Cabot Microelectronics (NASDAQ:CCMP) Downgraded by BidaskClub

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BidaskClub lowered shares of Cabot Microelectronics (NASDAQ:CCMP) from a buy rating to a hold rating in a report released on Saturday, BidAskClub reports.

Several other analysts also recently weighed in on CCMP. Zacks Investment Research raised shares of Cabot Microelectronics from a sell rating to a hold rating in a report on Monday, July 22nd. Goldman Sachs Group assumed coverage on shares of Cabot Microelectronics in a report on Monday, July 8th. They issued a buy rating and a $148.00 target price on the stock. Finally, CL King assumed coverage on shares of Cabot Microelectronics in a report on Monday, July 8th. They issued a buy rating and a $125.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of Buy and an average target price of $129.20.

Shares of Cabot Microelectronics stock opened at $110.31 on Friday. The stock has a market cap of $3.37 billion, a P/E ratio of 18.43 and a beta of 1.39. The stock’s fifty day simple moving average is $113.11. The company has a debt-to-equity ratio of 0.96, a current ratio of 3.40 and a quick ratio of 2.40. Cabot Microelectronics has a 1 year low of $82.24 and a 1 year high of $129.94.

Cabot Microelectronics (NASDAQ:CCMP) last issued its earnings results on Wednesday, May 8th. The semiconductor company reported $1.55 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.61 by ($0.06). The firm had revenue of $265.39 million during the quarter, compared to analysts’ expectations of $273.30 million. Cabot Microelectronics had a net margin of 15.61% and a return on equity of 20.79%. As a group, sell-side analysts anticipate that Cabot Microelectronics will post 6.78 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 30th. Investors of record on Tuesday, June 25th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend was Monday, June 24th. Cabot Microelectronics’s dividend payout ratio is currently 32.18%.

In related news, Director Barbara A. Klein sold 3,000 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $108.28, for a total transaction of $324,840.00. Following the sale, the director now owns 26,104 shares of the company’s stock, valued at $2,826,541.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.20% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Eagle Asset Management Inc. grew its stake in Cabot Microelectronics by 1.8% during the second quarter. Eagle Asset Management Inc. now owns 569,700 shares of the semiconductor company’s stock worth $62,712,000 after buying an additional 10,195 shares during the period. Chicago Equity Partners LLC grew its stake in Cabot Microelectronics by 224.8% during the second quarter. Chicago Equity Partners LLC now owns 11,270 shares of the semiconductor company’s stock worth $1,241,000 after buying an additional 7,800 shares during the period. GHP Investment Advisors Inc. grew its stake in Cabot Microelectronics by 68.9% during the second quarter. GHP Investment Advisors Inc. now owns 9,215 shares of the semiconductor company’s stock worth $1,014,000 after buying an additional 3,760 shares during the period. Swiss National Bank grew its stake in Cabot Microelectronics by 2.9% during the second quarter. Swiss National Bank now owns 53,860 shares of the semiconductor company’s stock worth $5,929,000 after buying an additional 1,500 shares during the period. Finally, Envestnet Asset Management Inc. grew its stake in Cabot Microelectronics by 22.2% during the second quarter. Envestnet Asset Management Inc. now owns 47,485 shares of the semiconductor company’s stock worth $5,227,000 after buying an additional 8,631 shares during the period. 98.68% of the stock is currently owned by hedge funds and other institutional investors.

Cabot Microelectronics Company Profile

Cabot Microelectronics Corp. engages in the development, manufacture, and sale of chemical mechanical planarization consumables products. The firm offers chemical mechanical planarization slurries for polishing many of the conducting, insulating and isolating materials used in integrated circuit devices, and for polishing the disk substrates and magnetic heads used in hard disk drives.

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