Electromed, Inc. (NYSE:ELMD) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp grew its stake in Electromed, Inc. (NYSE:ELMD) by 235.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,615 shares of the company’s stock after purchasing an additional 22,200 shares during the period. Bank of New York Mellon Corp owned approximately 0.37% of Electromed worth $934,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. IFP Advisors Inc acquired a new position in Electromed during the fourth quarter worth $59,000. State Street Corp raised its holdings in shares of Electromed by 14.5% during the 3rd quarter. State Street Corp now owns 22,066 shares of the company’s stock worth $474,000 after acquiring an additional 2,800 shares during the period. Legacy Wealth Asset Management LLC acquired a new position in shares of Electromed during the 4th quarter valued at about $253,000. Barclays PLC purchased a new stake in shares of Electromed in the third quarter valued at about $215,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Electromed during the third quarter worth about $226,000. Institutional investors and hedge funds own 40.82% of the company’s stock.

Electromed Stock Down 1.4 %

Shares of Electromed stock opened at $24.11 on Wednesday. The business’s fifty day simple moving average is $29.59 and its 200-day simple moving average is $26.94. The firm has a market cap of $206.31 million, a PE ratio of 32.15 and a beta of 0.41. Electromed, Inc. has a 52 week low of $13.74 and a 52 week high of $35.56.

Electromed declared that its board has approved a stock buyback plan on Monday, March 10th that allows the company to repurchase $5.00 million in shares. This repurchase authorization allows the company to buy up to 2.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ELMD. B. Riley began coverage on shares of Electromed in a report on Thursday, February 20th. They issued a “buy” rating and a $38.00 target price on the stock. StockNews.com raised shares of Electromed from a “buy” rating to a “strong-buy” rating in a research report on Thursday, March 20th.

Insiders Place Their Bets

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

Electromed 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.