Cabot Microelectronics Corporation (NASDAQ:CCMP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.

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. “

Several other equities analysts also recently commented on CCMP. BidaskClub raised Cabot Microelectronics Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 13th. Needham & Company LLC raised Cabot Microelectronics Corporation from a “hold” rating to a “buy” rating and set a $85.00 price objective on the stock in a research report on Tuesday, June 27th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $80.00.

Shares of Cabot Microelectronics Corporation (NASDAQ:CCMP) traded up 1.53% on Wednesday, hitting $71.54. 194,986 shares of the stock were exchanged. Cabot Microelectronics Corporation has a 52-week low of $47.31 and a 52-week high of $81.85. The company has a market cap of $1.80 billion, a price-to-earnings ratio of 22.31 and a beta of 1.48. The company has a 50 day moving average of $73.63 and a 200 day moving average of $73.74.

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

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In other Cabot Microelectronics Corporation news, Director Barbara A. Klein sold 12,502 shares of the company’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $71.69, for a total value of $896,268.38. Following the transaction, the director now owns 34,561 shares of the company’s stock, valued at approximately $2,477,678.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William S. Johnson sold 11,806 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $73.77, for a total value of $870,928.62. Following the completion of the transaction, the insider now directly owns 94,911 shares in the company, valued at approximately $7,001,584.47. The disclosure for this sale can be found here. Insiders sold a total of 24,740 shares of company stock worth $1,799,554 in the last ninety days. 5.50% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can increased 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 period. Louisiana State Employees Retirement System increased its position in shares of Cabot Microelectronics Corporation by 5.2% in the first quarter. Louisiana State Employees Retirement System now owns 10,200 shares of the semiconductor company’s stock valued at $781,000 after buying an additional 500 shares during the period. Hartford Investment Management Co. acquired a new position in shares of Cabot Microelectronics Corporation during the first quarter valued at approximately $213,000. State of Alaska Department of Revenue increased its position in shares of Cabot Microelectronics Corporation by 6.1% in the first quarter. State of Alaska Department of Revenue now owns 2,770 shares of the semiconductor company’s stock valued at $212,000 after buying an additional 160 shares during the period. Finally, Fisher Asset Management LLC acquired a new position in shares of Cabot Microelectronics Corporation during the first quarter valued at approximately $3,122,000. 93.84% of the stock is currently owned by institutional investors.

About Cabot Microelectronics Corporation

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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