OppenheimerFunds Inc. Acquires 670 Shares of Cabot Corporation (CBT)
OppenheimerFunds Inc. raised its position in shares of Cabot Corporation (NYSE:CBT) by 7.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,191 shares of the specialty chemicals company’s stock after buying an additional 670 shares during the period. OppenheimerFunds Inc.’s holdings in Cabot Corporation were worth $611,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in CBT. Timber Hill LLC purchased a new position in Cabot Corporation during the first quarter worth $201,000. Oxford Asset Management purchased a new position in Cabot Corporation during the first quarter worth $205,000. CIBC World Markets Inc. purchased a new position in Cabot Corporation during the first quarter worth $212,000. World Asset Management Inc increased its stake in shares of Cabot Corporation by 0.5% in the first quarter. World Asset Management Inc now owns 4,333 shares of the specialty chemicals company’s stock valued at $260,000 after buying an additional 20 shares during the period. Finally, Teza Capital Management LLC bought a new stake in shares of Cabot Corporation during the first quarter valued at approximately $263,000. 85.65% of the stock is currently owned by institutional investors.
Cabot Corporation (NYSE:CBT) traded down 0.27% during trading on Monday, hitting $52.53. The stock had a trading volume of 223,711 shares. The company has a market cap of $3.27 billion, a price-to-earnings ratio of 14.73 and a beta of 1.05. The company has a 50-day moving average price of $53.88 and a 200-day moving average price of $55.84. Cabot Corporation has a 52-week low of $47.99 and a 52-week high of $61.34.
Cabot Corporation (NYSE:CBT) last issued its earnings results on Tuesday, August 1st. The specialty chemicals company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.85 by $0.04. Cabot Corporation had a return on equity of 16.03% and a net margin of 8.61%. The firm had revenue of $705 million for the quarter, compared to analysts’ expectations of $664.16 million. During the same period last year, the firm earned $0.93 earnings per share. Cabot Corporation’s revenue for the quarter was up 13.5% on a year-over-year basis. Equities research analysts forecast that Cabot Corporation will post $3.46 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 25th will be paid a dividend of $0.315 per share. This represents a $1.26 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date of this dividend is Wednesday, August 23rd. Cabot Corporation’s dividend payout ratio (DPR) is presently 35.29%.
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Several analysts have recently commented on CBT shares. Zacks Investment Research raised Cabot Corporation from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a research note on Friday, April 28th. Northcoast Research raised Cabot Corporation from a “neutral” rating to a “buy” rating and set a $63.00 price objective for the company in a research note on Wednesday, May 24th. SunTrust Banks, Inc. started coverage on Cabot Corporation in a report on Tuesday, April 18th. They issued a “buy” rating and a $56.00 target price for the company. BidaskClub raised Cabot Corporation from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $68.00 target price on shares of Cabot Corporation in a report on Tuesday, May 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $59.67.
Cabot Corporation Company Profile
Cabot Corporation is a global specialty chemicals and performance materials company. The Company operates through four business segments: reinforcement materials, performance chemicals, purification solutions and specialty fluids. Reinforcement materials’ rubber grade carbon blacks are used to enhance the physical properties of the systems and applications in which they are incorporated.
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