CMC Materials (NASDAQ:CCMP) Upgraded by Wolfe Research to “Market Perform”

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.

CMC Materials (NASDAQ:CCMP) last released its quarterly earnings results on Tuesday, August 3rd. The semiconductor company reported $1.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.00 by ($0.14). The company had revenue of $309.52 million during the quarter, compared to analysts’ expectations of $308.54 million. CMC Materials had a negative net margin of 4.11% and a positive return on equity of 21.41%. CMC Materials’s revenue was up 12.7% on a year-over-year basis. During the same period last year, the firm posted $1.80 earnings per share. On average, research analysts anticipate that CMC Materials will post 7.49 EPS for the current year.

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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Analyst Recommendations for CMC Materials (NASDAQ:CCMP)

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