13.00 to $33.00.
• Almonty shares rose 2.5% to $9.43 in Tuesday trading. The tungsten-focused mining company operates the Panasqueira mine in Portugal and is redeveloping the Sangdong project in South Korea.

Almonty Industries (NASDAQ:ALM - Get Free Report) had its price target cut by B. Riley Financial from $25.00 to $20.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. B. Riley Financial's price target would suggest a potential upside of 112.04% from the stock's current price.

ALM has been the subject of a number of other reports. Jefferies Financial Group started coverage on shares of Almonty Industries in a research note on Wednesday, September 2nd. They issued a "buy" rating and a $26.25 target price for the company. Weiss Ratings upgraded shares of Almonty Industries from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, September 25th. DA Davidson restated a "buy" rating and issued a $33.00 price objective on shares of Almonty Industries in a research report on Tuesday, September 15th. Stifel Nicolaus lowered their price objective on Almonty Industries from $25.00 to $21.00 and set a "buy" rating on the stock in a report on Tuesday, October 20th. Finally, The Goldman Sachs Group started coverage on shares of Almonty Industries in a research note on Thursday, September 24th. They issued a "hold" rating and a $13.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Almonty Industries presently has a consensus rating of "Moderate Buy" and a consensus target price of $23.04.

Almonty Industries Stock Up 2.5%

Shares of NASDAQ ALM traded up $0.23 during mid-day trading on Tuesday, reaching $9.43. 667,396 shares of the company were exchanged, compared to its average volume of 5,877,676. Almonty Industries has a 1 year low of $5.43 and a 1 year high of $24.41. The stock has a market cap of $2.72 billion, a price-to-earnings ratio of 58.93 and a beta of 4.15. The company has a quick ratio of 9.51, a current ratio of 9.58 and a debt-to-equity ratio of 1.37. The firm has a 50-day moving average of $14.28 and a 200 day moving average of $15.72.

Institutional Trading of Almonty Industries

A number of large investors have recently made changes to their positions in ALM. Leonteq Securities AG purchased a new stake in Almonty Industries in the first quarter valued at $29,000. Rockefeller Capital Management L.P. increased its position in Almonty Industries by 30.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 4,333 shares of the company's stock worth $38,000 after purchasing an additional 1,000 shares in the last quarter. Pin Oak Investment Advisors Inc. purchased a new position in Almonty Industries during the second quarter worth approximately $53,000. Nykredit A S purchased a new stake in Almonty Industries during the 2nd quarter worth $58,000. Finally, Capstone Capital Management Ltd purchased a new position in Almonty Industries in the 3rd quarter valued at about $159,000.

Almonty Industries Company Profile

Almonty Industries Inc is a mining and development company focused primarily on tungsten, a critical industrial metal used in cutting tools, hard metals, defense applications, electronics and other specialized products. The company develops and operates tungsten projects and produces tungsten concentrates for sale to industrial customers and processors.

Almonty's principal assets include the Panasqueira tungsten mine in Portugal, one of the company's operating assets, and the Sangdong tungsten project in South Korea, which is being redeveloped as a major source of tungsten concentrate.

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