Price Action to Note: What’s in Cabot Microelectronics Corporation After Touching 52-Week High?

Price Action to Note: What's in Cabot Microelectronics Corporation After Touching 52 Week High?

The stock of Cabot Microelectronics Corporation (NASDAQ:CCMP) hit a new 52-week high and has $81.46 target or 53.00% above today’s $53.24 share price. The 7 months bullish chart indicates low risk for the $1.31 billion company. The 1-year high was reported on Oct, 7 by Barchart.com. If the $81.46 price target is reached, the company will be worth $694.30M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 91,364 shares traded hands. Cabot Microelectronics Corporation (NASDAQ:CCMP) has risen 35.79% since March 4, 2016 and is uptrending. It has outperformed by 27.75% the S&P500.

Analysts await Cabot Microelectronics Corporation (NASDAQ:CCMP) to report earnings on October, 27 before the open.

According to Zacks Investment Research, “Cabot Microelectronics Corp. is a leading supplier of slurries used in chemical mechanical planarization, a polishing process used in the manufacturing of integrated circuit devices. Chemical mechanical planarization is an important part of the integrated circuit device manufacturing process because it helps manufacturers make smaller, faster and more complex integrated circuit devices. Chemical mechanical planarization slurries are liquids containing abrasives and chemicals that facilitate and enhance the mechanical planarization polishing process.”

Insitutional Activity: The institutional sentiment decreased to 0.72 in 2016 Q2. Its down 0.01, from 0.73 in 2016Q1. The ratio is negative, as 21 funds sold all Cabot Microelectronics Corporation shares owned while 55 reduced positions. 16 funds bought stakes while 39 increased positions. They now own 21.40 million shares or 3.29% less from 22.13 million shares in 2016Q1.
The Tennessee-based State Of Tennessee Treasury Department has invested 0% in Cabot Microelectronics Corporation (NASDAQ:CCMP). Panagora Asset, a Massachusetts-based fund reported 2,702 shares. Loring Wolcott Coolidge Fiduciary Advsr Llp Ma accumulated 0.01% or 9,884 shares. Texas Permanent School Fund accumulated 18,088 shares or 0.01% of the stock. Teton holds 32,800 shares or 0.13% of its portfolio. Moreover, Blackrock Advsr Lc has 0% invested in Cabot Microelectronics Corporation (NASDAQ:CCMP) for 11,300 shares. Allianz Asset Mngmt Ag holds 0% or 213,990 shares in its portfolio. Blackrock Group Inc Ltd holds 0% of its portfolio in Cabot Microelectronics Corporation (NASDAQ:CCMP) for 33,375 shares. Arizona State Retirement System has 0.01% invested in the company for 12,257 shares. Hap Trading Ltd, a New York-based fund reported 104,787 shares. Renaissance Technology Limited Liability Corp reported 456,800 shares or 0.04% of all its holdings. Nuance Invs Limited Liability Company holds 569,953 shares or 2.5% of its portfolio. Moreover, Citigroup has 0% invested in Cabot Microelectronics Corporation (NASDAQ:CCMP) for 17,091 shares. Parkside National Bank And holds 0% of its portfolio in Cabot Microelectronics Corporation (NASDAQ:CCMP) for 245 shares. Comerica Fincl Bank accumulated 63,805 shares or 0.03% of the stock.

Insider Transactions: Since June 14, 2016, the stock had 0 buys, and 19 insider sales for $17.69 million net activity. Another trade for 39,603 shares valued at $2.00M was made by JOHNSON WILLIAM S on Monday, August 1. 4,183 shares were sold by Woodland Daniel D., worth $210,545 on Tuesday, August 9. 11,117 shares were sold by PIKE DANIEL J, worth $556,376 on Tuesday, August 9. Another trade for 39,917 shares valued at $2.01 million was made by ECKSTEIN BERNSTEIN H CAROL on Monday, August 1. Birgeneau Robert J had sold 8,704 shares worth $435,213 on Thursday, August 4. 6,875 shares were sold by HILL RICHARD, worth $344,592. 2,888 shares were sold by Damashek Yumiko, worth $146,414 on Monday, August 1.

More notable recent Cabot Microelectronics Corporation (NASDAQ:CCMP) news were published by: Finance.Yahoo.com which released: “Cabot Microelectronics Corporation Declares Quarterly Cash Dividend” on September 23, 2016, also Nasdaq.com with their article: “Cabot Microelectronics to Release Financial Results for Fourth Quarter And …” published on October 06, 2016, Globenewswire.com published: “Cabot Microelectronics Corporation Completes Acquisition of NexPlanar Corporation” on October 22, 2015. More interesting news about Cabot Microelectronics Corporation (NASDAQ:CCMP) were released by: Globenewswire.com and their article: “Cabot Microelectronics Corporation Names David H. Li as Chief Executive …” published on December 16, 2014 as well as Seekingalpha.com‘s news article titled: “Cabot Microelectronics Corp. (CCMP) CEO David Li on Q3 2016 Results – Earnings …” with publication date: July 28, 2016.

CCMP Company Profile

Cabot Microelectronics Corporation, incorporated on October 6, 1999, supplies polishing slurries and pads used in the manufacture of integrated circuit (IC) devices within the semiconductor industry, in a process called chemical mechanical planarization (CMP). The Firm is engaged in the development, manufacture and sale of CMP consumables. The Firm develops, produces and sells CMP slurries for polishing conducting and insulating materials used in IC devices, and also for polishing the disk substrates and magnetic heads used in hard disk drives. It also develops, makes and sells CMP polishing pads, which are used in conjunction with slurries in the CMP process. The Firm also pursues other surface modification applications through its engineered surface finishes (ESF) business.

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