Pinebridge Investments L.P. decreased its holdings in Cabot Microelectronics Co. (NASDAQ:CCMP) by 10.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,727 shares of the semiconductor company’s stock after selling 433 shares during the period. Pinebridge Investments L.P.’s holdings in Cabot Microelectronics were worth $401,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also modified their holdings of the stock. Piedmont Investment Advisors LLC raised its stake in Cabot Microelectronics by 9.2% in the second quarter. Piedmont Investment Advisors LLC now owns 5,980 shares of the semiconductor company’s stock worth $643,000 after buying an additional 506 shares in the last quarter. Mason Street Advisors LLC grew its holdings in Cabot Microelectronics by 7.7% in the first quarter. Mason Street Advisors LLC now owns 7,104 shares of the semiconductor company’s stock worth $761,000 after purchasing an additional 509 shares during the last quarter. Amalgamated Bank grew its holdings in Cabot Microelectronics by 14.1% in the second quarter. Amalgamated Bank now owns 4,155 shares of the semiconductor company’s stock worth $447,000 after purchasing an additional 512 shares during the last quarter. Comerica Bank grew its holdings in Cabot Microelectronics by 2.1% in the second quarter. Comerica Bank now owns 27,487 shares of the semiconductor company’s stock worth $3,193,000 after purchasing an additional 574 shares during the last quarter. Finally, Strs Ohio grew its holdings in Cabot Microelectronics by 4.7% in the second quarter. Strs Ohio now owns 13,400 shares of the semiconductor company’s stock worth $1,441,000 after purchasing an additional 600 shares during the last quarter. 95.40% of the stock is owned by institutional investors.
CCMP has been the topic of several analyst reports. BidaskClub lowered shares of Cabot Microelectronics from a “strong-buy” rating to a “buy” rating in a report on Friday, June 22nd. Zacks Investment Research lowered shares of Cabot Microelectronics from a “buy” rating to a “hold” rating in a report on Monday, July 2nd. Loop Capital set a $117.00 price target on shares of Cabot Microelectronics and gave the stock a “buy” rating in a report on Monday, August 20th. They noted that the move was a valuation call. Finally, ValuEngine lowered shares of Cabot Microelectronics from a “buy” rating to a “hold” rating in a report on Friday, August 17th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $115.00.
NASDAQ CCMP opened at $111.53 on Thursday. Cabot Microelectronics Co. has a 12-month low of $69.09 and a 12-month high of $123.76. The firm has a market capitalization of $2.88 billion, a price-to-earnings ratio of 31.33 and a beta of 1.32.
Cabot Microelectronics (NASDAQ:CCMP) last released its quarterly earnings results 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 business had revenue of $150.40 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the company earned $0.81 earnings per share. sell-side analysts anticipate that Cabot Microelectronics Co. will post 5.09 EPS for the current fiscal year.
In other news, VP Ananth Naman sold 3,034 shares of the business’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 sale, the vice president now directly owns 16,803 shares of the company’s stock, valued at $1,954,524.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.30% of the stock is owned by insiders.
Cabot Microelectronics 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 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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