Cabot Microelectronics Co. (NASDAQ:CCMP) was the target of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 685,900 shares, a growth of 11.7% from the September 30th total of 613,800 shares. Approximately 2.4% of the shares of the company are sold short. Based on an average daily volume of 199,800 shares, the days-to-cover ratio is currently 3.4 days.
Several equities research analysts have issued reports on CCMP shares. Zacks Investment Research raised Cabot Microelectronics from a “strong sell” rating to a “hold” rating and set a $157.00 price target for the company in a report on Monday, October 14th. Loop Capital cut Cabot Microelectronics from a “buy” rating to a “hold” rating and set a $156.00 price objective on the stock. in a research report on Thursday. Seaport Global Securities cut Cabot Microelectronics from a “buy” rating to a “neutral” rating in a research report on Wednesday, October 30th. BidaskClub cut Cabot Microelectronics from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 1st. Finally, Buckingham Research reiterated a “buy” rating and set a $170.00 price objective (up previously from $150.00) on shares of Cabot Microelectronics in a research report on Monday, October 28th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. Cabot Microelectronics currently has an average rating of “Hold” and an average price target of $151.20.
In other Cabot Microelectronics news, 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 completion of the sale, the director now owns 34,808 shares of the company’s stock, valued at approximately $4,294,611.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.20% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Huntington National Bank boosted its stake in shares of Cabot Microelectronics by 81.1% during the second 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. NumerixS Investment Technologies Inc acquired a new stake in shares of Cabot Microelectronics during the second quarter valued at about $44,000. Tower Research Capital LLC TRC acquired a new stake in shares of Cabot Microelectronics during the second quarter valued at about $130,000. Keybank National Association OH acquired a new stake in shares of Cabot Microelectronics during the third quarter valued at about $212,000. Finally, Griffin Asset Management Inc. acquired a new stake in shares of Cabot Microelectronics during the second quarter valued at about $202,000. 99.35% of the stock is currently owned by hedge funds and other institutional investors.
CCMP stock traded up $2.92 during trading hours on Friday, hitting $156.01. 249,800 shares of the stock were exchanged, compared to its average volume of 212,414. The company has a 50-day simple moving average of $146.92 and a two-hundred day simple moving average of $124.11. Cabot Microelectronics has a 12 month low of $82.24 and a 12 month high of $160.81. The firm has a market capitalization of $4.55 billion, a P/E ratio of 29.89 and a beta of 1.36. The company has a current ratio of 3.06, a quick ratio of 2.12 and a debt-to-equity ratio of 0.91.
The company also recently declared a quarterly dividend, which was paid on Wednesday, October 30th. Stockholders of record on Wednesday, October 9th were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date of this dividend was Tuesday, October 8th. Cabot Microelectronics’s payout ratio is 32.18%.
Cabot Microelectronics Company Profile
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.
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