Electromed (NYSE:ELMD) Downgraded to Buy Rating by StockNews.com

StockNews.com cut shares of Electromed (NYSE:ELMD) from a strong-buy rating to a buy rating in a research note published on Friday.

Separately, B. Riley initiated coverage on Electromed in a research note on Thursday, February 20th. They issued a “buy” rating and a $38.00 price objective on the stock.

Electromed Price Performance

Electromed stock opened at $23.34 on Friday. Electromed has a one year low of $13.74 and a one year high of $35.56. The company’s fifty day moving average price is $28.97 and its two-hundred day moving average price is $26.93. The company has a market capitalization of $199.72 million, a price-to-earnings ratio of 31.12 and a beta of 0.41.

Electromed announced that its board has initiated a stock buyback program on Monday, March 10th that permits the company to buyback $5.00 million in shares. This buyback authorization permits the company to repurchase up to 2.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Insider Activity at Electromed

In other news, Director Andrew Summers sold 50,751 shares of the company’s 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 transaction, the director now directly owns 65,714 shares in the company, valued at $1,793,992.20. The trade was a 43.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kathleen Skarvan sold 8,640 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $32.25, for a total value of $278,640.00. Following the completion of the sale, the director now directly owns 71,576 shares of the company’s stock, valued at $2,308,326. This represents a 10.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 133,618 shares of company stock worth $3,821,636. 14.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Electromed

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Arrowstreet Capital Limited Partnership grew its position in Electromed by 261.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 114,579 shares of the company’s stock worth $3,386,000 after purchasing an additional 82,839 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Electromed by 14.1% in the fourth quarter. Northern Trust Corp now owns 65,350 shares of the company’s stock valued at $1,931,000 after buying an additional 8,086 shares during the period. Raymond James Financial Inc. acquired a new stake in Electromed during the fourth quarter worth about $1,760,000. Susquehanna International Group LLP increased its stake in Electromed by 121.8% during the fourth quarter. Susquehanna International Group LLP now owns 56,726 shares of the company’s stock valued at $1,676,000 after acquiring an additional 31,148 shares during the period. Finally, Navellier & Associates Inc. increased its stake in Electromed by 228.5% during the fourth quarter. Navellier & Associates Inc. now owns 56,368 shares of the company’s stock valued at $1,666,000 after acquiring an additional 39,208 shares during the period. Institutional investors own 40.82% of the company’s stock.

About Electromed

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.