CMC Materials, Inc. (NASDAQ:CCMP) Expected to Announce Quarterly Sales of $310.50 Million

Brokerages forecast that CMC Materials, Inc. (NASDAQ:CCMP) will report $310.50 million in sales for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for CMC Materials’ earnings, with the highest sales estimate coming in at $312.50 million and the lowest estimate coming in at $308.50 million. CMC Materials reported sales of $274.21 million during the same quarter last year, which indicates a positive year-over-year growth rate of 13.2%. The firm is scheduled to issue its next quarterly earnings report on Wednesday, November 10th.

According to Zacks, analysts expect that CMC Materials will report full year sales of $1.20 billion for the current fiscal year, with estimates ranging from $1.19 billion to $1.20 billion. For the next fiscal year, analysts anticipate that the company will post sales of $1.24 billion, with estimates ranging from $1.22 billion to $1.25 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover CMC Materials.

CMC Materials (NASDAQ:CCMP) last released its earnings results on Tuesday, August 3rd. The semiconductor company reported $1.86 earnings per share for the quarter, missing analysts’ consensus estimates of $2.00 by ($0.14). CMC Materials had a negative net margin of 4.11% and a positive return on equity of 21.41%. The firm had revenue of $309.52 million for the quarter, compared to analysts’ expectations of $308.54 million. During the same quarter last year, the firm posted $1.80 EPS. The firm’s quarterly revenue was up 12.7% compared to the same quarter last year.

A number of analysts have issued reports on CCMP shares. Berenberg Bank upgraded shares of CMC Materials from a “hold” rating to a “buy” rating and lifted their price target for the company from $175.00 to $180.00 in a report on Wednesday, June 9th. Seaport Global Securities upgraded shares of CMC Materials from a “neutral” rating to a “buy” rating and set a $180.00 target price on the stock in a report on Tuesday, June 8th. Wolfe Research upgraded shares of CMC Materials from an “underperform” rating to a “market perform” rating in a report on Wednesday. Zacks Investment Research downgraded shares of CMC Materials from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 11th. Finally, Seaport Res Ptn upgraded shares of CMC Materials from a “neutral” rating to a “buy” rating in a report on Tuesday, June 8th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $165.67.

NASDAQ CCMP traded down $1.05 on Friday, reaching $126.59. The company had a trading volume of 224 shares, compared to its average volume of 211,076. The company has a quick ratio of 2.17, a current ratio of 3.03 and a debt-to-equity ratio of 0.92. The stock has a market capitalization of $3.70 billion, a PE ratio of -75.98 and a beta of 1.09. The firm’s 50 day moving average price is $134.20 and its 200 day moving average price is $154.79. CMC Materials has a 12 month low of $119.19 and a 12 month high of $198.60.

A number of large investors have recently modified their holdings of the stock. Bank of America Corp DE grew its holdings in CMC Materials by 15.4% during the 2nd quarter. Bank of America Corp DE now owns 384,207 shares of the semiconductor company’s stock valued at $57,914,000 after purchasing an additional 51,169 shares during the last quarter. Parametric Portfolio Associates LLC grew its holdings in CMC Materials by 0.3% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 54,152 shares of the semiconductor company’s stock valued at $8,163,000 after purchasing an additional 168 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in CMC Materials during the 2nd quarter valued at about $430,000. Marshall Wace LLP bought a new position in CMC Materials during the 2nd quarter valued at about $2,245,000. Finally, Marshall Wace North America L.P. bought a new position in CMC Materials during the 2nd quarter valued at about $808,000. Institutional investors own 94.80% of the company’s stock.

About CMC Materials

CMC Materials, Inc engages in the development, manufacture, and sale of chemical mechanical planarization consumables products. It operates through the following segments: Electronic Materials and Performance Material. The Electronic Materials segment consists of CMP slurries and polishing pads businesses and KMG electronic chemicals business.

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Earnings History and Estimates for CMC Materials (NASDAQ:CCMP)

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