Cabot Microelectronics Trading Up 3.8% Following Earnings Beat (CCMP)
Cabot Microelectronics (NASDAQ:CCMP) shares were up 3.8% during trading on Thursday following a stronger than expected earnings report, Analyst Ratings News reports. The company traded as high as $45.36 and last traded at $44.88, with a volume of 75,977 shares trading hands. The stock had previously closed at $43.22.
The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.08. The company had revenue of $99.50 million for the quarter, compared to the consensus estimate of $98.10 million. During the same quarter in the previous year, the company posted $0.40 earnings per share. The company’s revenue for the quarter was down .9% on a year-over-year basis.
Several analysts have recently commented on the stock. Analysts at Zacks upgraded shares of Cabot Microelectronics from an “underperform” rating to a “neutral” rating in a research note on Tuesday, March 25th. They now have a $46.40 price target on the stock. Analysts at DA Davidson upgraded shares of Cabot Microelectronics from a “neutral” rating to a “buy” rating in a research note on Wednesday, February 19th. They now have a $50.00 price target on the stock, up previously from $47.00. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $48.48.
The stock has a 50-day moving average of $43.9 and a 200-day moving average of $43.13. The company has a market cap of $1.066 billion and a price-to-earnings ratio of 19.86.
Cabot Microelectronics Corporation (NASDAQ:CCMP) is the supplier of polishing slurries and a CMP pad supplier used in the manufacture of advanced integrated circuit (IC) devices within the semiconductor industry, in a process called chemical mechanical planarization (CMP).
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