Encompass Capital Advisors LLC Buys 1,392,806 Shares of Almonty Industries Inc. $ALM

Key Points

• Encompass Capital Advisors increased its Almonty Industries stake by 47.9%, buying 1,392,806 shares to reach 4.3 million shares valued at approximately $62.3 million, or 1.52% of ALM.
• Almonty reported quarterly revenue of $18.52 million, exceeding the $15.44 million consensus estimate, while earnings of $0.01 per share matched expectations. The company continued to post negative profitability metrics, including a 262.29% negative net margin.
• Analyst sentiment is broadly positive, with a “Moderate Buy” consensus and an average price target of $21.88; targets were recently raised by Oppenheimer and DA Davidson, although Weiss Ratings maintained a sell rating.

Encompass Capital Advisors LLC lifted its stake in shares of Almonty Industries Inc. (NASDAQ:ALM - Free Report) by 47.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,300,839 shares of the company's stock after buying an additional 1,392,806 shares during the quarter. Almonty Industries makes up approximately 1.9% of Encompass Capital Advisors LLC's portfolio, making the stock its 9th biggest position. Encompass Capital Advisors LLC owned 1.52% of Almonty Industries worth $62,276,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in ALM. Leonteq Securities AG acquired a new stake in Almonty Industries in the first quarter valued at approximately $29,000. Global Retirement Partners LLC acquired a new position in Almonty Industries during the 4th quarter worth approximately $35,000. Rockefeller Capital Management L.P. grew its holdings 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 acquiring an additional 1,000 shares in the last quarter. State of Wyoming acquired a new position in Almonty Industries during the 4th quarter worth approximately $41,000. Finally, Banque Cantonale Vaudoise purchased a new stake in shares of Almonty Industries in the 3rd quarter valued at approximately $54,000.

Almonty Industries Price Performance

Shares of NASDAQ ALM opened at $13.35 on Tuesday. The company has a current ratio of 2.45, a quick ratio of 2.37 and a debt-to-equity ratio of 0.30. Almonty Industries Inc. has a twelve month low of $3.16 and a twelve month high of $24.41. The stock has a 50 day moving average of $16.85 and a two-hundred day moving average of $16.50. The stock has a market cap of $3.85 billion and a P/E ratio of -26.70.

Almonty Industries (NASDAQ:ALM - Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The company reported $0.01 earnings per share for the quarter, meeting the consensus estimate of $0.01. The business had revenue of $18.52 million during the quarter, compared to the consensus estimate of $15.44 million. Almonty Industries had a negative return on equity of 11.01% and a negative net margin of 262.29%. On average, research analysts forecast that Almonty Industries Inc. will post 0.46 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ALM. Texas Capital upgraded shares of Almonty Industries to a "strong-buy" rating in a report on Thursday, April 16th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Almonty Industries in a research note on Thursday, June 18th. Oppenheimer increased 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, DA Davidson raised their price target on Almonty Industries from $25.00 to $33.00 and gave the company a "buy" rating in a research note on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $21.88.

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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