BidaskClub Lowers Cabot Microelectronics (CCMP) to Buy

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BidaskClub cut shares of Cabot Microelectronics (NASDAQ:CCMP) from a strong-buy rating to a buy rating in a research note released on Friday morning.

CCMP has been the topic of several other research reports. Zacks Investment Research raised Cabot Microelectronics from a hold rating to a buy rating and set a $132.00 price target on the stock in a research note on Tuesday, July 31st. Loop Capital boosted their price target on Cabot Microelectronics to $123.00 and gave the stock a buy rating in a research note on Tuesday, May 15th. Finally, ValuEngine lowered Cabot Microelectronics from a buy rating to a hold rating in a research note on Friday. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $115.00.

Shares of NASDAQ:CCMP opened at $109.06 on Friday. The company has a market cap of $3.09 billion, a PE ratio of 30.18 and a beta of 1.37. Cabot Microelectronics has a 12 month low of $68.20 and a 12 month high of $123.76.

Cabot Microelectronics (NASDAQ:CCMP) last announced its quarterly earnings results on Wednesday, July 25th. The semiconductor company reported $1.37 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.17. The business had revenue of $150.40 million for the quarter, compared to analyst estimates of $146.58 million. Cabot Microelectronics had a return on equity of 20.40% and a net margin of 15.47%. The company’s quarterly revenue was up 17.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.81 EPS. research analysts expect that Cabot Microelectronics will post 5.09 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, July 30th. Stockholders of record on Monday, June 25th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend was Friday, June 22nd. Cabot Microelectronics’s dividend payout ratio (DPR) is 44.94%.

In related news, VP Ananth Naman sold 3,034 shares of the company’s stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $116.32, for a total value of $352,914.88. Following the sale, the vice president now owns 16,803 shares of the company’s stock, valued at approximately $1,954,524.96. The transaction was disclosed in a filing with the SEC, which is available through this link. 3.30% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of the stock. Schroder Investment Management Group lifted its stake in Cabot Microelectronics by 2,476.2% in the 2nd quarter. Schroder Investment Management Group now owns 54,100 shares of the semiconductor company’s stock valued at $5,724,000 after buying an additional 52,000 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in Cabot Microelectronics by 653.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 18,919 shares of the semiconductor company’s stock valued at $503,000 after buying an additional 16,408 shares in the last quarter. Metropolitan Life Insurance Co. NY lifted its stake in Cabot Microelectronics by 9.0% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 8,607 shares of the semiconductor company’s stock valued at $926,000 after buying an additional 711 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in Cabot Microelectronics in the 2nd quarter valued at approximately $1,560,000. Finally, Capital Fund Management S.A. purchased a new stake in Cabot Microelectronics in the 2nd quarter valued at approximately $559,000. 95.52% of the stock is currently owned by hedge funds and other institutional investors.

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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