Almonty Industries (NASDAQ:ALM) Shares Down 8.9% - Time to Sell?

Key Points

• Almonty Industries shares fell 8.9% in mid-day trading to about $8.96, with volume down 88% from the average session.
• Despite the decline, analysts remain broadly optimistic: the stock has a consensus “Moderate Buy” rating and an average price target of $24.21, well above its recent trading level.
• Almonty focuses on tungsten mining, with the producing Panasqueira mine in Portugal and the developing Sangdong project in South Korea; institutional investors have recently increased or initiated positions.

Almonty Industries Inc. (NASDAQ:ALM - Get Free Report) shares traded down 8.9% during mid-day trading on Monday. The stock traded as low as $9.40 and last traded at $8.9590. Approximately 678,327 shares changed hands during trading, a decline of 88% from the average session volume of 5,793,833 shares. The stock had previously closed at $9.83.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on ALM shares. Stifel Nicolaus assumed coverage on shares of Almonty Industries in a report on Friday, September 25th. They set a "buy" rating and a $25.00 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 research note on Tuesday, September 15th. 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 price target on the stock. 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. Finally, The Goldman Sachs Group initiated coverage on shares of Almonty Industries in a research note on Thursday, September 24th. They set a "hold" rating and a $13.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $24.21.

Almonty Industries Stock Performance

The stock has a market cap of $2.67 billion, a PE ratio of 57.96 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 stock has a 50-day moving average of $14.84 and a 200 day moving average of $16.52.

Institutional Trading of Almonty Industries

Hedge funds and other institutional investors have recently modified their holdings of the stock. Encompass Capital Advisors LLC grew its holdings in shares of Almonty Industries by 47.9% in the first 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 period. 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 purchasing an additional 686,982 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Almonty Industries during the second quarter worth about $7,118,000. Public Employees Retirement System of Ohio purchased a new position in Almonty Industries during the second quarter worth about $1,806,000. Finally, Cooper Creek Partners Management LLC boosted its holdings in Almonty Industries by 110.4% in 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.

Almonty Industries Company Profile

Almonty Industries Inc is a mining and development company focused primarily on tungsten, a critical mineral used in industrial, manufacturing, defense and technology applications. The company's activities include the exploration, development and operation of tungsten properties, as well as the processing and sale of tungsten concentrates.

Almonty's portfolio includes the Panasqueira tungsten mine in Portugal, one of its producing assets, and the Sangdong tungsten project in South Korea, which the company is developing as a major source of tungsten supply.

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