Renaissance Technologies LLC Reduces Position in Electromed, Inc. $ELMD

Key Points

• Renaissance Technologies cut its Electromed stake by 28.3% in the first quarter, selling 49,000 shares and retaining 124,004 shares worth approximately $2.9 million. Institutional investors collectively own 40.82% of the company, with Millennium Management increasing its position by 362.7%.
• Electromed insiders sold 61,501 shares worth about $2.2 million over the past 90 days, including significant sales by the CFO and CEO.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $37.50, while ELMD recently opened at $42.19 and trades near the upper end of its $18.55–$47.40 52-week range.

Renaissance Technologies LLC trimmed its stake in Electromed, Inc. (NYSE:ELMD - Free Report) by 28.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 124,004 shares of the company's stock after selling 49,000 shares during the quarter. Renaissance Technologies LLC owned approximately 1.50% of Electromed worth $2,903,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Millennium Management LLC increased its position in Electromed by 362.7% during the 1st quarter. Millennium Management LLC now owns 194,519 shares of the company's stock worth $4,641,000 after purchasing an additional 152,480 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Electromed by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 194,042 shares of the company's stock valued at $5,652,000 after purchasing an additional 4,973 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Electromed by 0.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 190,103 shares of the company's stock worth $4,667,000 after purchasing an additional 696 shares during the last quarter. Punch & Associates Investment Management Inc. boosted its stake in shares of Electromed by 6.6% during the 4th quarter. Punch & Associates Investment Management Inc. now owns 187,020 shares of the company's stock worth $5,446,000 after purchasing an additional 11,500 shares during the last quarter. Finally, Hunter Associates Investment Management LLC grew its holdings in shares of Electromed by 25.1% during the first quarter. Hunter Associates Investment Management LLC now owns 150,800 shares of the company's stock worth $3,529,000 after buying an additional 30,250 shares in the last quarter. 40.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Electromed

In other news, CFO Bradley M. Nagel sold 11,801 shares of Electromed stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $36.35, for a total transaction of $428,966.35. Following the sale, the chief financial officer owned 19,638 shares in the company, valued at $713,841.30. This trade represents a 37.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO James L. Cunniff sold 9,700 shares of the firm's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $36.50, for a total transaction of $354,050.00. Following the sale, the chief executive officer directly owned 147,751 shares of the company's stock, valued at approximately $5,392,911.50. The trade was a 6.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 61,501 shares of company stock valued at $2,202,216 over the last 90 days. 10.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ELMD. Zacks Research downgraded shares of Electromed from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 13th. B. Riley Financial increased their price target on Electromed from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Wednesday, May 13th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $37.50.

Electromed Stock Up 0.4%

Electromed stock opened at $42.19 on Friday. Electromed, Inc. has a 52-week low of $18.55 and a 52-week high of $47.40. The firm has a market capitalization of $349.33 million, a P/E ratio of 56.25 and a beta of 0.51. The firm has a fifty day moving average of $40.56 and a 200-day moving average of $31.85.

Electromed Profile

Electromed Inc NYSE: ELMD develops and manufactures sleep therapy products designed to support individuals with breathing disorders such as obstructive sleep apnea. The company's core business activities include the design, production and distribution of continuous positive airway pressure (CPAP) and bilevel positive airway pressure (BiPAP) accessories. Electromed's focus on supplying both disposable and reusable components allows durable medical equipment providers to offer comprehensive therapy solutions to patients.

The company's product portfolio encompasses masks, mask cushions, headgear, tubing, filters and humidification components.

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