Cabot Microelectronics (NASDAQ:CCMP) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Thursday. The firm presently has a $120.00 target price on the semiconductor company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 14.64% from the company’s current price.
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. “
Other equities research analysts have also recently issued reports about the company. Buckingham Research initiated coverage on Cabot Microelectronics in a research note on Thursday, November 29th. They issued a “buy” rating and a $130.00 price objective on the stock. Loop Capital set a $123.00 price objective on Cabot Microelectronics and gave the company a “buy” rating in a research note on Thursday, November 29th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $124.33.
Cabot Microelectronics (NASDAQ:CCMP) last announced its quarterly earnings data on Wednesday, February 6th. The semiconductor company reported $1.90 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.43 by $0.47. Cabot Microelectronics had a return on equity of 21.57% and a net margin of 18.83%. The business had revenue of $221.80 million for the quarter, compared to analysts’ expectations of $217.90 million. During the same period in the previous year, the business posted $1.19 EPS. The firm’s quarterly revenue was up 58.5% compared to the same quarter last year. Equities research analysts forecast that Cabot Microelectronics will post 6.89 EPS for the current fiscal year.
In other news, VP Ananth Naman sold 7,539 shares of the company’s stock in a transaction dated Monday, December 10th. The stock was sold at an average price of $97.08, for a total transaction of $731,886.12. Following the sale, the vice president now directly owns 13,230 shares in the company, valued at $1,284,368.40. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 2.20% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Two Sigma Investments LP increased its position in shares of Cabot Microelectronics by 0.3% in the fourth quarter. Two Sigma Investments LP now owns 35,263 shares of the semiconductor company’s stock worth $3,362,000 after purchasing an additional 104 shares during the last quarter. Rehmann Capital Advisory Group boosted its stake in Cabot Microelectronics by 38.0% in the fourth quarter. Rehmann Capital Advisory Group now owns 483 shares of the semiconductor company’s stock worth $46,000 after buying an additional 133 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in Cabot Microelectronics by 0.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 16,870 shares of the semiconductor company’s stock worth $1,609,000 after buying an additional 140 shares in the last quarter. LS Investment Advisors LLC boosted its stake in Cabot Microelectronics by 13.7% in the fourth quarter. LS Investment Advisors LLC now owns 1,728 shares of the semiconductor company’s stock worth $165,000 after buying an additional 208 shares in the last quarter. Finally, Eaton Vance Management boosted its stake in Cabot Microelectronics by 11.5% in the fourth quarter. Eaton Vance Management now owns 2,324 shares of the semiconductor company’s stock worth $222,000 after buying an additional 240 shares in the last quarter. Hedge funds and other institutional investors own 89.97% of the company’s stock.
Cabot Microelectronics Company Profile
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 chemical mechanical planarization (CMP) process. It provides CMP slurries, which are liquid solutions composed of high-purity deionized water, proprietary chemical additives, and engineered abrasives that chemically and mechanically interact with the surface material of the IC device at an atomic level; and CMP pads that are engineered polymeric materials designed to distribute and transport the slurry to the surface of the wafer and distribute it evenly across the wafer.
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