Zacks Investment Research upgraded shares of Cabot Microelectronics Corporation (NASDAQ:CCMP) from a hold rating to a strong-buy rating in a report published on Tuesday, November 7th. They currently have $112.00 price target on the semiconductor company’s stock.
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. “
A number of other equities research analysts have also recently issued reports on CCMP. BidaskClub raised shares of Cabot Microelectronics from a hold rating to a buy rating in a research note on Thursday, July 13th. Seaport Global Securities began coverage on shares of Cabot Microelectronics in a research report on Wednesday, September 6th. They set a buy rating for the company. Needham & Company LLC restated a buy rating and issued a $85.00 price objective on shares of Cabot Microelectronics in a report on Tuesday, September 19th. Loop Capital began coverage on shares of Cabot Microelectronics in a report on Thursday, September 28th. They issued a buy rating and a $94.00 price objective for the company. Finally, Citigroup Inc. upped their price objective on shares of Cabot Microelectronics from $80.00 to $94.00 and gave the stock a neutral rating in a report on Friday, October 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $99.75.
Cabot Microelectronics (NASDAQ:CCMP) last posted its earnings results on Thursday, October 26th. The semiconductor company reported $1.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.87 by $0.20. Cabot Microelectronics had a net margin of 17.10% and a return on equity of 16.27%. The business had revenue of $136.80 million for the quarter, compared to analyst estimates of $132.18 million. During the same quarter in the prior year, the firm posted $0.91 EPS. Cabot Microelectronics’s revenue was up 11.5% on a year-over-year basis. equities research analysts expect that Cabot Microelectronics will post 4.02 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 30th. Investors of record on Monday, September 25th were paid a $0.20 dividend. The ex-dividend date of this dividend was Friday, September 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.79%. Cabot Microelectronics’s payout ratio is 23.60%.
In other Cabot Microelectronics news, Director Richard Hill sold 15,638 shares of the firm’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 completion of the sale, the director now directly owns 15,104 shares in the company, valued at approximately $1,428,536.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider David H. Li sold 10,425 shares of the firm’s stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $98.48, for a total transaction of $1,026,654.00. Following the sale, the insider now owns 83,268 shares of the company’s stock, valued at $8,200,232.64. The disclosure for this sale can be found here. Over the last quarter, insiders sold 64,227 shares of company stock valued at $6,228,388. 5.50% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CCMP. Public Employees Retirement System of Ohio boosted its stake in Cabot Microelectronics by 93.4% during the third quarter. Public Employees Retirement System of Ohio now owns 16,559 shares of the semiconductor company’s stock worth $1,324,000 after buying an additional 7,996 shares during the period. GSA Capital Partners LLP boosted its stake in Cabot Microelectronics by 13.7% during the third quarter. GSA Capital Partners LLP now owns 9,138 shares of the semiconductor company’s stock worth $730,000 after buying an additional 1,101 shares during the period. Neuberger Berman Group LLC boosted its stake in Cabot Microelectronics by 97.2% during the third quarter. Neuberger Berman Group LLC now owns 986,513 shares of the semiconductor company’s stock worth $78,852,000 after buying an additional 486,275 shares during the period. California Public Employees Retirement System boosted its stake in Cabot Microelectronics by 1.8% during the third quarter. California Public Employees Retirement System now owns 79,508 shares of the semiconductor company’s stock worth $6,355,000 after buying an additional 1,408 shares during the period. Finally, Point72 Asset Management L.P. purchased a new position in Cabot Microelectronics during the third quarter worth $480,000. Institutional investors own 89.29% of the company’s stock.
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Cabot Microelectronics 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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