Insider Selling: Cabot Corp. (CBT) Insider Sells $998,180.65 in Stock
Cabot Corp. (NYSE:CBT) insider Gottberg Friedrich Von sold 19,553 shares of the stock in a transaction on Monday, November 14th. The stock was sold at an average price of $51.05, for a total transaction of $998,180.65. Following the transaction, the insider now owns 26,207 shares in the company, valued at approximately $1,337,867.35. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
Shares of Cabot Corp. (NYSE:CBT) opened at 51.77 on Friday. The company has a market capitalization of $3.22 billion, a P/E ratio of 21.97 and a beta of 1.25. The firm has a 50-day moving average of $51.25 and a 200-day moving average of $48.70. Cabot Corp. has a one year low of $36.12 and a one year high of $53.88.
Cabot Corp. (NYSE:CBT) last announced its quarterly earnings results on Monday, October 31st. The company reported $1.00 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.06. Cabot Corp. had a net margin of 6.18% and a return on equity of 14.77%. The firm had revenue of $619 million for the quarter, compared to analyst estimates of $654.40 million. During the same quarter in the previous year, the firm posted $0.78 earnings per share. The business’s revenue was down 7.7% on a year-over-year basis. Equities research analysts expect that Cabot Corp. will post $3.43 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 9th. Shareholders of record on Friday, November 25th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Tuesday, November 22nd. Cabot Corp.’s payout ratio is currently 50.85%.
CBT has been the topic of several analyst reports. Jefferies Group restated a “buy” rating and set a $60.00 price target on shares of Cabot Corp. in a research note on Tuesday, September 13th. TheStreet upgraded shares of Cabot Corp. from a “hold” rating to a “buy” rating in a research note on Wednesday, July 27th. Zacks Investment Research upgraded shares of Cabot Corp. from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research note on Wednesday, October 12th. Deutsche Bank AG raised their target price on shares of Cabot Corp. from $48.00 to $52.00 and gave the company a “hold” rating in a research note on Friday, August 12th. Finally, SunTrust Banks Inc. lowered shares of Cabot Corp. from a “buy” rating to a “neutral” rating and set a $51.00 target price on the stock. in a research note on Tuesday, August 2nd. They noted that the move was a valuation call. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $53.67.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Bbva Compass Bancshares Inc. raised its position in shares of Cabot Corp. by 0.9% in the second quarter. Bbva Compass Bancshares Inc. now owns 9,086 shares of the company’s stock worth $415,000 after buying an additional 82 shares during the last quarter. First Citizens Bank & Trust Co. raised its stake in shares of Cabot Corp. by 1.4% in the third quarter. First Citizens Bank & Trust Co. now owns 9,496 shares of the company’s stock worth $498,000 after buying an additional 127 shares in the last quarter. State Treasurer State of Michigan raised its stake in shares of Cabot Corp. by 0.8% in the second quarter. State Treasurer State of Michigan now owns 25,080 shares of the company’s stock worth $1,145,000 after buying an additional 200 shares in the last quarter. Globeflex Capital L P raised its stake in shares of Cabot Corp. by 1.9% in the second quarter. Globeflex Capital L P now owns 11,484 shares of the company’s stock worth $524,000 after buying an additional 218 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Cabot Corp. by 12.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,260 shares of the company’s stock worth $118,000 after buying an additional 249 shares in the last quarter. 86.14% of the stock is currently owned by hedge funds and other institutional investors.
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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