Cabot Microelectronics (NASDAQ:CCMP) Downgraded to “Sell” at Zacks Investment Research

Cabot Microelectronics (NASDAQ:CCMP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.

According to Zacks, “Cabot Microelectronics Corporation is the leading supplier of CMP slurries for polishing various materials used in semiconductor manufacturing processes. The company’s products play a critical role in the production of the most advanced semiconductor devices, enabling the manufacture of smaller, faster and more complex devices by its customers. Cabot Microelectronics has demonstrated consistent, steady growth and is the leader in the CMP Industry, as well as part of the dynamic, high-growth Consumer Electronics Industry, enabling the manufacture of leading edge devices in on of the most innovative industries in the world. “

A number of other brokerages also recently weighed in on CCMP. Goldman Sachs Group assumed coverage on shares of Cabot Microelectronics in a report on Monday, July 8th. They set a “buy” rating and a $148.00 target price on the stock. CL King began coverage on shares of Cabot Microelectronics in a report on Monday, July 8th. They issued a “buy” rating and a $125.00 price objective on the stock. Seaport Global Securities reiterated a “buy” rating on shares of Cabot Microelectronics in a report on Wednesday, August 7th. Finally, BidaskClub downgraded shares of Cabot Microelectronics from a “buy” rating to a “hold” rating in a report on Saturday, August 3rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $129.20.

CCMP traded down $1.93 during trading on Wednesday, reaching $117.74. 209,100 shares of the stock were exchanged, compared to its average volume of 254,274. The company has a market cap of $3.36 billion, a PE ratio of 22.56 and a beta of 1.39. Cabot Microelectronics has a twelve month low of $82.24 and a twelve month high of $129.94. The business’s 50 day moving average price is $114.02. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.12 and a current ratio of 3.06.

Cabot Microelectronics (NASDAQ:CCMP) last issued its earnings results on Wednesday, August 7th. The semiconductor company reported $1.59 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.60 by ($0.01). The firm had revenue of $271.88 million for the quarter, compared to analyst estimates of $266.80 million. Cabot Microelectronics had a return on equity of 19.78% and a net margin of 11.76%. On average, equities analysts anticipate that Cabot Microelectronics will post 6.78 EPS for the current year.

In related news, Director Barbara A. Klein sold 3,000 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $108.28, for a total value of $324,840.00. Following the transaction, the director now directly owns 26,104 shares in the company, valued at $2,826,541.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Daniel D. Woodland sold 3,137 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $114.11, for a total transaction of $357,963.07. Following the completion of the transaction, the vice president now owns 15,422 shares in the company, valued at $1,759,804.42. The disclosure for this sale can be found here. Over the last quarter, insiders sold 33,562 shares of company stock worth $3,816,932. Corporate insiders own 2.20% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Bremer Bank National Association acquired a new position in shares of Cabot Microelectronics in the first quarter valued at about $32,000. Huntington National Bank grew its stake in shares of Cabot Microelectronics by 81.1% in the second quarter. Huntington National Bank now owns 306 shares of the semiconductor company’s stock valued at $34,000 after acquiring an additional 137 shares in the last quarter. Quadrant Capital Group LLC grew its stake in shares of Cabot Microelectronics by 121.2% in the first quarter. Quadrant Capital Group LLC now owns 427 shares of the semiconductor company’s stock valued at $44,000 after acquiring an additional 234 shares in the last quarter. NumerixS Investment Technologies Inc acquired a new position in shares of Cabot Microelectronics in the second quarter valued at about $44,000. Finally, Private Capital Group LLC grew its stake in shares of Cabot Microelectronics by 24.7% in the first quarter. Private Capital Group LLC now owns 474 shares of the semiconductor company’s stock valued at $53,000 after acquiring an additional 94 shares in the last quarter. Institutional investors and hedge funds own 98.60% of the company’s stock.

Cabot Microelectronics Company Profile

Cabot Microelectronics Corp. engages in the development, manufacture, and sale of chemical mechanical planarization consumables products. The firm offers chemical mechanical planarization slurries for polishing many of the conducting, insulating and isolating materials used in integrated circuit devices, and for polishing the disk substrates and magnetic heads used in hard disk drives.

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