Kayne Anderson Rudnick Investment Management LLC reduced its position in shares of Cabot Microelectronics Corporation (NASDAQ:CCMP) by 14.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 737,364 shares of the semiconductor company’s stock after selling 122,868 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned about 2.92% of Cabot Microelectronics Corporation worth $54,440,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Alps Advisors Inc. lifted its holdings in Cabot Microelectronics Corporation by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 6,872 shares of the semiconductor company’s stock valued at $507,000 after purchasing an additional 18 shares during the last quarter. BB&T Securities LLC raised its stake in shares of Cabot Microelectronics Corporation by 0.6% in the second quarter. BB&T Securities LLC now owns 8,468 shares of the semiconductor company’s stock worth $625,000 after acquiring an additional 48 shares during the last quarter. Profund Advisors LLC raised its stake in shares of Cabot Microelectronics Corporation by 1.6% in the first quarter. Profund Advisors LLC now owns 4,473 shares of the semiconductor company’s stock worth $343,000 after acquiring an additional 69 shares during the last quarter. Municipal Employees Retirement System of Michigan raised its stake in shares of Cabot Microelectronics Corporation by 1.5% in the first quarter. Municipal Employees Retirement System of Michigan now owns 6,900 shares of the semiconductor company’s stock worth $529,000 after acquiring an additional 100 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its stake in shares of Cabot Microelectronics Corporation by 1.0% in the second quarter. Louisiana State Employees Retirement System now owns 10,300 shares of the semiconductor company’s stock worth $760,000 after acquiring an additional 100 shares during the last quarter. 93.85% of the stock is owned by hedge funds and other institutional investors.

Cabot Microelectronics Corporation (NASDAQ CCMP) opened at 71.56 on Tuesday. The firm has a 50 day moving average of $73.00 and a 200-day moving average of $73.85. Cabot Microelectronics Corporation has a 52 week low of $48.17 and a 52 week high of $81.85. The company has a market capitalization of $1.81 billion, a P/E ratio of 22.32 and a beta of 1.46.

Cabot Microelectronics Corporation (NASDAQ:CCMP) last posted its earnings results on Thursday, July 27th. The semiconductor company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by $0.03. The company had revenue of $128 million during the quarter, compared to the consensus estimate of $122.17 million. Cabot Microelectronics Corporation had a return on equity of 16.08% and a net margin of 16.41%. The firm’s revenue was up 18.4% compared to the same quarter last year. During the same period last year, the company posted $0.79 EPS. On average, analysts forecast that Cabot Microelectronics Corporation will post $3.35 earnings per share for the current year.

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CCMP has been the subject of a number of research analyst reports. BidaskClub downgraded shares of Cabot Microelectronics Corporation from a “hold” rating to a “sell” rating in a research note on Friday, August 11th. Needham & Company LLC raised shares of Cabot Microelectronics Corporation from a “hold” rating to a “buy” rating and set a $85.00 target price for the company in a research note on Tuesday, June 27th. Finally, Zacks Investment Research downgraded shares of Cabot Microelectronics Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, August 23rd. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. Cabot Microelectronics Corporation has a consensus rating of “Hold” and an average target price of $80.00.

In other news, VP Daniel D. Woodland sold 432 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $74.90, for a total value of $32,356.80. Following the completion of the transaction, the vice president now owns 17,588 shares of the company’s stock, valued at $1,317,341.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William S. Johnson sold 11,806 shares of the stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $73.77, for a total transaction of $870,928.62. Following the completion of the transaction, the insider now directly owns 94,911 shares of the company’s stock, valued at approximately $7,001,584.47. The disclosure for this sale can be found here. Insiders sold 24,740 shares of company stock valued at $1,799,554 in the last three months. Company insiders own 5.50% of the company’s stock.

Cabot Microelectronics Corporation Company Profile

Cabot Microelectronics Corporation supplies polishing slurries and pads used in the manufacture of integrated circuit (IC) devices within the semiconductor industry, in a process called chemical mechanical planarization (CMP). The Company is engaged in the development, manufacture and sale of CMP consumables.

Institutional Ownership by Quarter for Cabot Microelectronics Corporation (NASDAQ:CCMP)

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