Go test it out yourself. Don't know if other HMGs can as well, but I can 100% confirm the M2HB can penetrate even outside of armor piercing rounds.
A close range M2HB can penetrate upwards of a Panzer 4 J at close range. It's max pen is 7, to go below the 3% no-pen threshold is 233 armor. Preeeetty dang high. Not even talking with AP rounds.
Odds are low.... but it'll happen.
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