Cabot Microelectronics Corporation (NASDAQ:CCMP) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday. The firm currently has a $112.00 target price on the semiconductor company’s stock. Zacks Investment Research‘s target price points to a potential upside of 15.16% from the stock’s previous close.

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 equities research analysts also recently weighed in on the company. Seaport Global Securities started coverage on Cabot Microelectronics Corporation in a research report on Wednesday, September 6th. They set a “buy” rating on the stock. BidaskClub raised Cabot Microelectronics Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 price objective on shares of Cabot Microelectronics Corporation in a research report on Tuesday, September 19th. Loop Capital started coverage on Cabot Microelectronics Corporation in a research report on Thursday, September 28th. They set a “buy” rating and a $94.00 price objective on the stock. Finally, Citigroup Inc. raised their price objective on Cabot Microelectronics Corporation from $80.00 to $94.00 and gave the company a “neutral” rating in a research report on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $99.75.

Shares of Cabot Microelectronics Corporation (NASDAQ:CCMP) traded down $0.22 during mid-day trading on Tuesday, reaching $97.26. The company had a trading volume of 89,051 shares, compared to its average volume of 123,350. Cabot Microelectronics Corporation has a 12 month low of $54.18 and a 12 month high of $98.33. The company has a market capitalization of $2,450.00, a P/E ratio of 27.37 and a beta of 1.43. The company has a debt-to-equity ratio of 0.22, a quick ratio of 5.25 and a current ratio of 6.04.

Cabot Microelectronics Corporation (NASDAQ:CCMP) last issued its quarterly earnings data on Thursday, October 26th. The semiconductor company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.20. Cabot Microelectronics Corporation had a return on equity of 16.27% and a net margin of 17.10%. The company had revenue of $136.80 million for the quarter, compared to the consensus estimate of $132.18 million. During the same quarter last year, the company earned $0.91 earnings per share. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. sell-side analysts predict that Cabot Microelectronics Corporation will post 4.02 EPS for the current fiscal year.

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In related news, insider William S. Johnson sold 17,594 shares of Cabot Microelectronics Corporation stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $96.38, for a total transaction of $1,695,709.72. Following the completion of the sale, the insider now owns 100,699 shares of the company’s stock, valued at $9,705,369.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard Hill sold 15,638 shares of Cabot Microelectronics Corporation stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $94.58, for a total value of $1,479,042.04. Following the sale, the director now directly owns 15,104 shares of the company’s stock, valued at approximately $1,428,536.32. The disclosure for this sale can be found here. In the last three months, insiders sold 37,707 shares of company stock valued at $3,602,458. Corporate insiders own 5.50% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its holdings in shares of Cabot Microelectronics Corporation by 6.5% during the second quarter. BlackRock Inc. now owns 3,146,531 shares of the semiconductor company’s stock worth $232,307,000 after purchasing an additional 193,272 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Cabot Microelectronics Corporation by 7.3% during the second quarter. Vanguard Group Inc. now owns 2,355,224 shares of the semiconductor company’s stock worth $173,886,000 after purchasing an additional 160,668 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Cabot Microelectronics Corporation by 6.9% during the second quarter. JPMorgan Chase & Co. now owns 1,858,078 shares of the semiconductor company’s stock worth $137,181,000 after purchasing an additional 120,553 shares during the period. Earnest Partners LLC lifted its holdings in shares of Cabot Microelectronics Corporation by 1.2% during the second quarter. Earnest Partners LLC now owns 1,270,481 shares of the semiconductor company’s stock worth $93,800,000 after purchasing an additional 15,122 shares during the period. Finally, State Street Corp lifted its holdings in shares of Cabot Microelectronics Corporation by 5.2% during the second quarter. State Street Corp now owns 609,537 shares of the semiconductor company’s stock worth $45,005,000 after purchasing an additional 30,100 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

Cabot Microelectronics Corporation Company Profile

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.

Analyst Recommendations for Cabot Microelectronics Corporation (NASDAQ:CCMP)

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