Skylands Capital LLC Acquires 24,819 Shares of Elmet Group Co. $ELMT

Skylands Capital LLC boosted its holdings in Elmet Group Co. (NASDAQ:ELMT) by 22.9% during the 3rd quarter, Holdings Channel.com reports. The fund owned 133,036 shares of the company’s stock after purchasing an additional 24,819 shares during the quarter. Skylands Capital LLC’s holdings in Elmet Group were worth $2,655,000 as of its most recent SEC filing.

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

Elmet Group Price Performance

Shares of ELMT stock opened at $21.23 on Thursday. 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 50-day moving average price of $19.07. Elmet Group Co. has a one year low of $12.48 and a one year high of $25.03. The stock has a market capitalization of $646.64 million and a P/E ratio of 51.78.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. 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, October 6th. Needham & Company LLC upped their price target on Elmet Group from $25.00 to $28.00 and gave the stock a “buy” rating in a report on Thursday, October 8th. Weiss Ratings raised Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, October 2nd. Finally, Roth Capital reissued 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. 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 company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $25.00.

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.