Eagle Asset Management Inc. grew its stake in Cabot Microelectronics Co. (NASDAQ:CCMP) by 33.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 230,730 shares of the semiconductor company’s stock after buying an additional 58,040 shares during the period. Eagle Asset Management Inc.’s holdings in Cabot Microelectronics were worth $24,817,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of CCMP. Piedmont Investment Advisors LLC raised its position in Cabot Microelectronics by 9.2% in the 2nd quarter. Piedmont Investment Advisors LLC now owns 5,980 shares of the semiconductor company’s stock valued at $643,000 after purchasing an additional 506 shares during the last quarter. Mason Street Advisors LLC raised its position in Cabot Microelectronics by 7.7% in the 1st quarter. Mason Street Advisors LLC now owns 7,104 shares of the semiconductor company’s stock valued at $761,000 after purchasing an additional 509 shares during the last quarter. Amalgamated Bank raised its position in Cabot Microelectronics by 14.1% in the 2nd quarter. Amalgamated Bank now owns 4,155 shares of the semiconductor company’s stock valued at $447,000 after purchasing an additional 512 shares during the last quarter. Comerica Bank raised its position in Cabot Microelectronics by 2.1% in the 2nd quarter. Comerica Bank now owns 27,487 shares of the semiconductor company’s stock valued at $3,193,000 after purchasing an additional 574 shares during the last quarter. Finally, Strs Ohio raised its position in Cabot Microelectronics by 4.7% in the 2nd quarter. Strs Ohio now owns 13,400 shares of the semiconductor company’s stock valued at $1,441,000 after purchasing an additional 600 shares during the last quarter. Institutional investors and hedge funds own 95.52% of the company’s stock.
CCMP has been the subject of several research reports. BidaskClub downgraded shares of Cabot Microelectronics from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 22nd. Zacks Investment Research downgraded shares of Cabot Microelectronics from a “buy” rating to a “hold” rating in a research report on Monday, July 2nd. ValuEngine downgraded shares of Cabot Microelectronics from a “buy” rating to a “hold” rating in a research report on Friday. Finally, Loop Capital upped their price objective on shares of Cabot Microelectronics to $123.00 and gave the stock a “buy” rating in a research report on Tuesday, May 15th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $118.40.
Shares of Cabot Microelectronics stock opened at $108.99 on Monday. The firm has a market cap of $3.09 billion, a price-to-earnings ratio of 30.62 and a beta of 1.37. Cabot Microelectronics Co. has a one year low of $68.00 and a one year high of $123.76.
Cabot Microelectronics (NASDAQ:CCMP) last announced its quarterly earnings data on Wednesday, July 25th. The semiconductor company reported $1.37 EPS for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.17. The company had revenue of $150.40 million during the quarter, compared to the consensus estimate of $146.58 million. Cabot Microelectronics had a net margin of 15.47% and a return on equity of 20.40%. Cabot Microelectronics’s quarterly revenue was up 17.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.81 EPS. sell-side analysts expect that Cabot Microelectronics Co. will post 5.09 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 30th. Shareholders of record on Monday, June 25th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, June 22nd. This represents a $1.60 dividend on an annualized basis and a yield of 1.47%. Cabot Microelectronics’s payout ratio is currently 44.94%.
In other Cabot Microelectronics news, VP Ananth Naman sold 3,034 shares of the company’s stock in a transaction on Monday, June 11th. The shares were sold at an average price of $116.32, for a total transaction of $352,914.88. Following the completion of the transaction, the vice president now owns 16,803 shares in the company, valued at approximately $1,954,524.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 3.30% of the stock is currently owned by corporate insiders.
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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