Northern Trust Corp increased its position in shares of Cabot Microelectronics Co. (NASDAQ:CCMP) by 1.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 321,218 shares of the semiconductor company’s stock after purchasing an additional 4,641 shares during the period. Northern Trust Corp owned 1.25% of Cabot Microelectronics worth $34,406,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in the company. Mesirow Financial Investment Management Equity Management bought a new stake in Cabot Microelectronics in the 1st quarter valued at $12,995,000. Thrivent Financial for Lutherans increased its holdings in Cabot Microelectronics by 9.7% in the 1st quarter. Thrivent Financial for Lutherans now owns 17,240 shares of the semiconductor company’s stock valued at $1,847,000 after acquiring an additional 1,530 shares during the last quarter. Aperio Group LLC increased its holdings in Cabot Microelectronics by 9.9% in the 1st quarter. Aperio Group LLC now owns 8,965 shares of the semiconductor company’s stock valued at $960,000 after acquiring an additional 807 shares during the last quarter. Fiduciary Trust Co. increased its holdings in Cabot Microelectronics by 0.9% in the 1st quarter. Fiduciary Trust Co. now owns 123,149 shares of the semiconductor company’s stock valued at $13,190,000 after acquiring an additional 1,089 shares during the last quarter. Finally, Engineers Gate Manager LP bought a new stake in Cabot Microelectronics in the 1st quarter valued at $2,165,000. Hedge funds and other institutional investors own 94.80% of the company’s stock.
In related news, VP Ananth Naman sold 3,034 shares of the business’s stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $116.32, for a total value of $352,914.88. Following the sale, the vice president now directly owns 16,803 shares in the company, valued at approximately $1,954,524.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 3.30% of the stock is owned by insiders.
Cabot Microelectronics (NASDAQ:CCMP) last issued its earnings results on Thursday, April 26th. The semiconductor company reported $1.19 EPS for the quarter, topping the consensus estimate of $1.05 by $0.14. The company had revenue of $143.00 million for the quarter, compared to analyst estimates of $140.15 million. Cabot Microelectronics had a net margin of 13.33% and a return on equity of 18.41%. The business’s revenue was up 20.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.76 EPS. research analysts expect that Cabot Microelectronics Co. will post 4.91 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 30th. Investors of record on Monday, June 25th will be given a $0.40 dividend. The ex-dividend date is Friday, June 22nd. This represents a $1.60 annualized dividend and a dividend yield of 1.41%. Cabot Microelectronics’s dividend payout ratio is presently 44.94%.
A number of analysts have issued reports on the stock. BidaskClub upgraded shares of Cabot Microelectronics from a “buy” rating to a “strong-buy” rating in a report on Friday, February 23rd. Zacks Investment Research raised shares of Cabot Microelectronics from a “hold” rating to a “buy” rating and set a $125.00 price objective for the company in a research note on Wednesday, May 23rd. Loop Capital lifted their price objective on shares of Cabot Microelectronics to $123.00 and gave the stock a “buy” rating in a research note on Tuesday, May 15th. Finally, ValuEngine raised shares of Cabot Microelectronics from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $114.80.
Cabot Microelectronics Profile
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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