Elmet Group (NASDAQ:ELMT) Posts Earnings Results

Elmet Group (NASDAQ:ELMT) released its quarterly earnings results on Monday. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.15 by $0.20, FiscalAI reports. The company had revenue of $79.56 million during the quarter. During the same period in the prior year, the company posted $0.08 EPS. The company’s quarterly revenue was up 55.6% compared to the same quarter last year.

Elmet Group Trading Down 7.9%

Shares of NASDAQ ELMT opened at $20.26 on Tuesday. The company has a fifty day moving average of $20.05. 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 firm has a market capitalization of $617.15 million and a PE ratio of 48.94. Elmet Group has a 12-month low of $12.48 and a 12-month high of $25.46.

Institutional Trading of Elmet Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp purchased a new position in Elmet Group in the 2nd quarter valued at $2,640,000. Bangor Savings Bank acquired a new stake in shares of Elmet Group in the 3rd quarter worth approximately $48,741,000. Wellington Management Group LLP purchased a new position in shares of Elmet Group in the second quarter valued at $10,537,000. Squarepoint Ops LLC acquired a new position in Elmet Group during the second quarter worth about $2,560,000. Finally, AWM Investment Company Inc. acquired a new stake in Elmet Group during the 2nd quarter valued at $6,807,000.

Analyst Upgrades and Downgrades

ELMT has been the subject of a number of research analyst reports. 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 report on Friday, October 23rd. Canaccord Genuity Group lifted their price target on shares of Elmet Group from $21.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, October 6th. Roth Capital reaffirmed a “buy” rating and issued a $26.00 price objective (up from $21.00) on shares of Elmet Group in a research report on Tuesday, September 15th. Weiss Ratings raised Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, October 2nd. Finally, Needham & Company LLC increased their price objective on shares of Elmet Group from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, October 8th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $27.50.

Elmet Group Company Profile

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.