Goldman Sachs Group Initiates Coverage on Cabot Microelectronics (NASDAQ:CCMP)

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Goldman Sachs Group started coverage on shares of Cabot Microelectronics (NASDAQ:CCMP) in a report issued on Monday, Benzinga reports. The brokerage issued a buy rating and a $148.00 price target on the semiconductor company’s stock.

Other equities analysts have also recently issued reports about the stock. BidaskClub cut shares of Xencor from a sell rating to a strong sell rating in a research report on Tuesday, June 11th. Zacks Investment Research upgraded shares of HANNOVER RUECK/S from a sell rating to a hold rating in a research report on Friday, May 17th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Cabot Microelectronics currently has an average rating of Hold and an average price target of $129.20.

CCMP stock opened at $110.91 on Monday. The stock’s 50 day moving average is $106.19. The firm has a market cap of $3.22 billion, a PE ratio of 17.61 and a beta of 1.41. Cabot Microelectronics has a 1 year low of $82.24 and a 1 year high of $129.94. The company has a debt-to-equity ratio of 0.96, a quick ratio of 2.40 and a current ratio of 3.40.

Cabot Microelectronics (NASDAQ:CCMP) last released its quarterly earnings data on Wednesday, May 8th. The semiconductor company reported $1.55 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.61 by ($0.06). The company had revenue of $265.39 million for the quarter, compared to analyst estimates of $273.30 million. Cabot Microelectronics had a return on equity of 20.79% and a net margin of 15.61%. On average, analysts predict that Cabot Microelectronics will post 6.78 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 30th. Investors of record on Tuesday, June 25th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date is Monday, June 24th. Cabot Microelectronics’s dividend payout ratio is 32.18%.

In related news, Director Barbara A. Klein sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $108.28, for a total transaction of $324,840.00. Following the completion of the transaction, the director now directly owns 26,104 shares in the company, valued at approximately $2,826,541.12. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.20% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in CCMP. PNC Financial Services Group Inc. increased its position in Cabot Microelectronics by 15.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 6,141 shares of the semiconductor company’s stock valued at $585,000 after acquiring an additional 828 shares during the period. California Public Employees Retirement System increased its position in Cabot Microelectronics by 2.2% in the 4th quarter. California Public Employees Retirement System now owns 59,397 shares of the semiconductor company’s stock valued at $5,664,000 after acquiring an additional 1,281 shares during the period. Bank of New York Mellon Corp increased its position in Cabot Microelectronics by 9.4% in the 4th quarter. Bank of New York Mellon Corp now owns 496,469 shares of the semiconductor company’s stock valued at $47,338,000 after acquiring an additional 42,820 shares during the period. Texas Permanent School Fund increased its position in Cabot Microelectronics by 16.6% in the 4th quarter. Texas Permanent School Fund now owns 18,750 shares of the semiconductor company’s stock valued at $1,788,000 after acquiring an additional 2,673 shares during the period. Finally, Advisor Group Inc. increased its position in Cabot Microelectronics by 67.9% in the 4th quarter. Advisor Group Inc. now owns 2,950 shares of the semiconductor company’s stock valued at $282,000 after acquiring an additional 1,193 shares during the period. Hedge funds and other institutional investors own 98.84% 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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