Zacks Investment Research upgraded shares of Cabot Microelectronics Corporation (NASDAQ:CCMP) from a sell rating to a hold rating in a research report released on Tuesday, October 17th.
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. “
CCMP has been the topic of several other research reports. Needham & Company LLC raised shares of Cabot Microelectronics Corporation from a hold rating to a buy rating and set a $85.00 price target on the stock in a research report on Tuesday, June 27th. Seaport Global Securities began coverage on shares of Cabot Microelectronics Corporation in a research report on Wednesday, September 6th. They set a buy rating on the stock. BidaskClub raised Cabot Microelectronics Corporation from a hold rating to a buy rating in a research report on Thursday, July 13th. Finally, 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 target price on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. The stock has an average rating of Hold and an average price target of $84.67.
Shares of Cabot Microelectronics Corporation (NASDAQ:CCMP) traded up 7.06% during mid-day trading on Tuesday, reaching $91.41. The company had a trading volume of 197,254 shares. The stock has a market capitalization of $2.31 billion, a P/E ratio of 28.51 and a beta of 1.47. Cabot Microelectronics Corporation has a one year low of $52.93 and a one year high of $94.55. The firm has a 50 day moving average of $78.63 and a 200-day moving average of $75.69.
Cabot Microelectronics Corporation (NASDAQ:CCMP) last issued its earnings results on Thursday, October 26th. The semiconductor company reported $1.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.87 by $0.20. The business had revenue of $136.80 million for the quarter, compared to analysts’ expectations of $132.18 million. Cabot Microelectronics Corporation had a return on equity of 16.08% and a net margin of 16.41%. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.91 EPS. Analysts forecast that Cabot Microelectronics Corporation will post $3.36 EPS for the current fiscal year.
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The firm also recently declared 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. The ex-dividend date of this dividend is Friday, September 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.88%. Cabot Microelectronics Corporation’s dividend payout ratio (DPR) is 25.08%.
In other Cabot Microelectronics Corporation news, VP Daniel D. Woodland sold 432 shares of the business’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 completion of the transaction, the vice president now owns 17,588 shares in the company, valued at $1,317,341.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Barbara A. Klein sold 12,502 shares of the business’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $71.69, for a total transaction of $896,268.38. Following the completion of the transaction, the director now owns 34,561 shares of the company’s stock, valued at approximately $2,477,678.09. The disclosure for this sale can be found here. In the last 90 days, insiders sold 24,740 shares of company stock valued at $1,799,554. Insiders own 5.50% of the company’s stock.
Several large investors have recently bought and sold shares of CCMP. Riverhead Capital Management LLC grew its stake 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 worth $125,000 after acquiring an additional 799 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new position in shares of Cabot Microelectronics Corporation during the first quarter worth $146,000. Advisor Group Inc. grew its stake in shares of 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 in the last quarter. Victory Capital Management Inc. grew its stake in shares of 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 in the last quarter. Finally, Balyasny Asset Management LLC acquired a new position in shares of Cabot Microelectronics Corporation during the second quarter worth $235,000. Institutional investors and hedge funds own 92.60% of the company’s stock.
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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