CMC Materials (NASDAQ:CCMP) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of CMC Materials (NASDAQ:CCMP) from a hold rating to a sell rating in a report issued on Tuesday morning, Zacks.com reports.

According to Zacks, “CMC Materials Inc. is a supplier of consumable materials to semiconductor manufacturers and pipeline companies. CMC Materials Inc., formerly known as Cabot Microelectronics Corporation, is based in Aurora, IL. “

Other equities analysts also recently issued research reports about the stock. Wolfe Research raised shares of CMC Materials from an underperform rating to a market perform rating in a research note on Wednesday, September 15th. Seaport Res Ptn downgraded shares of CMC Materials from a buy rating to a neutral rating in a research note on Thursday, December 16th. The Goldman Sachs Group raised shares of CMC Materials from a neutral rating to a buy rating and boosted their price objective for the stock from $149.00 to $192.00 in a research note on Monday, November 15th. Citigroup raised shares of CMC Materials from a sell rating to a neutral rating and boosted their price objective for the stock from $130.00 to $200.00 in a research note on Friday, December 17th. Finally, Mizuho boosted their price objective on shares of CMC Materials from $152.00 to $155.00 and gave the stock a buy rating in a research note on Friday, November 12th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Hold and an average target price of $183.63.

CMC Materials stock opened at $187.65 on Tuesday. The company has a 50 day moving average price of $163.64 and a 200-day moving average price of $143.11. The company has a quick ratio of 1.76, a current ratio of 2.60 and a debt-to-equity ratio of 1.03. CMC Materials has a fifty-two week low of $119.19 and a fifty-two week high of $198.60.

CMC Materials (NASDAQ:CCMP) last issued its quarterly earnings data on Wednesday, November 10th. The semiconductor company reported $1.62 EPS for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.17). The business had revenue of $311.92 million during the quarter, compared to the consensus estimate of $310.50 million. CMC Materials had a positive return on equity of 21.39% and a negative net margin of 5.72%. During the same period last year, the firm earned $1.96 EPS. As a group, analysts predict that CMC Materials will post 7.45 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 28th. Stockholders of record on Wednesday, December 22nd will be issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date is Tuesday, December 21st. CMC Materials’s dividend payout ratio (DPR) is presently -77.31%.

In other news, VP Jeffrey Michael Dysard sold 11,059 shares of the business’s stock in a transaction on Monday, December 20th. The shares were sold at an average price of $184.60, for a total transaction of $2,041,491.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Barbara A. Klein sold 27,638 shares of the business’s stock in a transaction on Wednesday, December 22nd. The shares were sold at an average price of $185.23, for a total transaction of $5,119,386.74. The disclosure for this sale can be found here. Insiders have sold 58,847 shares of company stock worth $10,876,538 over the last three months. Corporate insiders own 2.40% of the company’s stock.

Large investors have recently bought and sold shares of the business. State Street Corp boosted its holdings in CMC Materials by 1.4% in the second quarter. State Street Corp now owns 883,489 shares of the semiconductor company’s stock valued at $133,589,000 after purchasing an additional 12,363 shares during the last quarter. Narwhal Capital Management boosted its holdings in CMC Materials by 9.1% in the third quarter. Narwhal Capital Management now owns 78,989 shares of the semiconductor company’s stock valued at $9,734,000 after purchasing an additional 6,571 shares during the last quarter. Marks Group Wealth Management Inc boosted its holdings in CMC Materials by 8.9% in the second quarter. Marks Group Wealth Management Inc now owns 36,057 shares of the semiconductor company’s stock valued at $5,434,000 after purchasing an additional 2,942 shares during the last quarter. Bank of America Corp DE boosted its holdings in CMC Materials by 15.4% in the second quarter. Bank of America Corp DE now owns 384,207 shares of the semiconductor company’s stock valued at $57,914,000 after purchasing an additional 51,169 shares during the last quarter. Finally, Psagot Investment House Ltd. purchased a new stake in CMC Materials in the second quarter valued at $1,035,000. 95.66% of the stock is currently owned by institutional investors.

About CMC Materials

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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