Schroder Investment Management Group decreased its stake in shares of Cabot Microelectronics Co. (NASDAQ:CCMP) by 35.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 35,000 shares of the semiconductor company’s stock after selling 19,100 shares during the quarter. Schroder Investment Management Group owned about 0.14% of Cabot Microelectronics worth $3,611,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently made changes to their positions in the company. Envestnet Asset Management Inc. grew its position in Cabot Microelectronics by 20.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 8,278 shares of the semiconductor company’s stock valued at $891,000 after purchasing an additional 1,414 shares during the period. Chicago Equity Partners LLC acquired a new stake in Cabot Microelectronics in the 2nd quarter valued at $316,000. Point72 Asset Management L.P. acquired a new stake in Cabot Microelectronics in the 2nd quarter valued at $1,560,000. OLD National Bancorp IN acquired a new stake in Cabot Microelectronics in the 3rd quarter valued at $266,000. Finally, Bank of Montreal Can grew its position in Cabot Microelectronics by 49.8% in the 2nd quarter. Bank of Montreal Can now owns 5,471 shares of the semiconductor company’s stock valued at $587,000 after purchasing an additional 1,820 shares during the period. 99.48% of the stock is owned by institutional investors.
NASDAQ CCMP opened at $96.66 on Friday. Cabot Microelectronics Co. has a 12-month low of $89.19 and a 12-month high of $123.76. The firm has a market capitalization of $2.59 billion, a P/E ratio of 19.45 and a beta of 1.27.
Cabot Microelectronics (NASDAQ:CCMP) last issued its quarterly earnings data on Wednesday, October 24th. The semiconductor company reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.14. Cabot Microelectronics had a return on equity of 21.59% and a net margin of 18.64%. The business had revenue of $156.70 million for the quarter, compared to analysts’ expectations of $155.65 million. During the same period last year, the business earned $1.07 EPS. The business’s revenue was up 14.6% on a year-over-year basis. Equities analysts forecast that Cabot Microelectronics Co. will post 6.9 earnings per share for the current year.
In other Cabot Microelectronics news, Director Barbara A. Klein sold 5,635 shares of the firm’s stock in a transaction on Wednesday, November 14th. The stock was sold at an average price of $102.68, for a total transaction of $578,601.80. Following the transaction, the director now directly owns 33,830 shares in the company, valued at approximately $3,473,664.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.30% of the stock is currently owned by company insiders.
CCMP has been the subject of several research reports. ValuEngine downgraded shares of Cabot Microelectronics from a “buy” rating to a “hold” rating in a research report on Friday, August 17th. BidaskClub downgraded shares of Cabot Microelectronics from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 17th. Loop Capital set a $117.00 price target on shares of Cabot Microelectronics and gave the company a “buy” rating in a research report on Monday, August 20th. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of Cabot Microelectronics from a “buy” rating to a “hold” rating in a research report on Monday, October 1st. Finally, Buckingham Research initiated coverage on shares of Cabot Microelectronics in a research report on Thursday, November 29th. They issued a “buy” rating and a $130.00 price target for the company. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $120.80.
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Cabot Microelectronics Profile
Cabot Microelectronics Corporation, together with its subsidiaries, develops, manufactures, and sells polishing slurries and pads used in the manufacture of advanced integrated circuit (IC) devices in the semiconductor industry in chemical mechanical planarization (CMP) process. It provides CMP slurries, which are liquid solutions composed of high-purity deionized water, proprietary chemical additives, and engineered abrasives that chemically and mechanically interact with the surface material of the IC device at an atomic level; and CMP pads that are engineered polymeric materials designed to distribute and transport the slurry to the surface of the wafer and distribute it evenly across the wafer.
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