Cabot Microelectronics (CCMP) Upgraded by BidaskClub to “Hold”

Cabot Microelectronics (NASDAQ:CCMP) was upgraded by investment analysts at BidaskClub from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.

A number of other analysts have also issued reports on CCMP. Zacks Investment Research lowered Cabot Microelectronics from a “buy” rating to a “hold” rating in a research note on Monday, July 2nd. Loop Capital lifted their price target on Cabot Microelectronics from $123.00 to $134.00 and gave the stock a “positive” rating in a research note on Friday, July 27th. Finally, ValuEngine lowered Cabot Microelectronics from a “buy” rating to a “hold” rating in a research note on Friday, August 17th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $115.00.

Shares of NASDAQ:CCMP opened at $94.50 on Thursday. The company has a market capitalization of $2.52 billion, a PE ratio of 26.63 and a beta of 1.33. Cabot Microelectronics has a 1 year low of $84.45 and a 1 year high of $123.76.

Cabot Microelectronics (NASDAQ:CCMP) last issued its quarterly earnings results on Wednesday, July 25th. The semiconductor company reported $1.37 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.17. The firm had revenue of $150.40 million for the quarter, compared to analyst estimates of $146.58 million. Cabot Microelectronics had a return on equity of 20.40% and a net margin of 15.47%. The business’s revenue was up 17.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.81 earnings per share. Research analysts predict that Cabot Microelectronics will post 5.09 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its position in Cabot Microelectronics by 2.9% during the second quarter. BlackRock Inc. now owns 3,548,640 shares of the semiconductor company’s stock worth $381,692,000 after buying an additional 100,080 shares in the last quarter. Renaissance Technologies LLC lifted its position in Cabot Microelectronics by 6.2% during the second quarter. Renaissance Technologies LLC now owns 1,263,109 shares of the semiconductor company’s stock worth $135,860,000 after buying an additional 73,200 shares in the last quarter. Allianz Asset Management GmbH lifted its position in Cabot Microelectronics by 4.1% during the first quarter. Allianz Asset Management GmbH now owns 379,252 shares of the semiconductor company’s stock worth $40,622,000 after buying an additional 14,832 shares in the last quarter. Northern Trust Corp lifted its position in Cabot Microelectronics by 2.8% during the second quarter. Northern Trust Corp now owns 330,304 shares of the semiconductor company’s stock worth $35,527,000 after buying an additional 9,086 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its position in Cabot Microelectronics by 29.4% during the second quarter. Wells Fargo & Company MN now owns 253,594 shares of the semiconductor company’s stock worth $27,276,000 after buying an additional 57,641 shares in the last quarter. Hedge funds and other institutional investors own 95.26% of the company’s stock.

About Cabot Microelectronics

Cabot Microelectronics Corporation, together with its subsidiaries, develops, manufactures, and sells polishing slurries and pads used in the manufacture of advanced integrated circuit (IC) devices in the semiconductor industry in a process called chemical mechanical planarization (CMP). The CMP technology is a polishing process used by IC device manufacturers to planarize or flatten the multiple layers of material that are deposited upon silicon wafers.

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