Elmet Group (NASDAQ:ELMT) Posts Quarterly Earnings Results, Beats Expectations By $0.20 EPS

Elmet Group (NASDAQ:ELMT) released its quarterly earnings data on Monday. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.20, FiscalAI reports. The firm had revenue of $79.56 million during the quarter.

Elmet Group Price Performance

Shares of ELMT traded up $2.37 during trading hours on Monday, hitting $21.99. 478,496 shares of the stock were exchanged, compared to its average volume of 670,176. The company has a quick ratio of 1.60, a current ratio of 3.03 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $669.79 million and a price-to-earnings ratio of 53.63. The business’s 50-day simple moving average is $19.95. Elmet Group has a fifty-two week low of $12.48 and a fifty-two week high of $25.46.

Hedge Funds Weigh In On Elmet Group

Several institutional investors have recently added to or reduced their stakes in the business. State of Alaska Department of Revenue bought a new stake in shares of Elmet Group in the 3rd quarter valued at $34,000. Russell Investments Group Ltd. increased its position in Elmet Group by 2,163.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 18,018 shares of the company’s stock valued at $360,000 after buying an additional 17,222 shares in the last quarter. Squarepoint Ops LLC bought a new stake in Elmet Group in the 2nd quarter valued at about $2,560,000. Skylands Capital LLC raised its stake in Elmet Group by 22.9% during the 3rd 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 period. Finally, State Street Corp acquired a new position in Elmet Group during the 2nd quarter worth approximately $2,640,000.

Analyst Ratings Changes

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

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.