Cabot Corp. (CBT) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Cabot Corp. (NYSE:CBT) from a hold rating to a buy rating in a research report sent to investors on Wednesday. Zacks Investment Research currently has $57.00 target price on the stock.
According to Zacks, “Cabot Corporation is a global specialty chemicals and materials company. Cabot’s major products are carbon black, fumed silica, inkjet colorants, and aerogels. Cabot has manufacturing plants located in countries around the world. (Company Press Release) “
Other analysts also recently issued reports about the company. SunTrust Banks Inc. downgraded Cabot Corp. from a buy rating to a neutral rating and set a $51.00 target price for the company. in a research report on Tuesday, August 2nd. They noted that the move was a valuation call. TheStreet upgraded Cabot Corp. from a hold rating to a buy rating in a research report on Wednesday, July 27th. Jefferies Group reiterated a buy rating and set a $60.00 target price on shares of Cabot Corp. in a research report on Tuesday, September 13th. Finally, Deutsche Bank AG upped their target price on Cabot Corp. from $48.00 to $52.00 and gave the company a hold rating in a research report on Friday, August 12th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Cabot Corp. presently has an average rating of Buy and an average price target of $53.67.
Shares of Cabot Corp. (NYSE:CBT) traded down 2.12% on Wednesday, reaching $50.21. The company had a trading volume of 20,248 shares. The firm has a market capitalization of $3.13 billion, a price-to-earnings ratio of 23.05 and a beta of 1.39. Cabot Corp. has a 52-week low of $35.46 and a 52-week high of $53.88. The company’s 50-day moving average price is $51.01 and its 200-day moving average price is $48.28.
Cabot Corp. (NYSE:CBT) last released its earnings results on Wednesday, July 27th. The company reported $0.93 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.93. The firm earned $621 million during the quarter, compared to the consensus estimate of $611.73 million. Cabot Corp. had a return on equity of 13.91% and a net margin of 5.68%. The company’s revenue was down 10.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.64 EPS. On average, analysts predict that Cabot Corp. will post $3.08 earnings per share for the current year.
In related news, VP James Patrick Kelly sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 28th. The stock was sold at an average price of $52.95, for a total transaction of $132,375.00. Following the completion of the sale, the vice president now owns 22,085 shares of the company’s stock, valued at $1,169,400.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Patrick M. Prevost sold 47,800 shares of the firm’s stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $49.59, for a total value of $2,370,402.00. Following the sale, the director now directly owns 326,023 shares of the company’s stock, valued at approximately $16,167,480.57. The disclosure for this sale can be found here. Corporate insiders own 2.48% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its stake in Cabot Corp. by 14.5% in the second quarter. PNC Financial Services Group Inc. now owns 2,636 shares of the company’s stock valued at $121,000 after buying an additional 333 shares in the last quarter. Citigroup Inc. boosted its stake in Cabot Corp. by 45.9% in the second quarter. Citigroup Inc. now owns 2,707 shares of the company’s stock valued at $123,000 after buying an additional 852 shares in the last quarter. Acrospire Investment Management LLC boosted its stake in Cabot Corp. by 93.3% in the second quarter. Acrospire Investment Management LLC now owns 2,900 shares of the company’s stock valued at $132,000 after buying an additional 1,400 shares in the last quarter. Bank of Montreal Can acquired a new stake in Cabot Corp. during the second quarter valued at approximately $148,000. Finally, LS Investment Advisors LLC boosted its stake in Cabot Corp. by 71.9% in the second quarter. LS Investment Advisors LLC now owns 3,746 shares of the company’s stock valued at $171,000 after buying an additional 1,567 shares in the last quarter. 85.62% of the stock is owned by institutional investors and hedge funds.
About Cabot Corp.
Cabot Corporation (Cabot) is a global specialty chemicals and performance materials company. The Company’s principal products are rubber and specialty grade carbon blacks, fumed metal oxides, activated carbon, inkjet colorants, aerogel and cesium formate drilling fluids. The Company operates through four segments: Reinforcement Materials, Performance Chemicals, Purification Solutions and Specialty Fluids.
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