Cabot Corp. (CBT) Upgraded to Hold by Zacks Investment Research
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) “
CBT has been the topic of several other reports. Deutsche Bank AG upped their price objective on shares of Cabot Corp. from $48.00 to $52.00 and gave the company a hold rating in a report on Friday, August 12th. SunTrust Banks Inc. downgraded shares of Cabot Corp. from a buy rating to a neutral rating and set a $51.00 price objective on the stock. in a report on Tuesday, August 2nd. They noted that the move was a valuation call. Jefferies Group reaffirmed a buy rating and set a $60.00 price objective on shares of Cabot Corp. in a report on Monday, November 7th. Finally, TheStreet downgraded shares of Cabot Corp. from a buy rating to a hold rating in a report on Monday, October 31st. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $53.67.
Shares of Cabot Corp. (NYSE:CBT) opened at 51.47 on Monday. The company’s 50 day moving average is $51.08 and its 200 day moving average is $49.08. The company has a market capitalization of $3.20 billion, a price-to-earnings ratio of 21.85 and a beta of 1.25. Cabot Corp. has a one year low of $36.12 and a one year high of $53.88.
Cabot Corp. (NYSE:CBT) last released its quarterly earnings data on Monday, October 31st. The company reported $1.00 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.06. The business had revenue of $619 million for the quarter, compared to the consensus estimate of $654.40 million. Cabot Corp. had a net margin of 6.18% and a return on equity of 14.79%. The company’s revenue was down 7.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.78 earnings per share. Equities research analysts predict that Cabot Corp. will post $3.43 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 9th. Investors 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 2.33%. The ex-dividend date of this dividend is Tuesday, November 22nd. Cabot Corp.’s dividend payout ratio is currently 50.85%.
In related news, insider Gottberg Friedrich Von sold 19,553 shares of the firm’s stock in a transaction that occurred on Monday, November 14th. The shares were sold at an average price of $51.05, for a total value of $998,180.65. Following the sale, the insider now directly owns 26,207 shares of the company’s stock, valued at $1,337,867.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP James Patrick Kelly sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 28th. The shares were 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 directly owns 22,085 shares in the company, valued at $1,169,400.75. The disclosure for this sale can be found here. 2.48% of the stock is currently owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD boosted its position in shares of Cabot Corp. by 1.2% in the third quarter. Price T Rowe Associates Inc. MD now owns 47,857 shares of the company’s stock worth $2,508,000 after buying an additional 550 shares during the last quarter. Ameritas Investment Partners Inc. boosted its position in shares of Cabot Corp. by 93.0% in the third quarter. Ameritas Investment Partners Inc. now owns 19,039 shares of the company’s stock worth $998,000 after buying an additional 9,173 shares during the last quarter. Hillcrest Asset Management LLC boosted its position in shares of Cabot Corp. by 1.3% in the third quarter. Hillcrest Asset Management LLC now owns 140,847 shares of the company’s stock worth $7,382,000 after buying an additional 1,840 shares during the last quarter. Verition Fund Management LLC acquired a new position in shares of Cabot Corp. during the third quarter worth approximately $362,000. Finally, Maple Capital Management Inc. acquired a new position in shares of Cabot Corp. during the third quarter worth approximately $210,000. 85.64% of the stock is currently 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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