Manatuck Hill Partners LLC Invests $1.76 Million in Almonty Industries Inc. $ALM

Manatuck Hill Partners LLC bought a new position in Almonty Industries Inc. (NASDAQ:ALM) in the 4th quarter, HoldingsChannel reports. The fund bought 200,000 shares of the company’s stock, valued at approximately $1,762,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Van ECK Associates Corp boosted its position in shares of Almonty Industries by 13,294.7% in the fourth quarter. Van ECK Associates Corp now owns 11,239,482 shares of the company’s stock worth $99,013,000 after buying an additional 11,155,572 shares during the period. Encompass Capital Advisors LLC acquired a new stake in shares of Almonty Industries in the fourth quarter worth $25,620,000. Next Century Growth Investors LLC acquired a new stake in shares of Almonty Industries in the fourth quarter worth $16,345,000. Telemark Asset Management LLC acquired a new stake in shares of Almonty Industries in the third quarter worth $7,839,000. Finally, Alyeska Investment Group L.P. acquired a new stake in shares of Almonty Industries in the third quarter worth $7,839,000.

Almonty Industries Trading Down 1.6%

Shares of ALM opened at $18.28 on Thursday. Almonty Industries Inc. has a 12-month low of $3.16 and a 12-month high of $24.41. The company has a quick ratio of 2.37, a current ratio of 2.45 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $5.22 billion and a price-to-earnings ratio of -36.56. The stock’s 50-day moving average price is $19.54 and its 200 day moving average price is $15.02.

Almonty Industries (NASDAQ:ALM) last released its quarterly earnings data on Monday, May 11th. The company reported $0.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.01. The company 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 11.01% and a negative net margin of 262.29%. As a group, research analysts predict that Almonty Industries Inc. will post 0.46 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. DA Davidson reissued a “buy” rating and set a $25.00 price objective on shares of Almonty Industries in a research report on Thursday, March 26th. Oppenheimer lifted their price objective on Almonty Industries from $22.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, June 3rd. B. Riley Financial lifted their price objective on Almonty Industries from $17.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, March 20th. Finally, Texas Capital upgraded Almonty Industries to a “strong-buy” rating in a report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Almonty Industries has an average rating of “Moderate Buy” and a consensus target price of $19.88.

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.