Cabot Microelectronics Corporation (CCMP) Raised to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Cabot Microelectronics Corporation (NASDAQ:CCMP) from a sell rating to a hold rating in a research report report published on Tuesday.
According to Zacks, “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. The Company develops, produces and sells CMP slurries for polishing conducting and insulating materials used in IC devices, and also for polishing the disk substrates and magnetic heads used in hard disk drives. It also develops, manufactures and sells CMP polishing pads, which are used in conjunction with slurries in the CMP process. The Company also pursues other surface modification applications through its engineered surface finishes (ESF) business. The Company offers CMP polishing pads, under the Epic and NexPlanar brand names, for a range of applications and technology nodes. “
A number of other analysts have also recently weighed in on CCMP. Loop Capital began coverage on Cabot Microelectronics Corporation in a research report on Thursday, September 28th. They issued a buy rating and a $94.00 price target on the stock. BidaskClub cut Cabot Microelectronics Corporation from a hold rating to a sell rating in a research report on Friday, August 11th. Needham & Company LLC reiterated a buy rating and issued a $85.00 price target on shares of Cabot Microelectronics Corporation in a research report on Tuesday, September 19th. Finally, Seaport Global Securities initiated coverage on Cabot Microelectronics Corporation in a research note on Wednesday, September 6th. They issued a buy rating on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $84.67.
Cabot Microelectronics Corporation (NASDAQ:CCMP) traded up 0.31% during midday trading on Tuesday, reaching $84.92. The company’s stock had a trading volume of 93,791 shares. Cabot Microelectronics Corporation has a 1-year low of $50.66 and a 1-year high of $86.31. The firm has a market capitalization of $2.14 billion, a PE ratio of 26.49 and a beta of 1.47. The firm has a 50 day moving average price of $77.27 and a 200 day moving average price of $75.39.
Cabot Microelectronics Corporation (NASDAQ:CCMP) last announced its quarterly earnings results on Thursday, July 27th. The semiconductor company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.03). Cabot Microelectronics Corporation had a net margin of 16.41% and a return on equity of 16.08%. The company had revenue of $128.00 million during the quarter, compared to the consensus estimate of $122.17 million. During the same quarter last year, the company earned $0.79 earnings per share. The business’s revenue was up 18.4% on a year-over-year basis. On average, analysts predict that Cabot Microelectronics Corporation will post $3.36 EPS for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 30th. Shareholders of record on Monday, September 25th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date is Friday, September 22nd. Cabot Microelectronics Corporation’s dividend payout ratio is currently 25.08%.
In other Cabot Microelectronics Corporation news, insider William S. Johnson sold 11,806 shares of the business’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $73.77, for a total value of $870,928.62. Following the transaction, the insider now owns 94,911 shares of the company’s stock, valued at $7,001,584.47. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Daniel D. Woodland sold 432 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $74.90, for a total value of $32,356.80. Following the transaction, the vice president now directly owns 17,588 shares in the company, valued at approximately $1,317,341.20. The disclosure for this sale can be found here. In the last three months, insiders sold 24,740 shares of company stock worth $1,799,554. Insiders own 5.50% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. Narwhal Capital Management lifted its stake in Cabot Microelectronics Corporation by 14.7% in the third quarter. Narwhal Capital Management now owns 36,785 shares of the semiconductor company’s stock valued at $2,940,000 after buying an additional 4,725 shares during the period. Navellier & Associates Inc increased its holdings in shares of Cabot Microelectronics Corporation by 6.7% in the second quarter. Navellier & Associates Inc now owns 19,590 shares of the semiconductor company’s stock worth $1,446,000 after acquiring an additional 1,224 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Cabot Microelectronics Corporation in the second quarter worth about $550,000. Public Employees Retirement System of Ohio increased its holdings in shares of Cabot Microelectronics Corporation by 329.4% in the second quarter. Public Employees Retirement System of Ohio now owns 8,563 shares of the semiconductor company’s stock worth $632,000 after acquiring an additional 6,569 shares in the last quarter. Finally, Verition Fund Management LLC bought a new stake in shares of Cabot Microelectronics Corporation in the second quarter worth about $417,000. 93.85% of the stock is currently owned by hedge funds and other 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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