Cabot Microelectronics Corporation (CCMP) Upgraded by Zacks Investment Research to “Hold”

Cabot Microelectronics Corporation (NASDAQ:CCMP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday, September 22nd.

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 have also recently commented on CCMP. Needham & Company LLC reissued a “buy” rating and set a $85.00 target price on shares of Cabot Microelectronics Corporation in a research note on Tuesday, September 19th. BidaskClub cut shares of Cabot Microelectronics Corporation from a “hold” rating to a “sell” rating in a research note on Friday, August 11th. Finally, Seaport Global Securities began coverage on shares of Cabot Microelectronics Corporation in a research note on Wednesday, September 6th. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $84.67.

Shares of Cabot Microelectronics Corporation (CCMP) traded up 1.91% during trading on Friday, reaching $79.93. 155,207 shares of the company’s stock traded hands. The stock has a 50-day moving average of $71.30 and a 200-day moving average of $74.17. Cabot Microelectronics Corporation has a 1-year low of $50.66 and a 1-year high of $81.85. The company has a market capitalization of $2.02 billion, a price-to-earnings ratio of 24.93 and a beta of 1.46.

Cabot Microelectronics Corporation (NASDAQ:CCMP) last posted its quarterly earnings results on Thursday, July 27th. The semiconductor company reported $0.81 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.84 by ($0.03). Cabot Microelectronics Corporation had a return on equity of 16.08% and a net margin of 16.41%. The business had revenue of $128.00 million during the quarter, compared to the consensus estimate of $122.17 million. During the same quarter in the previous year, the business posted $0.79 earnings per share. The company’s quarterly revenue was up 18.4% compared to the same quarter last year. On average, equities analysts predict that Cabot Microelectronics Corporation will post $3.36 EPS for the current fiscal year.

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In related news, Director Barbara A. Klein sold 12,502 shares of the business’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $71.69, for a total transaction of $896,268.38. Following the transaction, the director now owns 34,561 shares of the company’s stock, valued at $2,477,678.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider William S. Johnson sold 11,806 shares of Cabot Microelectronics Corporation stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $73.77, for a total transaction of $870,928.62. Following the sale, the insider now owns 94,911 shares in the company, valued at approximately $7,001,584.47. 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 hedge funds and other institutional investors have recently modified their holdings of the stock. Alps Advisors Inc. lifted its position in Cabot Microelectronics Corporation by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 6,872 shares of the semiconductor company’s stock worth $507,000 after buying an additional 18 shares in the last quarter. BB&T Securities LLC raised its holdings in Cabot Microelectronics Corporation by 0.6% during the 2nd quarter. BB&T Securities LLC now owns 8,468 shares of the semiconductor company’s stock worth $625,000 after purchasing an additional 48 shares during the last quarter. Profund Advisors LLC raised its holdings in Cabot Microelectronics Corporation by 1.6% during the 1st quarter. Profund Advisors LLC now owns 4,473 shares of the semiconductor company’s stock worth $343,000 after purchasing an additional 69 shares during the last quarter. Municipal Employees Retirement System of Michigan raised its holdings in Cabot Microelectronics Corporation by 1.5% during the 1st quarter. Municipal Employees Retirement System of Michigan now owns 6,900 shares of the semiconductor company’s stock worth $529,000 after purchasing an additional 100 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its holdings in Cabot Microelectronics Corporation by 1.0% during the 2nd quarter. Louisiana State Employees Retirement System now owns 10,300 shares of the semiconductor company’s stock worth $760,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 93.85% 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.

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Analyst Recommendations for Cabot Microelectronics Corporation (NASDAQ:CCMP)

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