DA Davidson Reaffirms Buy Rating for Almonty Industries (NASDAQ:ALM)

Key Points

• DA Davidson reaffirmed its Buy rating on Almonty Industries and maintained a $33 price target, implying approximately 118.5% upside from the prior close.
• Analyst sentiment remains positive, with the stock carrying an overall “Buy” consensus and an average price target of $26.81; ratings include one Strong Buy, four Buys, and one Hold.
• Almonty shares opened at $15.10, while the company continues developing and operating tungsten assets, including the Sangdong project in South Korea and the Panasqueira mine in Portugal.

Almonty Industries (NASDAQ:ALM - Get Free Report)'s stock had its "buy" rating restated by analysts at DA Davidson in a research note issued on Tuesday, Benzinga reports. They presently have a $33.00 price target on the stock. DA Davidson's price objective points to a potential upside of 118.54% from the company's previous close.

A number of other equities research analysts have also issued reports on ALM. Weiss Ratings upgraded Almonty Industries from a "sell (d-)" rating to a "hold (c-)" rating in a research report on Wednesday, August 12th. Oppenheimer upped their target price on Almonty Industries from $22.00 to $25.00 and gave the company an "outperform" rating in a report on Wednesday, June 3rd. Finally, Jefferies Financial Group began coverage on Almonty Industries in a research note on Wednesday, September 2nd. They issued a "buy" rating and a $26.25 target price for the company. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $26.81.

Almonty Industries Trading Up 2.7%

Shares of ALM stock opened at $15.10 on Tuesday. Almonty Industries has a fifty-two week low of $4.72 and a fifty-two week high of $24.41. The company has a debt-to-equity ratio of 1.37, a quick ratio of 9.51 and a current ratio of 9.58. The stock's fifty day moving average is $15.35 and its two-hundred day moving average is $17.43. The firm has a market capitalization of $4.35 billion, a P/E ratio of 93.29 and a beta of 3.75.

Hedge Funds Weigh In On Almonty Industries

Several large investors have recently modified their holdings of ALM. Leonteq Securities AG acquired a new stake in Almonty Industries in the 1st quarter valued at approximately $29,000. Pin Oak Investment Advisors Inc. purchased a new position in Almonty Industries during the 2nd quarter valued at about $53,000. Nykredit A S acquired a new position in Almonty Industries in the 2nd quarter valued at about $58,000. Rockefeller Capital Management L.P. lifted its position in shares of Almonty Industries by 30.0% during the fourth 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. Finally, Saxon Interests Inc. purchased a new position in shares of Almonty Industries in the first quarter valued at approximately $161,000.

About Almonty Industries

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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