Almonty Industries (NASDAQ:ALM) Stock Falls 7.4% – Here’s What Happened

Almonty Industries Inc. (NASDAQ:ALM) dropped 7.4% during trading on Wednesday. The company traded as low as $12.09 and last traded at $12.0760. 2,385,621 shares were traded during mid-day trading, a decline of 59% from the average session volume of 5,754,610 shares. The stock had previously closed at $13.04.

Wall Street Analyst Weigh In

ALM has been the topic of several analyst reports. Weiss Ratings raised shares of Almonty Industries from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, September 25th. Jefferies Financial Group initiated coverage on shares of Almonty Industries in a report on Wednesday, September 2nd. They set a “buy” rating and a $26.25 target price on the stock. DA Davidson reiterated a “buy” rating and set a $33.00 target price on shares of Almonty Industries in a research report on Tuesday, September 15th. Stifel Nicolaus assumed coverage on shares of Almonty Industries in a research note on Friday, September 25th. They issued a “buy” rating and a $25.00 price objective for the company. Finally, The Goldman Sachs Group began coverage on Almonty Industries in a research note on Thursday, September 24th. They set a “hold” rating and a $13.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.21.

Almonty Industries Trading Up 0.2%

The stock has a market cap of $3.34 billion, a P/E ratio of 72.54 and a beta of 4.15. The firm’s 50 day simple moving average is $15.11 and its two-hundred day simple moving average is $16.71. The company has a quick ratio of 9.51, a current ratio of 9.58 and a debt-to-equity ratio of 1.37.

Institutional Trading of Almonty Industries

A number of hedge funds have recently modified their holdings of the business. Nykredit A S acquired a new position in Almonty Industries during the second quarter valued at approximately $58,000. Pin Oak Investment Advisors Inc. bought a new position in Almonty Industries during the second quarter worth $53,000. Public Employees Retirement System of Ohio acquired a new position in Almonty Industries during the 2nd quarter valued at $1,806,000. Bank of New York Mellon Corp bought a new stake in shares of Almonty Industries in the 2nd quarter worth approximately $7,118,000. Finally, Bank of America Corp DE lifted its holdings in shares of 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 acquiring an additional 686,982 shares during the period.

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.