Cabot Microelectronics Corporation (NASDAQ:CCMP) was downgraded by research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Friday.

Separately, Needham & Company LLC raised Cabot Microelectronics Corporation from a “hold” rating to a “buy” rating and set a $85.00 target price for the company in a report on Tuesday, June 27th.

Shares of Cabot Microelectronics Corporation (NASDAQ:CCMP) traded up 0.90% during midday trading on Friday, reaching $70.47. 296,452 shares of the company’s stock were exchanged. The company has a market cap of $1.78 billion, a P/E ratio of 21.98 and a beta of 1.48. Cabot Microelectronics Corporation has a 12 month low of $47.31 and a 12 month high of $81.85. The firm has a 50 day moving average price of $75.02 and a 200 day moving average price of $73.61.

Cabot Microelectronics Corporation (NASDAQ:CCMP) last posted its earnings results on Thursday, July 27th. The semiconductor company reported $0.81 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.84 by $0.03. The company had revenue of $128 million for the quarter, compared to analysts’ expectations of $122.17 million. Cabot Microelectronics Corporation had a net margin of 16.41% and a return on equity of 16.08%. The firm’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.79 EPS. Equities research analysts forecast that Cabot Microelectronics Corporation will post $3.35 earnings per share for the current fiscal year.

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In other news, VP Daniel D. Woodland sold 432 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $74.90, for a total transaction of $32,356.80. Following the completion of the transaction, the vice president now owns 17,588 shares of the company’s stock, valued at $1,317,341.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William P. Noglows sold 60,000 shares of the business’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $76.96, for a total value of $4,617,600.00. Following the transaction, the director now directly owns 28,652 shares of the company’s stock, valued at approximately $2,205,057.92. The disclosure for this sale can be found here. Insiders have sold 84,740 shares of company stock valued at $6,417,154 in the last three months. 5.50% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of CCMP. Riverhead Capital Management LLC raised its position in shares of Cabot Microelectronics Corporation by 88.8% in the second quarter. Riverhead Capital Management LLC now owns 1,699 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 799 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new position in shares of Cabot Microelectronics Corporation during the first quarter valued at approximately $146,000. Advisor Group Inc. raised its position in shares of Cabot Microelectronics Corporation by 4.5% in the second quarter. Advisor Group Inc. now owns 2,329 shares of the semiconductor company’s stock valued at $172,000 after buying an additional 100 shares during the last quarter. Bank of Montreal Can raised its position in shares of Cabot Microelectronics Corporation by 63.2% in the first quarter. Bank of Montreal Can now owns 2,374 shares of the semiconductor company’s stock valued at $182,000 after buying an additional 919 shares during the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Cabot Microelectronics Corporation by 17.7% in the second quarter. Victory Capital Management Inc. now owns 2,764 shares of the semiconductor company’s stock valued at $204,000 after buying an additional 415 shares during the last quarter. 94.40% of the stock is owned by 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.

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