Almonty Industries (NASDAQ:ALM) Stock Price Down 8.1% - Should You Sell?

Key Points

• Almonty shares fell 8.1% to $8.06 in Tuesday’s midday trading, with 847,343 shares traded—86% below the average daily volume.
• Analysts maintain a Moderate Buy consensus, with an average price target of $23.04. Several firms lowered their targets, though their ratings remained Buy.
• Almonty is a tungsten mining company with operations and projects in Europe and Asia, including the Sangdong project in South Korea.

Almonty Industries Inc. (NASDAQ:ALM - Get Free Report) fell 8.1% during mid-day trading on Tuesday. The company traded as low as $8.01 and last traded at $8.06. 847,343 shares traded hands during trading, a decline of 86% from the average daily volume of 5,870,499 shares. The stock had previously closed at $8.77.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. DA Davidson restated a "buy" rating and issued a $33.00 price objective on shares of Almonty Industries in a research note on Tuesday, September 15th. B. Riley Financial dropped their price target on Almonty Industries from $25.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, October 27th. Stifel Nicolaus cut their price target on Almonty Industries from $25.00 to $21.00 and set a "buy" rating on the stock in a research report on Tuesday, October 20th. Jefferies Financial Group assumed coverage on Almonty Industries in a research note on Wednesday, September 2nd. They issued a "buy" rating and a $26.25 price objective for the company. Finally, Weiss Ratings raised Almonty Industries from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, September 25th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $23.04.

Almonty Industries Price Performance

The company has a debt-to-equity ratio of 1.37, a current ratio of 9.58 and a quick ratio of 9.51. The company has a 50 day moving average price of $12.39 and a 200 day moving average price of $15.70. The firm has a market cap of $2.31 billion, a PE ratio of 50.03 and a beta of 4.66.

Hedge Funds Weigh In On Almonty Industries

A number of large investors have recently bought and sold shares of ALM. Encompass Capital Advisors LLC boosted its holdings in Almonty Industries by 47.9% in the 1st 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 in the last quarter. Bank of America Corp DE increased its position in Almonty Industries by 309.6% during the 1st 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 period. Bank of New York Mellon Corp acquired a new position in Almonty Industries during the 2nd quarter worth approximately $7,118,000. Public Employees Retirement System of Ohio purchased a new position in shares of Almonty Industries during the 2nd quarter worth approximately $1,806,000. Finally, Cooper Creek Partners Management LLC raised its stake in shares of Almonty Industries by 110.4% during the 1st quarter. Cooper Creek Partners Management LLC now owns 4,781,415 shares of the company's stock worth $69,235,000 after buying an additional 2,508,478 shares in the last quarter.

Almonty Industries Company Profile

Almonty Industries Inc. is a mining company focused on tungsten, a metal used in applications such as cutting tools, industrial machinery, electronics and defense. The company produces tungsten concentrate and develops and operates tungsten mining assets. Its portfolio includes the Panasqueira mine in Portugal and the Los Santos mine in Spain, as well as the Sangdong tungsten project in South Korea. Almonty's activities span Europe and Asia, with Sangdong representing a major project in the company's effort to expand tungsten supply outside China.

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