Bank of New York Mellon Corp Grows Stake in Electromed, Inc. (NYSE:ELMD)

Bank of New York Mellon Corp increased its holdings in shares of Electromed, Inc. (NYSE:ELMD) by 235.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,615 shares of the company’s stock after purchasing an additional 22,200 shares during the quarter. Bank of New York Mellon Corp’s holdings in Electromed were worth $934,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ELMD. IFP Advisors Inc acquired a new stake in Electromed during the fourth quarter worth approximately $59,000. State Street Corp boosted its holdings in shares of Electromed by 14.5% in the 3rd quarter. State Street Corp now owns 22,066 shares of the company’s stock valued at $474,000 after buying an additional 2,800 shares in the last quarter. Legacy Wealth Asset Management LLC purchased a new position in shares of Electromed in the 4th quarter valued at $253,000. Barclays PLC acquired a new stake in Electromed during the 3rd quarter worth $215,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in Electromed in the third quarter valued at $226,000. 40.82% of the stock is owned by institutional investors and hedge funds.

Electromed Trading Down 1.4 %

ELMD stock opened at $24.11 on Wednesday. The company has a market capitalization of $206.31 million, a P/E ratio of 32.15 and a beta of 0.41. The business has a 50 day simple moving average of $29.59 and a 200-day simple moving average of $26.94. Electromed, Inc. has a twelve month low of $13.74 and a twelve month high of $35.56.

Electromed declared that its board has authorized a share repurchase plan on Monday, March 10th that permits the company to repurchase $5.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ELMD shares. B. Riley assumed coverage on Electromed in a report on Thursday, February 20th. They set a “buy” rating and a $38.00 price objective on the stock. StockNews.com raised Electromed from a “buy” rating to a “strong-buy” rating in a research report on Thursday, March 20th.

Insider Activity at Electromed

In other Electromed news, Director Andrew Summers sold 50,751 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $27.30, for a total transaction of $1,385,502.30. Following the completion of the sale, the director now directly owns 65,714 shares of the company’s stock, valued at approximately $1,793,992.20. This trade represents a 43.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kathleen Skarvan sold 38,954 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $29.28, for a total value of $1,140,573.12. Following the completion of the transaction, the director now directly owns 32,622 shares in the company, valued at approximately $955,172.16. The trade was a 54.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 133,618 shares of company stock worth $3,821,636 in the last 90 days. 14.00% of the stock is owned by insiders.

Electromed Company Profile

Electromed, Inc develops, manufactures, markets, and sells airway clearance therapy and related products that apply high frequency chest wall oscillation (HFCWO) therapy in pulmonary care for patients of various ages in the United States and internationally. The company offers SmartVest airway clearance system for patients with compromised pulmonary functions, including bronchiectasis and cystic fibrosis, as well as neuromuscular conditions, such as cerebral palsy and amyotrophic lateral sclerosis; SmartVest SQL System; SmartVest Clearway System that consists of an inflatable therapy garment, a programmable air pulse generator, and a patented single-hose that delivers air pulses from the generator to the garment to create oscillatory pressure on the chest wall; and SmartVest Connect, a wireless technology that allows data connection between physicians and patients to track therapy performance and collaborate in treatment decisions.