New York State Teachers Retirement System trimmed its stake in shares of Cabot Microelectronics Co. (NASDAQ:CCMP) by 3.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 57,547 shares of the semiconductor company’s stock after selling 2,039 shares during the quarter. New York State Teachers Retirement System’s holdings in Cabot Microelectronics were worth $6,335,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in CCMP. Bremer Bank National Association bought a new position in Cabot Microelectronics during the first quarter worth $32,000. Quadrant Capital Group LLC boosted its position in shares of Cabot Microelectronics by 121.2% in the first quarter. Quadrant Capital Group LLC now owns 427 shares of the semiconductor company’s stock valued at $44,000 after acquiring an additional 234 shares during the period. Private Capital Group LLC boosted its position in shares of Cabot Microelectronics by 24.7% in the first quarter. Private Capital Group LLC now owns 474 shares of the semiconductor company’s stock valued at $53,000 after acquiring an additional 94 shares during the period. Penserra Capital Management LLC bought a new stake in shares of Cabot Microelectronics in the first quarter valued at about $91,000. Finally, Systematic Financial Management LP bought a new stake in shares of Cabot Microelectronics in the first quarter valued at about $179,000. 98.67% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on CCMP. BidaskClub cut shares of Cabot Microelectronics from a “buy” rating to a “hold” rating in a research report on Saturday. Zacks Investment Research raised shares of Cabot Microelectronics from a “sell” rating to a “hold” rating in a research report on Monday, July 22nd. Goldman Sachs Group began coverage on shares of Cabot Microelectronics in a research report on Monday, July 8th. They issued a “buy” rating and a $148.00 target price for the company. Finally, CL King began coverage on shares of Cabot Microelectronics in a research report on Monday, July 8th. They issued a “buy” rating and a $125.00 target price for the company. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $129.20.
Shares of Cabot Microelectronics stock traded down $3.73 during trading on Friday, reaching $116.09. The company’s stock had a trading volume of 259,925 shares, compared to its average volume of 178,822. The firm’s 50-day moving average price is $112.57. The firm has a market capitalization of $3.37 billion, a price-to-earnings ratio of 22.24 and a beta of 1.39. Cabot Microelectronics Co. has a 52 week low of $82.24 and a 52 week high of $129.94. The company has a debt-to-equity ratio of 0.96, a quick ratio of 2.40 and a current ratio of 3.40.
Cabot Microelectronics (NASDAQ:CCMP) last announced its earnings results on Wednesday, May 8th. The semiconductor company reported $1.55 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.61 by ($0.06). The business had revenue of $265.39 million during the quarter, compared to the consensus estimate of $273.30 million. Cabot Microelectronics had a net margin of 15.61% and a return on equity of 20.79%. On average, equities analysts forecast that Cabot Microelectronics Co. will post 6.78 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 30th. Stockholders of record on Tuesday, June 25th were given a $0.42 dividend. The ex-dividend date of this dividend was Monday, June 24th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.45%. Cabot Microelectronics’s payout ratio is presently 32.18%.
Cabot Microelectronics Company Profile
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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