133,738 Shares in Elmet Group Co. $ELMT Bought by State Street Corp

Key Points

• State Street Corp. acquired 133,738 shares of Elmet Group, worth approximately $2.64 million and representing about 0.44% of the company. Wellington Management, AWM Investment and Squarepoint Ops also established new positions during the second quarter.
• Analysts remain broadly positive, with four Buy ratings, one Hold and one Sell. The consensus rating is “Moderate Buy”, with an average price target of $23, while recent targets range from $21 to $26.
• Elmet Group shares opened at $19.64, near the midpoint of their $12.48–$25.03 52-week range. The company recently beat quarterly earnings expectations with $0.18 EPS and reported 35.2% year-over-year revenue growth to $66.4 million.

State Street Corp bought a new stake in Elmet Group Co. (NASDAQ:ELMT - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 133,738 shares of the company's stock, valued at approximately $2,640,000. State Street Corp owned approximately 0.44% of Elmet Group as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ELMT. Wellington Management Group LLP acquired a new position in shares of Elmet Group during the 2nd quarter worth approximately $10,537,000. AWM Investment Company Inc. acquired a new stake in shares of Elmet Group in the 2nd quarter valued at approximately $6,807,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Elmet Group in the 2nd quarter valued at approximately $2,560,000.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on ELMT shares. Canaccord Genuity Group boosted their target price on shares of Elmet Group from $20.00 to $21.00 and gave the stock a "buy" rating in a report on Monday, August 17th. Roth Capital reiterated a "buy" rating and issued a $26.00 price target (up from $21.00) on shares of Elmet Group in a research note on Tuesday, September 15th. Needham & Company LLC lifted their price objective on shares of Elmet Group from $21.00 to $25.00 and gave the company a "buy" rating in a research report on Tuesday, September 15th. Finally, Weiss Ratings started coverage on shares of Elmet Group in a research note on Monday, July 20th. They set a "sell (e)" rating on the stock. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $23.00.

Elmet Group Stock Down 0.5%

NASDAQ ELMT opened at $19.64 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.03 and a quick ratio of 1.60. Elmet Group Co. has a 52 week low of $12.48 and a 52 week high of $25.03. The stock has a market capitalization of $598.23 million and a price-to-earnings ratio of 47.90. The stock's fifty day moving average price is $17.20.

Elmet Group (NASDAQ:ELMT - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.38. The firm had revenue of $66.40 million during the quarter. The company's quarterly revenue was up 35.2% on a year-over-year basis. Equities research analysts anticipate that Elmet Group Co. will post 0.72 EPS for the current year.

Elmet Group Profile

Elmet Group, Inc is a special purpose acquisition company (SPAC) formed to pursue a business combination with one or more privately held businesses. Rather than operating a traditional commercial enterprise, the company's primary objective is to identify a target and complete a merger, share exchange, asset acquisition, share purchase, reorganization or similar transaction.

Until a business combination is completed, Elmet Group does not have an established portfolio of products or services, and its activities are generally limited to evaluating potential acquisition candidates, conducting due diligence and managing the transaction process.

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