Cabot Microelectronics Co. (NASDAQ:CCMP) Short Interest Up 11.7% in October

Cabot Microelectronics Co. (NASDAQ:CCMP) was the recipient of a significant increase in short interest in October. As of October 31st, there was short interest totalling 685,900 shares, an increase of 11.7% from the September 30th total of 613,800 shares. Based on an average daily trading volume, of 199,800 shares, the short-interest ratio is currently 3.4 days. Currently, 2.4% of the shares of the stock are sold short.

A number of brokerages have commented on CCMP. Zacks Investment Research raised shares of Cabot Microelectronics from a “strong sell” rating to a “hold” rating and set a $157.00 target price on the stock in a research note on Monday, October 14th. Loop Capital downgraded shares of Cabot Microelectronics from a “buy” rating to a “hold” rating and set a $156.00 target price on the stock. in a research note on Thursday. BidaskClub downgraded shares of Cabot Microelectronics from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 1st. Seaport Global Securities downgraded shares of Cabot Microelectronics from a “buy” rating to a “neutral” rating in a research note on Wednesday, October 30th. Finally, Buckingham Research reaffirmed a “buy” rating and set a $170.00 target price (up from $150.00) on shares of Cabot Microelectronics in a research note on Monday, October 28th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $151.20.

In other news, Director Barbara A. Klein sold 5,196 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $123.38, for a total value of $641,082.48. Following the transaction, the director now directly owns 34,808 shares of the company’s stock, valued at $4,294,611.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.20% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in CCMP. FMR LLC increased its position in shares of Cabot Microelectronics by 32.8% during the first quarter. FMR LLC now owns 332,164 shares of the semiconductor company’s stock valued at $37,189,000 after acquiring an additional 82,081 shares during the last quarter. First Trust Advisors LP increased its position in shares of Cabot Microelectronics by 138.0% during the first quarter. First Trust Advisors LP now owns 41,913 shares of the semiconductor company’s stock valued at $4,693,000 after acquiring an additional 24,300 shares during the last quarter. Amundi Pioneer Asset Management Inc. increased its position in shares of Cabot Microelectronics by 21.0% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 114,586 shares of the semiconductor company’s stock valued at $12,829,000 after acquiring an additional 19,879 shares during the last quarter. Private Trust Co. NA increased its position in shares of Cabot Microelectronics by 11.1% during the second quarter. Private Trust Co. NA now owns 5,215 shares of the semiconductor company’s stock valued at $574,000 after acquiring an additional 521 shares during the last quarter. Finally, Copper Rock Capital Partners LLC increased its position in shares of Cabot Microelectronics by 40.4% during the second quarter. Copper Rock Capital Partners LLC now owns 177,993 shares of the semiconductor company’s stock valued at $19,593,000 after acquiring an additional 51,207 shares during the last quarter. Institutional investors and hedge funds own 99.35% of the company’s stock.

Shares of CCMP traded up $2.92 during trading on Friday, reaching $156.01. 249,800 shares of the company traded hands, compared to its average volume of 237,635. Cabot Microelectronics has a twelve month low of $82.24 and a twelve month high of $160.81. The stock has a market cap of $4.54 billion, a PE ratio of 29.84 and a beta of 1.36. The stock has a 50-day simple moving average of $146.65 and a 200-day simple moving average of $123.94. The company has a quick ratio of 2.12, a current ratio of 3.06 and a debt-to-equity ratio of 0.91.

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 30th. Shareholders of record on Wednesday, October 9th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date was Tuesday, October 8th. Cabot Microelectronics’s dividend payout ratio is presently 32.18%.

About Cabot Microelectronics

Cabot Microelectronics Corp. engages in the development, manufacture, and sale of chemical mechanical planarization consumables products. The firm offers chemical mechanical planarization slurries for polishing many of the conducting, insulating and isolating materials used in integrated circuit devices, and for polishing the disk substrates and magnetic heads used in hard disk drives.

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