CMC Materials (NASDAQ:CCMP) was upgraded by analysts at Wolfe Research from an “underperform” rating to a “market perform” rating in a report issued on Wednesday, The Fly reports.
Other equities research analysts also recently issued reports about the stock. Seaport Res Ptn raised shares of CMC Materials from a “neutral” rating to a “buy” rating in a research note on Tuesday, June 8th. Berenberg Bank upgraded shares of CMC Materials from a “hold” rating to a “buy” rating and lifted their price objective for the company from $175.00 to $180.00 in a report on Wednesday, June 9th. Seaport Global Securities upgraded shares of CMC Materials from a “neutral” rating to a “buy” rating and set a $180.00 price objective for the company in a report on Tuesday, June 8th. Finally, Zacks Investment Research cut shares of CMC Materials from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 11th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $165.67.
CCMP stock traded up $2.55 during trading on Wednesday, reaching $130.19. 3,484 shares of the stock were exchanged, compared to its average volume of 211,076. The business has a 50 day moving average price of $134.20 and a 200-day moving average price of $154.79. The firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of -75.98 and a beta of 1.09. CMC Materials has a 1 year low of $119.19 and a 1 year high of $198.60. The company has a current ratio of 3.03, a quick ratio of 2.17 and a debt-to-equity ratio of 0.92.
Hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp purchased a new stake in CMC Materials in the 1st quarter valued at $25,000. Harvest Fund Management Co. Ltd purchased a new stake in CMC Materials in the 1st quarter valued at $30,000. Ceredex Value Advisors LLC purchased a new stake in CMC Materials in the 2nd quarter valued at $30,000. Rockefeller Capital Management L.P. raised its position in CMC Materials by 152.8% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 225 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 136 shares during the last quarter. Finally, Cullen Frost Bankers Inc. purchased a new stake in CMC Materials in the 2nd quarter valued at $43,000. Hedge funds and other institutional investors own 94.80% 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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