Elmet Group (NASDAQ:ELMT) Hits New 52-Week High - Here's Why

Key Points

• Elmet Group shares reached a new 52-week high, trading as high as $25.46 after closing at $23.62, with 167,227 shares changing hands.
• Analysts have largely turned more bullish, with several firms raising price targets. The stock has a consensus “Moderate Buy” rating and an average target of $27.50.
• The company reported better-than-expected quarterly earnings of $0.18 per share and $66.4 million in revenue, representing 35.2% year-over-year growth.

Shares of Elmet Group Co. (NASDAQ:ELMT - Get Free Report) reached a new 52-week high during mid-day trading on Thursday. The company traded as high as $25.46 and last traded at $24.9250, with a volume of 167,227 shares changing hands. The stock had previously closed at $23.62.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Canaccord Genuity Group upped their target price on Elmet Group from $21.00 to $26.00 and gave the company a "buy" rating in a research report on Tuesday, October 6th. Roth Capital reiterated a "buy" rating and set a $26.00 target price (up from $21.00) on shares of Elmet Group in a research note on Tuesday, September 15th. Cantor Fitzgerald boosted their target price on Elmet Group from $20.00 to $30.00 and gave the company an "overweight" rating in a report on Friday, October 23rd. Weiss Ratings upgraded shares of Elmet Group from a "sell (e)" rating to a "sell (e+)" rating in a research report on Friday, October 2nd. Finally, Needham & Company LLC raised their price objective on shares of Elmet Group from $25.00 to $28.00 and gave the company a "buy" rating in a research report on Thursday, October 8th. 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 data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $27.50.

Elmet Group Stock Performance

The firm has a market cap of $756.45 million and a P/E ratio of 60.49. The stock's fifty day simple moving average is $19.48. 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 (NASDAQ:ELMT - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.20) by $0.38. The business had revenue of $66.40 million during the quarter. The company's revenue for the quarter was up 35.2% compared to the same quarter last year. As a group, analysts expect that Elmet Group Co. will post 0.72 EPS for the current year.

Institutional Trading of Elmet Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Skylands Capital LLC grew its position in Elmet Group by 22.9% in the 3rd quarter. Skylands Capital LLC now owns 133,036 shares of the company's stock worth $2,655,000 after purchasing an additional 24,819 shares during the last quarter. State of Alaska Department of Revenue bought a new stake in Elmet Group during the third quarter worth about $34,000. Bangor Savings Bank bought a new position in Elmet Group in the 3rd quarter worth approximately $48,741,000. State Street Corp acquired a new stake in shares of Elmet Group during the second quarter worth $2,640,000. Finally, Squarepoint Ops LLC bought a new position in Elmet Group during the 2nd quarter worth about $2,560,000.

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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