Cabot Microelectronics (CCMP) Given a $123.00 Price Target at Loop Capital

Loop Capital set a $123.00 target price on Cabot Microelectronics (NASDAQ:CCMP) in a report released on Thursday morning. The brokerage currently has a buy rating on the semiconductor company’s stock.

Other equities analysts have also recently issued reports about the stock. BidaskClub cut shares of Cabot Microelectronics from a strong-buy rating to a buy rating in a research note on Friday, August 17th. Zacks Investment Research cut shares of Cabot Microelectronics from a buy rating to a hold rating in a research note on Monday, October 1st. Finally, ValuEngine cut 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 company. The stock presently has an average rating of Buy and an average price target of $120.80.

Shares of CCMP stock opened at $107.48 on Thursday. Cabot Microelectronics has a 52-week low of $89.19 and a 52-week high of $123.76. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of 20.59 and a beta of 1.27.

Cabot Microelectronics (NASDAQ:CCMP) last announced its quarterly earnings data on Wednesday, October 24th. The semiconductor company reported $1.48 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $156.70 million for the quarter, compared to analysts’ expectations of $155.65 million. During the same period last year, the firm earned $1.07 earnings per share. The business’s revenue for the quarter was up 14.6% on a year-over-year basis. On average, equities research analysts predict that Cabot Microelectronics will post 6.9 EPS for the current year.

In other Cabot Microelectronics news, Director Barbara A. Klein sold 5,635 shares of the stock in a transaction on Wednesday, November 14th. The shares were sold at an average price of $102.68, for a total value of $578,601.80. Following the sale, the director now directly owns 33,830 shares in the company, valued at $3,473,664.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 3.30% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Great Lakes Advisors LLC acquired a new stake in Cabot Microelectronics in the third quarter worth $255,000. Vanguard Group Inc. raised its holdings in Cabot Microelectronics by 4.5% in the third quarter. Vanguard Group Inc. now owns 2,735,222 shares of the semiconductor company’s stock worth $282,193,000 after purchasing an additional 116,779 shares during the period. Morgan Stanley raised its holdings in Cabot Microelectronics by 14.3% in the third quarter. Morgan Stanley now owns 91,914 shares of the semiconductor company’s stock worth $9,483,000 after purchasing an additional 11,499 shares during the period. Kepos Capital LP acquired a new stake in Cabot Microelectronics in the third quarter worth $523,000. Finally, Standard Life Aberdeen plc raised its holdings in Cabot Microelectronics by 5.6% in the third quarter. Standard Life Aberdeen plc now owns 414,024 shares of the semiconductor company’s stock worth $42,715,000 after purchasing an additional 21,979 shares during the period.

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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