Almonty Industries (NASDAQ:ALM) Issues Earnings Results, Hits Estimates

Almonty Industries (NASDAQ:ALM) released its quarterly earnings data on Monday. The company reported $0.01 EPS for the quarter, hitting analysts’ consensus estimates of $0.01, Zacks reports. The firm had revenue of $18.52 million for the quarter, compared to the consensus estimate of $15.44 million. Almonty Industries had a negative return on equity of 13.79% and a negative net margin of 262.29%.

Almonty Industries Stock Performance

ALM stock traded down $0.91 during midday trading on Wednesday, hitting $21.21. 662,245 shares of the company traded hands, compared to its average volume of 5,281,426. Almonty Industries has a twelve month low of $3.16 and a twelve month high of $24.41. The stock has a market capitalization of $6.02 billion and a price-to-earnings ratio of -42.44. The company has a quick ratio of 3.76, a current ratio of 3.89 and a debt-to-equity ratio of 0.38. The business has a 50 day simple moving average of $19.15 and a 200-day simple moving average of $12.86.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ALM. Van ECK Associates Corp boosted its holdings in Almonty Industries by 13,294.7% during the fourth quarter. Van ECK Associates Corp now owns 11,239,482 shares of the company’s stock valued at $99,013,000 after acquiring an additional 11,155,572 shares during the period. Alyeska Investment Group L.P. acquired a new position in shares of Almonty Industries during the 3rd quarter worth about $7,839,000. Ghisallo Capital Management LLC acquired a new position in shares of Almonty Industries during the 4th quarter worth about $11,453,000. Marshall Wace LLP boosted its stake in Almonty Industries by 7,507.2% during the 4th quarter. Marshall Wace LLP now owns 1,274,353 shares of the company’s stock valued at $11,227,000 after purchasing an additional 1,257,601 shares during the period. Finally, Adage Capital Partners GP L.L.C. bought a new stake in Almonty Industries during the 4th quarter valued at approximately $9,030,000.

Analyst Ratings Changes

Several research firms have commented on ALM. DA Davidson reissued a “buy” rating and issued a $25.00 target price on shares of Almonty Industries in a research report on Thursday, March 26th. Texas Capital raised shares of Almonty Industries to a “strong-buy” rating in a research note on Thursday, April 16th. Oppenheimer upped their price objective on shares of Almonty Industries from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, March 20th. Finally, B. Riley Financial increased their target price on shares of Almonty Industries from $17.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, March 20th. 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. According to MarketBeat, Almonty Industries presently has an average rating of “Moderate Buy” and an average target price of $18.38.

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.