The Goldman Sachs Group Begins Coverage on Almonty Industries (NASDAQ:ALM)

The Goldman Sachs Group began coverage on shares of Almonty Industries (NASDAQ:ALM) in a note issued to investors on Thursday, Benzinga reports. The firm set a “neutral” rating and a $13.00 price target on the stock. The Goldman Sachs Group’s price target indicates a potential downside of 4.55% from the stock’s previous close.

ALM has been the subject of several other reports. Oppenheimer lifted their price objective on Almonty Industries from $22.00 to $25.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. DA Davidson reaffirmed a “buy” rating and set a $33.00 price target on shares of Almonty Industries in a report on Tuesday, September 15th. Jefferies Financial Group initiated coverage on Almonty Industries in a research report on Wednesday, September 2nd. They issued a “buy” rating and a $26.25 target price on the stock. Finally, Weiss Ratings upgraded shares of Almonty Industries from a “sell (d-)” rating to a “hold (c-)” rating in a report on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $24.05.

Almonty Industries Stock Performance

Shares of NASDAQ:ALM opened at $13.62 on Thursday. Almonty Industries has a 12-month low of $5.25 and a 12-month high of $24.41. The company’s 50 day moving average price is $15.18 and its two-hundred day moving average price is $17.20. The firm has a market cap of $3.92 billion, a PE ratio of 85.13 and a beta of 3.75. 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 Investors Weigh In On Almonty Industries

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Encompass Capital Advisors LLC boosted its holdings in Almonty Industries by 47.9% in the first quarter. Encompass Capital Advisors LLC now owns 4,300,839 shares of the company’s stock worth $62,276,000 after acquiring an additional 1,392,806 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Almonty Industries by 309.6% in the 1st quarter. Bank of America Corp DE now owns 908,911 shares of the company’s stock worth $13,161,000 after buying an additional 686,982 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Almonty Industries in the second quarter valued at approximately $7,118,000. Public Employees Retirement System of Ohio bought a new stake in Almonty Industries in the 2nd quarter valued at about $1,806,000. Finally, Cooper Creek Partners Management LLC raised its position in shares of Almonty Industries by 110.4% in the first 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 period.

Almonty Industries Company Profile

Almonty Industries Inc is a mining and development company focused primarily on tungsten, a specialty metal used in industrial, technology, energy, automotive, aerospace and defense applications. The company’s activities include the exploration, development, operation and redevelopment of tungsten-mining projects, as well as the production of tungsten concentrates.

Almonty’s principal assets include the Sangdong Tungsten Project in South Korea, one of the company’s key development projects, and the Panasqueira tungsten mine in Portugal, a producing operation with a long operating history.