Cabot Microelectronics Corporation (NASDAQ:CCMP) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday. The firm presently has a $112.00 price target on the semiconductor company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 16.07% from the company’s current price.

According to Zacks, “Cabot Microelectronics Corporation is the leading supplier of CMP slurries for polishing various materials used in semiconductor manufacturing processes. The company’s products play a critical role in the production of the most advanced semiconductor devices, enabling the manufacture of smaller, faster and more complex devices by its customers. Cabot Microelectronics has demonstrated consistent, steady growth and is the leader in the CMP Industry, as well as part of the dynamic, high-growth Consumer Electronics Industry, enabling the manufacture of leading edge devices in on of the most innovative industries in the world. “

Several other equities research analysts also recently weighed in on the stock. Seaport Global Securities started coverage on shares of Cabot Microelectronics Corporation in a research note on Wednesday, September 6th. They issued a “buy” rating for the company. BidaskClub raised shares of Cabot Microelectronics Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, July 13th. Needham & Company LLC reiterated a “buy” rating and set a $85.00 price objective on shares of Cabot Microelectronics Corporation in a report on Tuesday, September 19th. Loop Capital lifted their price objective on shares of Cabot Microelectronics Corporation from $94.00 to $108.00 and gave the company a “buy” rating in a report on Friday, October 27th. Finally, Citigroup Inc. lifted their price objective on shares of Cabot Microelectronics Corporation from $80.00 to $94.00 and gave the company a “neutral” rating in a report on Friday, October 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $99.75.

Cabot Microelectronics Corporation (NASDAQ CCMP) traded down $2.38 on Tuesday, reaching $96.49. 94,729 shares of the company’s stock traded hands, compared to its average volume of 135,329. Cabot Microelectronics Corporation has a 12-month low of $54.18 and a 12-month high of $98.33. The company has a current ratio of 6.04, a quick ratio of 5.25 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $2,461.27, a P/E ratio of 27.32 and a beta of 1.43.

Cabot Microelectronics Corporation (NASDAQ:CCMP) last posted its quarterly earnings results on Thursday, October 26th. The semiconductor company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.20. Cabot Microelectronics Corporation had a net margin of 17.10% and a return on equity of 16.27%. The firm had revenue of $136.80 million during the quarter, compared to the consensus estimate of $132.18 million. During the same period in the previous year, the firm posted $0.91 earnings per share. The business’s revenue was up 11.5% compared to the same quarter last year. analysts forecast that Cabot Microelectronics Corporation will post 4.02 earnings per share for the current fiscal year.

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In related news, Director Richard Hill sold 15,638 shares of the business’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $94.58, for a total transaction of $1,479,042.04. Following the transaction, the director now directly owns 15,104 shares in the company, valued at $1,428,536.32. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Yumiko Damashek sold 2,925 shares of the business’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $95.13, for a total transaction of $278,255.25. Following the transaction, the vice president now owns 31,670 shares in the company, valued at $3,012,767.10. The disclosure for this sale can be found here. Insiders have sold 37,707 shares of company stock valued at $3,602,458 over the last quarter. Corporate insiders own 5.50% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. Riverhead Capital Management LLC boosted its holdings in Cabot Microelectronics Corporation by 88.8% during the second quarter. Riverhead Capital Management LLC now owns 1,699 shares of the semiconductor company’s stock worth $125,000 after purchasing an additional 799 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in Cabot Microelectronics Corporation by 87.5% during the third quarter. DekaBank Deutsche Girozentrale now owns 2,246 shares of the semiconductor company’s stock worth $157,000 after purchasing an additional 1,048 shares during the last quarter. Ameritas Investment Partners Inc. boosted its holdings in Cabot Microelectronics Corporation by 17.0% during the second quarter. Ameritas Investment Partners Inc. now owns 2,232 shares of the semiconductor company’s stock worth $164,000 after purchasing an additional 324 shares during the last quarter. Advisor Group Inc. boosted its holdings in Cabot Microelectronics Corporation by 4.5% during the second quarter. Advisor Group Inc. now owns 2,329 shares of the semiconductor company’s stock worth $172,000 after purchasing an additional 100 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in Cabot Microelectronics Corporation by 17.7% during the second quarter. Victory Capital Management Inc. now owns 2,764 shares of the semiconductor company’s stock worth $204,000 after purchasing an additional 415 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

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.

Analyst Recommendations for Cabot Microelectronics Corporation (NASDAQ:CCMP)

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