Elmet Group (NASDAQ:ELMT) Trading Up 10.5% – Still a Buy?

Elmet Group Co. (NASDAQ:ELMT) shares traded up 10.5% during mid-day trading on Friday . The stock traded as high as $18.42 and last traded at $18.42. 488,990 shares changed hands during mid-day trading, a decline of 15% from the average session volume of 578,104 shares. The stock had previously closed at $16.67.

Analysts Set New Price Targets

Several brokerages recently weighed in on ELMT. Weiss Ratings began coverage on Elmet Group in a research report on Monday, July 20th. They set a “sell (e)” rating for the company. Needham & Company LLC began coverage on Elmet Group in a research report on Monday, May 18th. They issued a “buy” rating and a $21.00 target price on the stock. Cantor Fitzgerald began coverage on Elmet Group in a research note on Monday, May 18th. They set an “overweight” rating and a $20.00 target price for the company. Canaccord Genuity Group increased their target price on shares of Elmet Group from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Monday. Finally, Zacks Research upgraded shares of Elmet Group to a “hold” rating in a research note on Tuesday, May 19th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Elmet Group currently has an average rating of “Moderate Buy” and a consensus price target of $20.75.

Elmet Group Stock Up 22.4%

The firm has a 50 day simple moving average of $16.74. The company has a market capitalization of $621.69 million and a PE ratio of 49.78. The company has a current ratio of 3.03, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04.

Elmet Group (NASDAQ:ELMT) last announced its quarterly earnings results on Thursday, August 13th. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.38. The firm had revenue of $66.40 million during the quarter. Elmet Group’s revenue was up 35.2% compared to the same quarter last year. As a group, research analysts forecast that Elmet Group Co. will post 0.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Elmet Group

An institutional investor recently bought a new position in Elmet Group stock. Wellington Management Group LLP bought a new stake in Elmet Group Co. (NASDAQ:ELMT) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 533,783 shares of the company’s stock, valued at approximately $10,537,000. Wellington Management Group LLP owned approximately 1.75% of Elmet Group as of its most recent SEC filing.

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.