Pinebridge Investments L.P. boosted its position in shares of Cabot Microelectronics Co. (NASDAQ:CCMP) by 230.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,014 shares of the semiconductor company’s stock after purchasing an additional 13,267 shares during the period. Pinebridge Investments L.P.’s holdings in Cabot Microelectronics were worth $2,093,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bremer Bank National Association acquired a new stake in Cabot Microelectronics during the 1st quarter valued at $32,000. Huntington National Bank grew its holdings in Cabot Microelectronics by 81.1% during the 2nd quarter. Huntington National Bank now owns 306 shares of the semiconductor company’s stock valued at $34,000 after purchasing an additional 137 shares in the last quarter. Penserra Capital Management LLC acquired a new stake in Cabot Microelectronics during the 1st quarter valued at $91,000. Systematic Financial Management LP acquired a new stake in Cabot Microelectronics during the 1st quarter valued at $179,000. Finally, United Capital Financial Advisers LLC acquired a new stake in Cabot Microelectronics during the 2nd quarter valued at $206,000. 99.57% of the stock is owned by institutional investors and hedge funds.
CCMP stock traded up $1.89 during mid-day trading on Monday, hitting $140.11. 4,287 shares of the company were exchanged, compared to its average volume of 155,073. The company has a market capitalization of $4.04 billion, a PE ratio of 26.90 and a beta of 1.37. The company has a current ratio of 3.06, a quick ratio of 2.12 and a debt-to-equity ratio of 0.91. Cabot Microelectronics Co. has a twelve month low of $82.24 and a twelve month high of $140.62. The firm has a fifty day simple moving average of $122.14 and a 200 day simple moving average of $114.83.
Cabot Microelectronics (NASDAQ:CCMP) last announced its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported $1.59 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.60 by ($0.01). The company had revenue of $271.88 million for the quarter, compared to analyst estimates of $266.80 million. Cabot Microelectronics had a return on equity of 21.77% and a net margin of 11.76%. As a group, sell-side analysts anticipate that Cabot Microelectronics Co. will post 6.68 earnings per share for the current year.
In other Cabot Microelectronics news, insider David H. Li sold 27,425 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $114.28, for a total transaction of $3,134,129.00. Following the completion of the transaction, the insider now directly owns 78,683 shares of the company’s stock, valued at approximately $8,991,893.24. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Barbara A. Klein sold 5,196 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $123.38, for a total transaction of $641,082.48. Following the transaction, the director now directly owns 34,808 shares of the company’s stock, valued at $4,294,611.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,758 shares of company stock valued at $4,133,175. 2.20% of the stock is owned by company insiders.
A number of equities research analysts recently weighed in on the stock. Buckingham Research raised their price target on shares of Cabot Microelectronics from $130.00 to $150.00 and gave the company a “buy” rating in a report on Thursday. Seaport Global Securities reaffirmed a “buy” rating on shares of Cabot Microelectronics in a report on Wednesday, August 7th. BidaskClub raised shares of Cabot Microelectronics from a “buy” rating to a “strong-buy” rating in a report on Saturday. Goldman Sachs Group assumed coverage on shares of Cabot Microelectronics in a report on Monday, July 8th. They set a “buy” rating and a $148.00 price objective for the company. Finally, Zacks Investment Research lowered shares of Cabot Microelectronics from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Cabot Microelectronics presently has an average rating of “Buy” and an average target price of $133.20.
About Cabot Microelectronics
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.
Further Reading: Outperform Rating
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