Elmet Group (NASDAQ:ELMT) Sets New 1-Year High – What’s Next?

Elmet Group Co. (NASDAQ:ELMT)’s stock price reached a new 52-week high during trading on Thursday. The stock traded as high as $25.46 and last traded at $24.9250, with a volume of 167,227 shares trading hands. The stock had previously closed at $23.62.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Cantor Fitzgerald lifted their target price on Elmet Group from $20.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, October 23rd. Needham & Company LLC raised their price objective on Elmet Group from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, October 8th. Weiss Ratings upgraded shares of Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a report on Friday, October 2nd. Roth Capital restated a “buy” rating and set a $26.00 price objective (up from $21.00) on shares of Elmet Group in a research report on Tuesday, September 15th. Finally, Canaccord Genuity Group lifted their price objective on Elmet Group from $21.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, October 6th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Elmet Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.50.

Elmet Group Trading Down 3.7%

The company has a fifty day moving average price of $19.75. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 3.03. The company has a market cap of $706.34 million and a P/E ratio of 56.56.

Elmet Group (NASDAQ:ELMT) last announced its quarterly earnings data on Thursday, August 13th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.38. The firm had revenue of $66.40 million during the quarter. The firm’s quarterly revenue was up 35.2% on a year-over-year basis. As a group, research analysts forecast that Elmet Group Co. will post 0.72 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Bangor Savings Bank acquired a new stake in shares of Elmet Group during the third quarter worth approximately $48,741,000. Wellington Management Group LLP bought a new stake in shares of Elmet Group during the second quarter worth approximately $10,537,000. AWM Investment Company Inc. acquired a new position in shares of Elmet Group in the 2nd quarter valued at $6,807,000. Skylands Capital LLC boosted its holdings in Elmet Group by 22.9% during the third quarter. Skylands Capital LLC now owns 133,036 shares of the company’s stock worth $2,655,000 after buying an additional 24,819 shares during the last quarter. Finally, State Street Corp bought a new position in Elmet Group during the 2nd quarter worth approximately $2,640,000.

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.