Elmet Group Co. $ELMT Stock Acquired by Skylands Capital LLC

Skylands Capital LLC boosted its holdings in Elmet Group Co. (NASDAQ:ELMT) by 22.9% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 133,036 shares of the company’s stock after purchasing an additional 24,819 shares during the quarter. Skylands Capital LLC owned about 0.44% of Elmet Group worth $2,655,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. State of Alaska Department of Revenue bought a new position in shares of Elmet Group during the 3rd quarter worth approximately $34,000. Squarepoint Ops LLC acquired a new stake in shares of Elmet Group during the 2nd quarter worth approximately $2,560,000. State Street Corp acquired a new stake in shares of Elmet Group during the 2nd quarter worth approximately $2,640,000. AWM Investment Company Inc. bought a new stake in shares of Elmet Group in the 2nd quarter valued at $6,807,000. Finally, Wellington Management Group LLP bought a new stake in shares of Elmet Group in the 2nd quarter valued at $10,537,000.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ELMT shares. 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. Needham & Company LLC raised their price target on shares of Elmet Group from $25.00 to $28.00 and gave the stock a “buy” rating in a report on Thursday, October 8th. Canaccord Genuity Group raised 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. Finally, Roth Capital reaffirmed 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. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $25.00.

Elmet Group Stock Up 11.5%

Shares of NASDAQ:ELMT opened at $21.23 on Thursday. 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 twelve month low of $12.48 and a twelve month high of $25.03. The stock’s 50 day moving average price is $19.07. The firm has a market capitalization of $646.64 million and a price-to-earnings ratio of 51.78.

Elmet Group (NASDAQ:ELMT) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.38. The business had revenue of $66.40 million during the quarter. Elmet Group’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 earnings per share for the current fiscal year.

About Elmet Group

Elmet Group, Inc is a blank check company, also known as a special purpose acquisition company (SPAC). Its primary objective is to identify and complete a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more operating businesses.

Because Elmet Group was formed to pursue a business combination, it does not currently operate as a traditional company with established products, services or revenue-generating business segments.