Zacks Investment Research cut shares of Cabot Microelectronics Corporation (NASDAQ:CCMP) from a hold rating to a sell rating in a report issued on Wednesday morning.

According to Zacks, “Cabot Microelectronics Corp. is a leading supplier of slurries used in chemical mechanical planarization, a polishing process used in the manufacturing of integrated circuit devices. Chemical mechanical planarization is an important part of the integrated circuit device manufacturing process because it helps manufacturers make smaller, faster and more complex integrated circuit devices. Chemical mechanical planarization slurries are liquids containing abrasives and chemicals that facilitate and enhance the mechanical planarization polishing process. “

CCMP has been the topic of several other reports. BidaskClub lowered shares of Cabot Microelectronics Corporation from a hold rating to a sell rating in a report on Friday, August 11th. Needham & Company LLC raised shares of Cabot Microelectronics Corporation from a hold rating to a buy rating and set a $85.00 price objective on the stock in a report on Tuesday, June 27th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $80.00.

Cabot Microelectronics Corporation (NASDAQ:CCMP) opened at 69.45 on Wednesday. The firm has a 50-day moving average price of $73.63 and a 200 day moving average price of $73.74. The company has a market cap of $1.75 billion, a price-to-earnings ratio of 21.66 and a beta of 1.48. Cabot Microelectronics Corporation has a one year low of $47.31 and a one year high of $81.85.

Cabot Microelectronics Corporation (NASDAQ:CCMP) last issued its earnings results on Thursday, July 27th. The semiconductor company reported $0.81 EPS for the quarter, missing the Zacks’ consensus estimate of $0.84 by $0.03. The company had revenue of $128 million for the quarter, compared to analysts’ expectations of $122.17 million. Cabot Microelectronics Corporation had a return on equity of 16.08% and a net margin of 16.41%. The business’s revenue was up 18.4% compared to the same quarter last year. During the same period last year, the business posted $0.79 earnings per share. Equities analysts expect that Cabot Microelectronics Corporation will post $3.35 earnings per share for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 28th. Investors of record on Friday, June 23rd were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.15%. The ex-dividend date of this dividend was Wednesday, June 21st. Cabot Microelectronics Corporation’s payout ratio is 25.08%.

In related news, VP Daniel D. Woodland sold 432 shares of Cabot Microelectronics Corporation stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $74.90, for a total transaction of $32,356.80. Following the transaction, the vice president now directly owns 17,588 shares of the company’s stock, valued at $1,317,341.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Barbara A. Klein sold 12,502 shares of Cabot Microelectronics Corporation stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $71.69, for a total transaction of $896,268.38. Following the transaction, the director now directly owns 34,561 shares in the company, valued at $2,477,678.09. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,740 shares of company stock worth $1,799,554. 5.50% of the stock is currently owned by corporate insiders.

Institutional investors have recently modified their holdings of the stock. Riverhead Capital Management LLC raised its position in shares of Cabot Microelectronics Corporation by 88.8% in the second quarter. Riverhead Capital Management LLC now owns 1,699 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 799 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new position in shares of Cabot Microelectronics Corporation during the first quarter valued at about $146,000. Advisor Group Inc. raised its position in shares of Cabot Microelectronics Corporation by 4.5% in the second quarter. Advisor Group Inc. now owns 2,329 shares of the semiconductor company’s stock valued at $172,000 after buying an additional 100 shares during the last quarter. Bank of Montreal Can raised its position in shares of Cabot Microelectronics Corporation by 63.2% in the first quarter. Bank of Montreal Can now owns 2,374 shares of the semiconductor company’s stock valued at $182,000 after buying an additional 919 shares during the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Cabot Microelectronics Corporation by 17.7% in the second quarter. Victory Capital Management Inc. now owns 2,764 shares of the semiconductor company’s stock valued at $204,000 after buying an additional 415 shares during the last quarter. 95.10% of the stock is currently owned by institutional investors.

Cabot Microelectronics Corporation Company Profile

Cabot Microelectronics Corporation supplies polishing slurries and pads used in the manufacture of integrated circuit (IC) devices within the semiconductor industry, in a process called chemical mechanical planarization (CMP). The Company is engaged in the development, manufacture and sale of CMP consumables.

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