Cabot Microelectronics Corporation (CCMP) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Cabot Microelectronics Corporation (NASDAQ:CCMP) in a research note published on Tuesday morning. Needham & Company LLC currently has a $85.00 price objective on the semiconductor company’s stock.

Several other research firms have also recently commented on CCMP. Zacks Investment Research cut Cabot Microelectronics Corporation from a hold rating to a sell rating in a research note on Wednesday, August 23rd. BidaskClub cut Cabot Microelectronics Corporation from a buy rating to a hold rating in a research note on Saturday, June 17th. Finally, Seaport Global Securities initiated coverage on Cabot Microelectronics Corporation in a research note on Wednesday, September 6th. They set a buy rating for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $80.00.

Shares of Cabot Microelectronics Corporation (CCMP) opened at 75.18 on Tuesday. The firm has a market cap of $1.90 billion, a PE ratio of 23.45 and a beta of 1.46. Cabot Microelectronics Corporation has a 52 week low of $50.33 and a 52 week high of $81.85. The stock’s 50 day moving average is $71.30 and its 200-day moving average is $74.17.

Cabot Microelectronics Corporation (NASDAQ:CCMP) last released its quarterly earnings results on Thursday, July 27th. The semiconductor company reported $0.81 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.84 by ($0.03). Cabot Microelectronics Corporation had a return on equity of 16.08% and a net margin of 16.41%. The company had revenue of $128.00 million for the quarter, compared to analysts’ expectations of $122.17 million. During the same quarter last year, the company earned $0.79 EPS. Cabot Microelectronics Corporation’s revenue for the quarter was up 18.4% compared to the same quarter last year. On average, equities analysts predict that Cabot Microelectronics Corporation will post $3.36 EPS for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 30th. Investors of record on Monday, September 25th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date is Friday, September 22nd. Cabot Microelectronics Corporation’s dividend payout ratio is presently 25.08%.

In related news, Director Barbara A. Klein sold 12,502 shares of the company’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $71.69, for a total transaction of $896,268.38. Following the transaction, the director now owns 34,561 shares of the company’s stock, valued at $2,477,678.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Daniel D. Woodland sold 432 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $74.90, for a total value of $32,356.80. Following the transaction, the vice president now directly owns 17,588 shares in the company, valued at approximately $1,317,341.20. The disclosure for this sale can be found here. Insiders have sold 24,740 shares of company stock worth $1,799,554 in the last ninety days. 5.50% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in CCMP. Riverhead Capital Management LLC grew its holdings in Cabot Microelectronics Corporation by 88.8% during the second quarter. Riverhead Capital Management LLC now owns 1,699 shares of the semiconductor company’s stock worth $125,000 after acquiring an additional 799 shares during the period. Ameritas Investment Partners Inc. acquired a new position in Cabot Microelectronics Corporation during the first quarter worth $146,000. Advisor Group Inc. grew its holdings in Cabot Microelectronics Corporation by 4.5% during the second quarter. Advisor Group Inc. now owns 2,329 shares of the semiconductor company’s stock worth $172,000 after acquiring an additional 100 shares during the period. Bank of Montreal Can grew its holdings in Cabot Microelectronics Corporation by 63.2% during the first quarter. Bank of Montreal Can now owns 2,374 shares of the semiconductor company’s stock worth $182,000 after acquiring an additional 919 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in Cabot Microelectronics Corporation by 17.7% during the second quarter. Victory Capital Management Inc. now owns 2,764 shares of the semiconductor company’s stock worth $204,000 after acquiring an additional 415 shares during the period. 93.85% of the stock is currently owned by hedge funds and other institutional investors.

About Cabot Microelectronics Corporation

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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