Elmet Group (NASDAQ:ELMT) Trading 10.5% Higher - Here's What Happened

Key Points

• Elmet Group shares jumped 10.5% to $18.42 in Friday trading, with about 489,000 shares changing hands.
• Analyst sentiment is broadly positive: four analysts rate the stock Buy, one rates it Hold and one rates it Sell. The average price target is $20.75, implying additional upside.
• The company’s latest quarterly results exceeded expectations, with EPS of $0.18 versus a consensus loss estimate of $0.20 and revenue of $66.4 million, up 35.2% year over year. Wellington Management also disclosed a new 533,783-share stake worth roughly $10.5 million.

Shares of Elmet Group Co. (NASDAQ:ELMT - Get Free Report) rose 10.5% during trading on Friday . The stock traded as high as $18.42 and last traded at $18.42. Approximately 488,990 shares were traded during mid-day trading, a decline of 15% from the average daily volume of 578,104 shares. The stock had previously closed at $16.67.

Wall Street Analyst Weigh In

Several analysts have weighed in on ELMT shares. Wall Street Zen upgraded shares of Elmet Group to a "hold" rating in a research note on Saturday, May 2nd. Needham & Company LLC began coverage on shares of Elmet Group in a research report on Monday, May 18th. They set a "buy" rating and a $21.00 target price on the stock. Roth Capital started coverage on shares of Elmet Group in a research report on Monday, May 18th. They issued a "buy" rating and a $21.00 price target for the company. Cantor Fitzgerald assumed coverage on Elmet Group in a research note on Monday, May 18th. They issued an "overweight" rating and a $20.00 price target for the company. Finally, Weiss Ratings began coverage on Elmet Group in a research report on Monday, July 20th. They set a "sell (e)" rating on the stock. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $20.75.

Elmet Group Stock Up 22.4%

The company has a market capitalization of $621.69 million and a price-to-earnings ratio of 49.78. The stock's 50 day moving average price is $16.74. The company has a current ratio of 3.03, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04.

Elmet Group (NASDAQ:ELMT - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.38. The firm had revenue of $66.40 million for the quarter. Elmet Group's revenue was up 35.2% on a year-over-year basis. As a group, analysts predict that Elmet Group Co. will post 0.53 EPS for the current fiscal year.

Institutional Trading of Elmet Group

An institutional investor recently bought a new stake in Elmet Group stock. Wellington Management Group LLP acquired a new stake in shares of Elmet Group Co. (NASDAQ:ELMT - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 533,783 shares of the company's stock, valued at approximately $10,537,000. Wellington Management Group LLP owned approximately 1.75% of Elmet Group at the end of the most recent reporting period.

About Elmet Group

Elmet provides precision-engineered components and advanced high-energy systems for growth markets. Our customers in these markets require advanced technology involving critical and strategic materials, such as tungsten, molybdenum and niobium (such materials, the “Critical Materials”) and high-level radio frequency (“RF”) engineering, including plasma generation, radar, and other high-energy systems (together, “High-Power Microwave”). Our products and solutions are integral to the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics, and Energy industries.

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