Almonty Industries (NASDAQ:ALM) Stock Price Up 6% - Should You Buy?

Key Points

• Almonty Industries shares rose 6% to about $9.44 in mid-day trading, although volume was 81% below the stock’s average daily volume.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $23.54; individual targets range from $13 to $33.
• Almonty focuses on tungsten mining, including its operating Panasqueira mine in Portugal and the Sangdong project in South Korea. The stock has a $2.67 billion market capitalization, a high beta of 4.15 and trades at a P/E ratio of 57.88.

Almonty Industries Inc. (NASDAQ:ALM - Get Free Report) shares traded up 6% during mid-day trading on Wednesday. The company traded as high as $9.37 and last traded at $9.4350. 1,093,765 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 5,841,230 shares. The stock had previously closed at $8.90.

Analyst Upgrades and Downgrades

A number of analysts have commented on ALM shares. The Goldman Sachs Group assumed coverage on shares of Almonty Industries in a research note on Thursday, September 24th. They set a "hold" rating and a $13.00 price target for the company. Jefferies Financial Group began coverage on shares of Almonty Industries in a report on Wednesday, September 2nd. They set a "buy" rating and a $26.25 price objective for the company. Weiss Ratings raised shares of Almonty Industries from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, September 25th. DA Davidson reissued a "buy" rating and set a $33.00 target price on shares of Almonty Industries in a research report on Tuesday, September 15th. Finally, Stifel Nicolaus lowered their target price on shares of Almonty Industries from $25.00 to $21.00 and set a "buy" rating on the stock in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Almonty Industries has a consensus rating of "Moderate Buy" and an average price target of $23.54.

Almonty Industries Stock Performance

The company's 50 day moving average price is $14.65 and its 200-day moving average price is $16.44. The stock has a market cap of $2.67 billion, a P/E ratio of 57.88 and a beta of 4.15. The company has a debt-to-equity ratio of 1.37, a quick ratio of 9.51 and a current ratio of 9.58.

Institutional Investors Weigh In On Almonty Industries

Institutional investors have recently added to or reduced their stakes in the company. Capstone Capital Management Ltd purchased a new position in Almonty Industries in the third quarter worth $159,000. Nykredit A S bought a new position in Almonty Industries in the 2nd quarter valued at $58,000. Pin Oak Investment Advisors Inc. purchased a new stake in shares of Almonty Industries during the 2nd quarter valued at $53,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Almonty Industries during the 2nd quarter valued at $1,806,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Almonty Industries during the 2nd quarter worth $7,118,000.

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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