Cabot Microelectronics Co. (CCMP) Position Increased by Narwhal Capital Management
Narwhal Capital Management boosted its stake in Cabot Microelectronics Co. (NASDAQ:CCMP) by 13.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,120 shares of the semiconductor company’s stock after buying an additional 5,200 shares during the quarter. Narwhal Capital Management’s holdings in Cabot Microelectronics were worth $4,655,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in CCMP. Summit Trail Advisors LLC boosted its stake in Cabot Microelectronics by 6,926.1% in the 1st quarter. Summit Trail Advisors LLC now owns 168,415 shares of the semiconductor company’s stock valued at $168,000 after buying an additional 166,018 shares in the last quarter. BlackRock Inc. boosted its stake in Cabot Microelectronics by 2.9% in the 2nd quarter. BlackRock Inc. now owns 3,548,640 shares of the semiconductor company’s stock valued at $381,692,000 after buying an additional 100,080 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Cabot Microelectronics by 6.2% in the 2nd quarter. Renaissance Technologies LLC now owns 1,263,109 shares of the semiconductor company’s stock valued at $135,860,000 after buying an additional 73,200 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Cabot Microelectronics by 353.6% in the 2nd quarter. Russell Investments Group Ltd. now owns 77,410 shares of the semiconductor company’s stock valued at $8,323,000 after buying an additional 60,344 shares in the last quarter. Finally, Eagle Asset Management Inc. boosted its stake in Cabot Microelectronics by 33.6% in the 2nd quarter. Eagle Asset Management Inc. now owns 230,730 shares of the semiconductor company’s stock valued at $24,817,000 after buying an additional 58,040 shares in the last quarter. 95.27% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have commented on CCMP. BidaskClub raised Cabot Microelectronics from a “sell” rating to a “hold” rating in a research note on Thursday, October 18th. Zacks Investment Research lowered Cabot Microelectronics from a “buy” rating to a “hold” rating in a research note on Monday, July 2nd. Loop Capital set a $117.00 price objective on Cabot Microelectronics and gave the stock a “buy” rating in a research note on Monday, August 20th. They noted that the move was a valuation call. Finally, ValuEngine lowered Cabot Microelectronics from a “buy” rating to a “hold” rating in a research note on Friday, August 17th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $115.00.
Cabot Microelectronics (NASDAQ:CCMP) last released its earnings results on Wednesday, July 25th. The semiconductor company reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.17. The company had revenue of $150.40 million during the quarter, compared to the consensus estimate of $146.58 million. Cabot Microelectronics had a return on equity of 20.40% and a net margin of 15.47%. The firm’s quarterly revenue was up 17.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.81 earnings per share. On average, research analysts forecast that Cabot Microelectronics Co. will post 5.09 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 30th. Stockholders of record on Tuesday, October 9th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, October 5th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.69%. Cabot Microelectronics’s payout ratio is currently 44.94%.
About Cabot Microelectronics
Cabot Microelectronics Corporation, together with its subsidiaries, develops, manufactures, and sells polishing slurries and pads used in the manufacture of advanced integrated circuit (IC) devices in the semiconductor industry in a process called chemical mechanical planarization (CMP). The CMP technology is a polishing process used by IC device manufacturers to planarize or flatten the multiple layers of material that are deposited upon silicon wafers.
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