CMC Materials (NASDAQ:CCMP) Downgraded by Zacks Investment Research to “Hold”

CMC Materials (NASDAQ:CCMPGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday, Zacks.com reports.

According to Zacks, “CMC Materials Inc. is a supplier of consumable materials to semiconductor manufacturers and pipeline companies. CMC Materials Inc., formerly known as Cabot Microelectronics Corporation, is based in Aurora, IL. “

Several other research firms have also recently commented on CCMP. CL King cut CMC Materials from a “buy” rating to a “neutral” rating in a research report on Thursday, April 7th. Mizuho cut CMC Materials from a “buy” rating to a “neutral” rating and lifted their price target for the company from $155.00 to $197.00 in a research report on Friday, February 4th. Finally, StockNews.com upgraded CMC Materials from a “hold” rating to a “buy” rating in a research report on Friday, May 6th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $187.13.

Shares of NASDAQ CCMP traded up $4.11 during mid-day trading on Thursday, hitting $174.11. The company had a trading volume of 478,969 shares, compared to its average volume of 388,455. CMC Materials has a 12 month low of $119.19 and a 12 month high of $197.00. The company has a debt-to-equity ratio of 0.95, a current ratio of 3.15 and a quick ratio of 2.22. The stock has a market cap of $4.98 billion, a price-to-earnings ratio of 45.58 and a beta of 1.14. The firm’s 50 day simple moving average is $179.45 and its two-hundred day simple moving average is $174.98.

CMC Materials (NASDAQ:CCMPGet Rating) last posted its earnings results on Wednesday, May 4th. The semiconductor company reported $1.94 EPS for the quarter, beating the consensus estimate of $1.83 by $0.11. CMC Materials had a return on equity of 23.55% and a net margin of 8.85%. The firm had revenue of $324.13 million for the quarter, compared to analysts’ expectations of $312.90 million. During the same period last year, the firm earned $1.71 EPS. Equities analysts forecast that CMC Materials will post 7.55 earnings per share for the current year.

In other news, Director Susan M. Whitney sold 7,500 shares of the firm’s stock in a transaction on Monday, May 9th. The stock was sold at an average price of $177.99, for a total value of $1,334,925.00. Following the completion of the sale, the director now owns 12,047 shares of the company’s stock, valued at $2,144,245.53. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.40% of the company’s stock.

Several institutional investors have recently modified their holdings of CCMP. UBS Group AG boosted its position in shares of CMC Materials by 2,649.3% in the first quarter. UBS Group AG now owns 600,100 shares of the semiconductor company’s stock worth $111,258,000 after buying an additional 578,273 shares during the period. Goldman Sachs Group Inc. boosted its position in CMC Materials by 230.4% during the first quarter. Goldman Sachs Group Inc. now owns 773,012 shares of the semiconductor company’s stock valued at $143,316,000 after purchasing an additional 539,048 shares during the last quarter. Neuberger Berman Group LLC boosted its position in CMC Materials by 27.0% during the third quarter. Neuberger Berman Group LLC now owns 1,898,913 shares of the semiconductor company’s stock valued at $232,653,000 after purchasing an additional 403,767 shares during the last quarter. Versor Investments LP boosted its position in CMC Materials by 6,676.6% during the fourth quarter. Versor Investments LP now owns 338,288 shares of the semiconductor company’s stock valued at $64,846,000 after purchasing an additional 333,296 shares during the last quarter. Finally, Alpine Associates Management Inc. acquired a new stake in CMC Materials during the fourth quarter valued at $59,310,000. 93.72% of the stock is owned by institutional investors and hedge funds.

About CMC Materials (Get Rating)

CMC Materials, Inc, together with its subsidiaries, provides consumable materials to semiconductor manufacturers, and pipeline and adjacent industry customers in North America, Asia, Europe, the Middle East, Africa, and South America. The company operates in two segments, Electronic Materials and Performance Materials.

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