2,441,934 Shares in Elmet Group Co. $ELMT Purchased by Bangor Savings Bank

Bangor Savings Bank purchased a new stake in Elmet Group Co. (NASDAQ:ELMT) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,441,934 shares of the company’s stock, valued at approximately $48,741,000. Elmet Group makes up about 3.7% of Bangor Savings Bank’s portfolio, making the stock its 9th biggest position. Bangor Savings Bank owned approximately 8.02% of Elmet Group as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. Wellington Management Group LLP acquired a new position in shares of Elmet Group during the 2nd quarter worth $10,537,000. AWM Investment Company Inc. bought a new stake in Elmet Group during the second quarter worth approximately $6,807,000. State Street Corp bought a new position in shares of Elmet Group in the second quarter valued at approximately $2,640,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Elmet Group in the second quarter worth $2,560,000.

Elmet Group Price Performance

Shares of NASDAQ ELMT traded up $1.87 during midday trading on Tuesday, hitting $23.16. The stock had a trading volume of 1,230,676 shares, compared to its average volume of 711,733. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 3.03. Elmet Group Co. has a fifty-two week low of $12.48 and a fifty-two week high of $25.03. The stock has a market cap of $705.45 million and a price-to-earnings ratio of 56.49. The stock has a 50-day simple moving average of $17.84.

Elmet Group (NASDAQ:ELMT) last released its earnings results on Thursday, August 13th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.38. The business had revenue of $66.40 million for the quarter. The business’s quarterly revenue was up 35.2% compared to the same quarter last year. Equities analysts expect that Elmet Group Co. will post 0.72 EPS for the current fiscal year.

Analyst Ratings Changes

ELMT has been the topic of a number of recent analyst reports. Weiss Ratings upgraded Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a research note on Friday. Canaccord Genuity Group raised their target price on Elmet Group from $21.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday. 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 report on Tuesday, September 15th. Finally, Needham & Company LLC increased their price objective on Elmet Group from $21.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, September 15th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Elmet Group currently has an average rating of “Moderate Buy” and an average price target of $24.25.

Elmet Group Profile

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.