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CCMP

Cabot Microelectronics

$121.32

0.1 (0.08%)

, KMG

KMG Chemicals

$66.78

0.1 (0.15%)

08:30
08/15/18
08/15
08:30
08/15/18
08:30

Cabot Microelectronics to acquire KMG Chemicals for $1.6B

Cabot Microelectronics (CCMP) and KMG Chemicals (KMG), a global provider of specialty chemicals and performance materials, have entered into a definitive agreement under which Cabot Microelectronics will acquire KMG in a cash and stock transaction with a total enterprise value of approximately $1.6B. Under the terms of the agreement, KMG shareholders will be entitled to receive, per KMG share, $55.65 in cash and 0.2000 of a share of Cabot Microelectronics common stock, which represents an implied per share value of $79.50 based on the volume weighted average closing price of Cabot Microelectronics common stock over the 20-day trading period ended on August 13. The transaction has been unanimously approved by the board of both companies and is expected to close near the end of calendar year 2018. The combined company is expected to have annual revenues of approximately $1B and approximately $320M in EBITDA, including synergies, extending and strengthening Cabot Microelectronics' position. The transaction is subject to the satisfaction of customary closing conditions, including HSR clearance and approval by KMG shareholders. Cabot Microelectronics expects to finance the cash portion of the transaction consideration through a combination of existing cash and additional debt supported by commitments from its key lenders.

CCMP

Cabot Microelectronics

$121.32

0.1 (0.08%)

KMG

KMG Chemicals

$66.78

0.1 (0.15%)

  • 21

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  • 11

    Sep

CCMP Cabot Microelectronics
$121.32

0.1 (0.08%)

01/26/18
NEED
01/26/18
NO CHANGE
Target $120
NEED
Buy
Cabot Microelectronics price target raised to $120 from $110 at Needham
Needham analyst Y. Edwin Mok raised his price target on Cabot Microelectronics to $120 after Q1 earnings, citing sustained demand from advanced memory applications that was also reflected in Q2 guidance. Mok keeps his Buy rating on Cabot, saying the company is "the best consumables name leveraged to the production ramp of 3D NAND technology" with a solid balance sheet and strong cash flow generation.
04/19/18
LOOP
04/19/18
NO CHANGE
LOOP
TSMC 'hiccup' should be considered transient, says Loop Capital
Loop Capital analyst Chris Kapsch said Taiwan Semiconductor's (TSM) below-consensus Q2 outlook and reduced full-year sales guidance is primarily due to near-term smartphone demand and seasonality, which should be considered transient. He still thinks bigger picture secular trends and drivers - including strong memory chip demand, as well as future growth tied to IoT, AI and 5G communications - remain in place. While TSMC's view for weaker than previously anticipated Q2 results increases risk for electronic chemical stocks Versum (VSM), Entegris (ENTG) and Cabot Micro (CCMP), Kapsch said he remains comfortable with his favorable views on Entegris and Cabot. He is more cautious on Versum, given more risk associated with the capital equipment cycle and his belief that its earnings growth may trail key peers. Kapsch keeps Buy ratings on Entegris and Cabot and a Hold rating on Versum.
05/15/18
LOOP
05/15/18
NO CHANGE
Target $123
LOOP
Buy
Cabot Microelectronics price target raised to $123 from $112 at Loop Capital
Loop Capital analyst Chris Kapsch raised his price target on Cabot Microelectronics to $123 and kept his Buy rating following meetings with the management. The analyst notes that the company is positive about continued benefits from an "extremely buoyant semiconductor backdrop" and more company-specific drivers, forecasting Cabot Microelectronics to outperform its sector peers over the next 1-2 years given their relative dependence on capital expenditures for growth. Kapsch also points to the Cabot Microelectronics' advantage of greater per unit consumption of its materials as well as its improving visibility.
07/27/18
LOOP
07/27/18
NO CHANGE
Target $134
LOOP
Buy
Cabot Microelectronics price target raised to $134 from $123 at Loop Capital
Loop Capital analyst Chris Kapsch noted that Cabot Microelectronics beat earnings expectations "handily" and that its demand strength was broad-based in Q3, particularly for its highest-margin products. Given the healthy semiconductor industry backdrop and favorable secular drivers for adoption of its key products, Kapsch's sees Cabot's positive earnings momentum persisting, he said. He raised his price target on Cabot shares to $134 from $123 and maintains a Buy rating.
KMG KMG Chemicals
$66.78

0.1 (0.15%)

01/22/18
GSCO
01/22/18
INITIATION
Target $73
GSCO
Neutral
KMG Chemicals initiated with a Neutral at Goldman Sachs
Goldman Sachs started KMG Chemicals with a Neutral rating and $73 price target.
01/22/18
GSCO
01/22/18
INITIATION
Target $73
GSCO
Neutral
KMG Chemicals initiated with a Neutral at Goldman Sachs
Goldman analyst Robert Koort initiated KMG Chemicals with a Neutral and $73 price target citing valuation.
01/22/18
01/22/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Sarepta (SRPT) assumed with an Outperform at RBC Capital. 2. KMG Chemicals (KMG) initiated with a Neutral at Goldman Sachs. 3. Okta (OKTA) initiated with an Outperform at FBN Securities. 4. CBRE Group (CBG) initiated with an In Line at Evercore ISI. 5. Orion Engineered (OEC) initiated with a Buy at Jefferies. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
06/13/18
KEYB
06/13/18
DOWNGRADE
KEYB
Sector Weight
KMG Chemicals downgraded to Sector Weight from Overweight at KeyBanc

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