JPMorgan Chase & Co. Lowers Holdings in Cabot Corporation (CBT)
JPMorgan Chase & Co. lessened its position in shares of Cabot Corporation (NYSE:CBT) by 11.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 905,055 shares of the specialty chemicals company’s stock after selling 120,063 shares during the period. JPMorgan Chase & Co. owned about 1.45% of Cabot Corporation worth $48,357,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. increased its holdings in Cabot Corporation by 5,702.4% during the 1st quarter. BlackRock Inc. now owns 7,038,411 shares of the specialty chemicals company’s stock worth $421,670,000 after purchasing an additional 6,917,109 shares in the last quarter. AQR Capital Management LLC increased its holdings in Cabot Corporation by 1.3% during the 1st quarter. AQR Capital Management LLC now owns 2,503,497 shares of the specialty chemicals company’s stock worth $149,984,000 after purchasing an additional 31,318 shares in the last quarter. Wellington Management Group LLP increased its holdings in Cabot Corporation by 0.9% during the 1st quarter. Wellington Management Group LLP now owns 1,484,256 shares of the specialty chemicals company’s stock worth $88,922,000 after purchasing an additional 12,585 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Cabot Corporation by 2.0% during the 1st quarter. Principal Financial Group Inc. now owns 1,406,299 shares of the specialty chemicals company’s stock worth $84,251,000 after purchasing an additional 27,957 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Cabot Corporation by 5.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,340,844 shares of the specialty chemicals company’s stock worth $80,329,000 after purchasing an additional 69,977 shares in the last quarter. Hedge funds and other institutional investors own 84.29% of the company’s stock.
Cabot Corporation (NYSE CBT) opened at 53.14 on Thursday. The firm has a market capitalization of $3.31 billion, a P/E ratio of 14.89 and a beta of 1.09. Cabot Corporation has a 1-year low of $47.99 and a 1-year high of $61.34. The stock’s 50 day moving average is $52.67 and its 200-day moving average is $54.91.
Cabot Corporation (NYSE:CBT) last announced its quarterly earnings data on Tuesday, August 1st. The specialty chemicals company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.85 by ($0.04). Cabot Corporation had a net margin of 8.61% and a return on equity of 16.03%. The company had revenue of $705.00 million for the quarter, compared to analyst estimates of $664.16 million. During the same quarter in the prior year, the company posted $0.93 EPS. Cabot Corporation’s revenue for the quarter was up 13.5% on a year-over-year basis. Analysts forecast that Cabot Corporation will post $3.45 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 8th. Stockholders of record on Friday, August 25th were issued a dividend of $0.315 per share. The ex-dividend date was Wednesday, August 23rd. This represents a $1.26 annualized dividend and a dividend yield of 2.37%. Cabot Corporation’s dividend payout ratio is currently 35.29%.
A number of equities analysts have issued reports on the company. Zacks Investment Research upgraded Cabot Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, August 16th. J P Morgan Chase & Co upgraded Cabot Corporation from a “neutral” rating to an “overweight” rating and set a $57.00 target price for the company in a report on Tuesday, August 15th. BidaskClub downgraded shares of Cabot Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. ValuEngine downgraded shares of Cabot Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Jefferies Group LLC set a $68.00 price objective on shares of Cabot Corporation and gave the stock a “buy” rating in a research note on Thursday, June 8th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $60.50.
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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