Zacks: Analysts Anticipate CMC Materials, Inc. (NASDAQ:CCMP) Will Announce Quarterly Sales of $308.15 Million

Equities research analysts expect CMC Materials, Inc. (NASDAQ:CCMP) to announce sales of $308.15 million for the current quarter, Zacks reports. Two analysts have provided estimates for CMC Materials’ earnings, with the lowest sales estimate coming in at $307.50 million and the highest estimate coming in at $308.80 million. CMC Materials reported sales of $274.73 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 12.2%. The firm is scheduled to announce its next earnings results after the market closes on Wednesday, August 4th.

According to Zacks, analysts expect that CMC Materials will report full year sales of $1.20 billion for the current fiscal year, with estimates ranging from $1.19 billion to $1.20 billion. For the next financial year, analysts anticipate that the business will report sales of $1.25 billion, with estimates ranging from $1.22 billion to $1.27 billion. Zacks’ sales averages are a mean average based on a survey of analysts that that provide coverage for CMC Materials.

CMC Materials (NASDAQ:CCMP) last issued its quarterly earnings results on Wednesday, May 5th. The semiconductor company reported $1.71 EPS for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.23). The company had revenue of $290.53 million during the quarter, compared to analysts’ expectations of $298.59 million. CMC Materials had a positive return on equity of 20.99% and a negative net margin of 4.16%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.75 EPS.

Several equities research analysts have recently issued reports on CCMP shares. Berenberg Bank raised CMC Materials from a “hold” rating to a “buy” rating and raised their price objective for the company from $175.00 to $180.00 in a research note on Wednesday, June 9th. The Goldman Sachs Group reduced their price target on CMC Materials from $198.00 to $169.00 and set a “neutral” rating on the stock in a report on Friday, May 7th. Wolfe Research assumed coverage on CMC Materials in a report on Wednesday, June 9th. They issued an “underperform” rating and a $152.00 price target on the stock. TheStreet downgraded CMC Materials from an “a-” rating to a “c” rating in a report on Thursday, May 6th. Finally, Zacks Investment Research downgraded CMC Materials from a “buy” rating to a “hold” rating in a report on Thursday, April 29th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $165.40.

Shares of NASDAQ CCMP traded down $2.83 during mid-day trading on Friday, reaching $140.03. The company’s stock had a trading volume of 4,104 shares, compared to its average volume of 217,229. The firm’s fifty day simple moving average is $149.59. CMC Materials has a 52 week low of $133.01 and a 52 week high of $198.60. The company has a market cap of $4.10 billion, a price-to-earnings ratio of 18.93 and a beta of 1.16. The company has a quick ratio of 2.67, a current ratio of 3.54 and a debt-to-equity ratio of 0.95.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 30th. Shareholders of record on Wednesday, June 23rd will be issued a dividend of $0.46 per share. The ex-dividend date of this dividend is Tuesday, June 22nd. This represents a $1.84 annualized dividend and a yield of 1.31%. CMC Materials’s payout ratio is currently 24.63%.

Several large investors have recently made changes to their positions in CCMP. Van ECK Associates Corp purchased a new position in shares of CMC Materials in the 1st quarter valued at $25,000. GPS Wealth Strategies Group LLC acquired a new stake in shares of CMC Materials in the 1st quarter worth $26,000. WASHINGTON TRUST Co acquired a new stake in shares of CMC Materials in the 1st quarter worth $27,000. Vantage Consulting Group Inc acquired a new stake in shares of CMC Materials in the 4th quarter worth $28,000. Finally, Montag A & Associates Inc. acquired a new stake in shares of CMC Materials in the 4th quarter worth $30,000. Institutional investors and hedge funds own 95.21% of the company’s stock.

CMC Materials Company Profile

CMC Materials, Inc engages in the development, manufacture, and sale of chemical mechanical planarization consumables products. It operates through the following segments: Electronic Materials and Performance Material. The Electronic Materials segment consists of CMP slurries and polishing pads businesses and KMG electronic chemicals business.

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