Hobart Kalkstein Sells 4,890 Shares of Cabot Corp. (CBT) Stock
Cabot Corp. (NYSE:CBT) insider Hobart Kalkstein sold 4,890 shares of the firm’s stock in a transaction on Friday, November 25th. The shares were sold at an average price of $51.80, for a total value of $253,302.00. Following the completion of the sale, the insider now owns 28,745 shares in the company, valued at $1,488,991. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.
Cabot Corp. (NYSE:CBT) last announced its quarterly earnings results 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 earned $619 million during the quarter, compared to analysts’ expectations of $654.40 million. Cabot Corp. had a return on equity of 14.79% and a net margin of 6.18%. The firm’s quarterly revenue was down 7.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.78 EPS.
The company also recently declared 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. The ex-dividend date of this dividend is Tuesday, November 22nd. This represents a $1.20 annualized dividend and a dividend yield of 2.36%. Cabot Corp.’s payout ratio is 50.85%.
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Several large investors have recently made changes to their positions in CBT. Robeco Institutional Asset Management B.V. bought a new stake in Cabot Corp. during the second quarter valued at $1,899,000. LS Investment Advisors LLC raised 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 during the period. First Quadrant L P CA raised its stake in Cabot Corp. by 17.4% in the second quarter. First Quadrant L P CA now owns 211,561 shares of the company’s stock valued at $9,660,000 after buying an additional 31,309 shares during the period. Fox Run Management L.L.C. bought a new stake in Cabot Corp. during the second quarter valued at $511,000. Finally, Foundry Partners LLC bought a new stake in Cabot Corp. during the second quarter valued at $7,195,000. 85.64% of the stock is owned by institutional investors and hedge funds.
A number of brokerages recently weighed in on CBT. Zacks Investment Research upgraded shares of Cabot Corp. from a “sell” rating to a “hold” rating in a research note on Monday. Jefferies Group restated a “buy” rating and set a $60.00 price objective on shares of Cabot Corp. in a research note on Monday, November 7th. TheStreet cut shares of Cabot Corp. from a “buy” rating to a “hold” rating in a research note on Monday, October 31st. Finally, Deutsche Bank AG lifted their price objective 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. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $53.67.
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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