Virginia Retirement Systems ET AL trimmed its position in Cabot Microelectronics Co. (NASDAQ:CCMP) by 9.9% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 7,300 shares of the semiconductor company’s stock after selling 800 shares during the period. Virginia Retirement Systems ET AL’s holdings in Cabot Microelectronics were worth $785,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of the company. Alps Advisors Inc. bought a new position in shares of Cabot Microelectronics in the 2nd quarter valued at about $609,000. Mesirow Financial Investment Management Equity Management grew its holdings in Cabot Microelectronics by 7.4% during the second quarter. Mesirow Financial Investment Management Equity Management now owns 130,315 shares of the semiconductor company’s stock worth $14,018,000 after purchasing an additional 8,965 shares during the period. D.A. Davidson & CO. bought a new position in Cabot Microelectronics during the second quarter worth about $203,000. First Trust Advisors LP grew its holdings in Cabot Microelectronics by 6.3% during the second quarter. First Trust Advisors LP now owns 32,744 shares of the semiconductor company’s stock worth $3,522,000 after purchasing an additional 1,940 shares during the period. Finally, Wells Fargo & Company MN grew its holdings in Cabot Microelectronics by 29.4% during the second quarter. Wells Fargo & Company MN now owns 253,594 shares of the semiconductor company’s stock worth $27,276,000 after purchasing an additional 57,641 shares during the period. 99.57% of the stock is currently owned by institutional investors.
Shares of CCMP stock opened at $109.06 on Tuesday. The company has a market cap of $2.78 billion, a price-to-earnings ratio of 30.63 and a beta of 1.37. Cabot Microelectronics Co. has a 12-month low of $68.20 and a 12-month high of $123.76.
Cabot Microelectronics (NASDAQ:CCMP) last issued its quarterly earnings data on Wednesday, July 25th. The semiconductor company reported $1.37 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.17. The firm 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%. The business’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same period last year, the business posted $0.81 earnings per share. sell-side analysts anticipate that Cabot Microelectronics Co. will post 5.09 EPS for the current fiscal year.
The business 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 was Friday, June 22nd. This represents a $1.60 annualized dividend and a yield of 1.47%. Cabot Microelectronics’s dividend payout ratio (DPR) is presently 44.94%.
CCMP has been the subject of a number of research analyst reports. BidaskClub cut Cabot Microelectronics from a “strong-buy” rating to a “buy” rating in a report on Friday. Zacks Investment Research upgraded Cabot Microelectronics from a “hold” rating to a “buy” rating and set a $132.00 price target for the company in a report on Tuesday, July 31st. Loop Capital lifted their price target on Cabot Microelectronics to $123.00 and gave the stock a “buy” rating in a report on Tuesday, May 15th. Finally, ValuEngine cut Cabot Microelectronics from a “buy” rating to a “hold” rating in a report on Friday. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Cabot Microelectronics presently has a consensus rating of “Buy” and an average price target of $115.00.
In other Cabot Microelectronics news, VP Ananth Naman sold 3,034 shares of the firm’s stock in a transaction that occurred 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 sale, the vice president now directly owns 16,803 shares in the company, valued at $1,954,524.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 3.30% of the company’s stock.
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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