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

Bangor Savings Bank acquired a new position in shares of Elmet Group Co. (NASDAQ:ELMT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,441,934 shares of the company’s stock, valued at approximately $48,741,000. Elmet Group comprises about 3.7% of Bangor Savings Bank’s portfolio, making the stock its 9th biggest holding. Bangor Savings Bank owned about 0.08% of Elmet Group as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ELMT shares. Canaccord Genuity Group upped their price target on Elmet Group from $21.00 to $26.00 and gave the stock a “buy” rating in a research report on Tuesday. Needham & Company LLC lifted their price objective on shares of Elmet Group from $21.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, September 15th. Roth Capital reissued a “buy” rating and issued a $26.00 price objective (up from $21.00) on shares of Elmet Group in a research report on Tuesday, September 15th. Finally, Weiss Ratings upgraded shares of Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a report on Friday. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $24.25.

Elmet Group Price Performance

ELMT stock traded up $1.87 during mid-day trading on Tuesday, reaching $23.16. The company 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 current ratio of 3.03 and a quick ratio of 1.60. The stock’s 50 day moving average is $17.84. The company has a market capitalization of $705.45 million and a P/E ratio of 56.49. Elmet Group Co. has a 52 week low of $12.48 and a 52 week high of $25.03.

Elmet Group (NASDAQ:ELMT) last posted 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 company had revenue of $66.40 million for the quarter. The company’s revenue for the quarter was up 35.2% on a year-over-year basis. On average, equities analysts predict that Elmet Group Co. will post 0.72 EPS for the current year.

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.