Brant Point Investment Management LLC trimmed its position in shares of Cabot Microelectronics Co. (NASDAQ:CCMP) by 34.6% during the third quarter, HoldingsChannel reports. The firm owned 35,945 shares of the semiconductor company’s stock after selling 19,000 shares during the period. Brant Point Investment Management LLC’s holdings in Cabot Microelectronics were worth $3,708,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Bank of Montreal Can raised its holdings in shares of Cabot Microelectronics by 49.8% in the second quarter. Bank of Montreal Can now owns 5,471 shares of the semiconductor company’s stock valued at $587,000 after buying an additional 1,820 shares during the last quarter. Amalgamated Bank raised its holdings in shares of Cabot Microelectronics by 14.1% in the second quarter. Amalgamated Bank now owns 4,155 shares of the semiconductor company’s stock valued at $447,000 after buying an additional 512 shares during the last quarter. Cornerstone Wealth Management LLC purchased a new stake in shares of Cabot Microelectronics in the second quarter valued at about $163,000. Piedmont Investment Advisors LLC raised its holdings in shares of Cabot Microelectronics by 9.2% in the second quarter. Piedmont Investment Advisors LLC now owns 5,980 shares of the semiconductor company’s stock valued at $643,000 after buying an additional 506 shares during the last quarter. Finally, Aperio Group LLC raised its holdings in shares of Cabot Microelectronics by 7.3% in the second quarter. Aperio Group LLC now owns 9,618 shares of the semiconductor company’s stock valued at $1,035,000 after buying an additional 653 shares during the last quarter.
In other news, Director Barbara A. Klein sold 5,635 shares of the business’s stock in a transaction dated Wednesday, November 14th. The shares were 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 $3,473,664.40. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 3.30% of the company’s stock.
Cabot Microelectronics (NASDAQ:CCMP) last issued its quarterly earnings results on Wednesday, October 24th. The semiconductor company reported $1.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.14. Cabot Microelectronics had a net margin of 18.64% and a return on equity of 21.59%. The business had revenue of $156.70 million for the quarter, compared to analyst estimates of $155.65 million. During the same period in the previous year, the business posted $1.07 earnings per share. The business’s revenue was up 14.6% compared to the same quarter last year. Research analysts predict that Cabot Microelectronics Co. will post 6.9 EPS for the current year.
A number of equities research analysts have recently commented on the stock. Zacks Investment Research cut shares of Cabot Microelectronics from a “buy” rating to a “hold” rating in a report on Monday, October 1st. Buckingham Research assumed coverage on shares of Cabot Microelectronics in a research note on Thursday. They set a “buy” rating and a $130.00 price target on the stock. BidaskClub lowered shares of Cabot Microelectronics from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 17th. Loop Capital set a $117.00 price target on shares of Cabot Microelectronics and gave the stock a “buy” rating in a research note on Monday, August 20th. They noted that the move was a valuation call. Finally, ValuEngine lowered shares of Cabot Microelectronics from a “buy” rating to a “hold” rating in a research note on Friday, August 17th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $120.80.
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Cabot Microelectronics Company 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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