CMC Materials (NASDAQ:CCMP) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of CMC Materials (NASDAQ:CCMPGet Rating) from a hold rating to a buy rating in a report released on Monday, Zacks.com reports. Zacks Investment Research currently has $196.00 target price on the semiconductor company’s stock.

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 equities research analysts have also recently issued reports on the company. CL King cut CMC Materials from a buy rating to a neutral rating in a research note on Thursday, April 7th. Citigroup raised CMC Materials from a sell rating to a neutral rating and raised their target price for the stock from $130.00 to $200.00 in a research note on Friday, December 17th. Seaport Res Ptn cut CMC Materials from a buy rating to a neutral rating in a research note on Thursday, December 16th. Seaport Global Securities cut CMC Materials from a buy rating to a neutral rating in a research note on Thursday, December 16th. Finally, Mizuho cut CMC Materials from a buy rating to a neutral rating and lifted their price objective for the company from $155.00 to $197.00 in a research note on Friday, February 4th. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, CMC Materials presently has an average rating of Hold and a consensus target price of $187.13.

CCMP stock opened at $178.16 on Monday. The business has a fifty day moving average of $183.50 and a two-hundred day moving average of $164.60. The company has a quick ratio of 2.06, a current ratio of 2.96 and a debt-to-equity ratio of 1.00. The stock has a market cap of $5.09 billion, a price-to-earnings ratio of -71.26 and a beta of 1.18. CMC Materials has a 52-week low of $119.19 and a 52-week high of $197.00.

CMC Materials (NASDAQ:CCMPGet Rating) last posted its earnings results on Wednesday, February 2nd. The semiconductor company reported $2.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.31. The company had revenue of $317.05 million during the quarter, compared to analysts’ expectations of $316.50 million. CMC Materials had a positive return on equity of 22.85% and a negative net margin of 5.91%. During the same quarter last year, the firm earned $1.92 earnings per share. As a group, sell-side analysts anticipate that CMC Materials will post 7.55 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, April 22nd. Investors of record on Wednesday, March 23rd will be issued a $0.46 dividend. The ex-dividend date is Tuesday, March 22nd. This represents a $1.84 dividend on an annualized basis and a yield of 1.03%. CMC Materials’s dividend payout ratio (DPR) is presently -73.60%.

Large investors have recently added to or reduced their stakes in the stock. Confluence Wealth Services Inc. purchased a new position in CMC Materials in the fourth quarter valued at $37,000. Wolverine Asset Management LLC purchased a new stake in CMC Materials during the 4th quarter worth about $38,000. First Horizon Advisors Inc. lifted its holdings in CMC Materials by 72.0% during the 4th quarter. First Horizon Advisors Inc. now owns 215 shares of the semiconductor company’s stock worth $41,000 after buying an additional 90 shares during the last quarter. Signaturefd LLC lifted its holdings in CMC Materials by 55.5% during the 3rd quarter. Signaturefd LLC now owns 241 shares of the semiconductor company’s stock worth $30,000 after buying an additional 86 shares during the last quarter. Finally, Whittier Trust Co. lifted its holdings in CMC Materials by 69.7% during the 3rd quarter. Whittier Trust Co. now owns 314 shares of the semiconductor company’s stock worth $39,000 after buying an additional 129 shares during the last quarter. Hedge funds and other institutional investors own 93.47% of the company’s stock.

CMC Materials Company Profile (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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