Cabot Microelectronics Co. (NASDAQ:CCMP) had its price target hoisted by equities researchers at Citigroup Inc to $75.00 in a note issued to investors on Monday. The brokerage currently has a “neutral” rating on the stock. Citigroup Inc’s target price suggests a potential upside of 1.69% from the stock’s previous close.
Separately, Aegis initiated coverage on shares of Cabot Microelectronics in a research note on Wednesday, January 18th. They set a “hold” rating on the stock.
Cabot Microelectronics (NASDAQ:CCMP) traded up 0.33% during midday trading on Monday, reaching $73.75. 158,568 shares of the company were exchanged. The firm’s 50 day moving average price is $69.22 and its 200-day moving average price is $60.35. Cabot Microelectronics has a 52 week low of $38.37 and a 52 week high of $73.83. The stock has a market capitalization of $1.81 billion, a P/E ratio of 25.83 and a beta of 1.33.
Cabot Microelectronics (NASDAQ:CCMP) last issued its quarterly earnings data on Thursday, January 26th. The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.19. The business had revenue of $123.30 million for the quarter, compared to analysts’ expectations of $114.63 million. Cabot Microelectronics had a net margin of 15.53% and a return on equity of 15.81%. The business’s revenue was up 22.8% on a year-over-year basis. During the same quarter last year, the company earned $0.46 EPS. Equities analysts forecast that Cabot Microelectronics will post $3.32 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 28th. Stockholders of record on Thursday, March 23rd will be paid a dividend of $0.20 per share. This is a boost from Cabot Microelectronics’s previous quarterly dividend of $0.18. The ex-dividend date is Tuesday, March 21st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.08%. Cabot Microelectronics’s dividend payout ratio (DPR) is presently 25.35%.
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In related news, insider Thomas S. Roman sold 1,681 shares of Cabot Microelectronics stock in a transaction on Tuesday, February 21st. The shares were sold at an average price of $69.94, for a total value of $117,569.14. Following the sale, the insider now owns 12,448 shares of the company’s stock, valued at approximately $870,613.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Ananth Naman sold 49,131 shares of Cabot Microelectronics stock in a transaction on Monday, March 13th. The shares were sold at an average price of $69.16, for a total transaction of $3,397,899.96. Following the completion of the sale, the vice president now directly owns 24,683 shares in the company, valued at approximately $1,707,076.28. The disclosure for this sale can be found here. Insiders have sold a total of 190,044 shares of company stock worth $12,959,195 in the last ninety days. Corporate insiders own 5.50% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in CCMP. Moody Aldrich Partners LLC boosted its stake in Cabot Microelectronics by 1.2% in the third quarter. Moody Aldrich Partners LLC now owns 59,780 shares of the company’s stock worth $3,163,000 after buying an additional 730 shares in the last quarter. 1st Global Advisors Inc. bought a new stake in Cabot Microelectronics during the third quarter worth about $218,000. Nationwide Fund Advisors boosted its stake in Cabot Microelectronics by 4.4% in the third quarter. Nationwide Fund Advisors now owns 18,730 shares of the company’s stock worth $991,000 after buying an additional 789 shares in the last quarter. Great West Life Assurance Co. Can boosted its stake in Cabot Microelectronics by 3.3% in the third quarter. Great West Life Assurance Co. Can now owns 32,205 shares of the company’s stock worth $1,703,000 after buying an additional 1,015 shares in the last quarter. Finally, Texas Permanent School Fund boosted its stake in Cabot Microelectronics by 1.7% in the third quarter. Texas Permanent School Fund now owns 18,388 shares of the company’s stock worth $973,000 after buying an additional 300 shares in the last quarter. 94.80% of the stock is currently owned by hedge funds and other institutional investors.
About Cabot Microelectronics
Cabot Microelectronics Corporation supplies polishing slurries and pads used in the manufacture of integrated circuit (IC) devices within the semiconductor industry, in a process called chemical mechanical planarization (CMP). The Company is engaged in the development, manufacture and sale of CMP consumables.
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