New York State Common Retirement Fund Grows Position in Cabot Corporation (CBT)
New York State Common Retirement Fund increased its position in shares of Cabot Corporation (NYSE:CBT) by 2.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 454,431 shares of the specialty chemicals company’s stock after purchasing an additional 10,988 shares during the period. New York State Common Retirement Fund owned approximately 0.73% of Cabot worth $25,357,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also recently added to or reduced their stakes in CBT. Capstone Asset Management Co. raised its holdings in Cabot by 4.0% in the 2nd quarter. Capstone Asset Management Co. now owns 5,442 shares of the specialty chemicals company’s stock valued at $291,000 after acquiring an additional 210 shares in the last quarter. Aperio Group LLC raised its holdings in Cabot by 35.7% in the 2nd quarter. Aperio Group LLC now owns 19,038 shares of the specialty chemicals company’s stock valued at $1,017,000 after acquiring an additional 5,005 shares in the last quarter. Great West Life Assurance Co. Can raised its holdings in Cabot by 2.3% in the 2nd quarter. Great West Life Assurance Co. Can now owns 37,874 shares of the specialty chemicals company’s stock valued at $2,023,000 after acquiring an additional 855 shares in the last quarter. Sei Investments Co. raised its holdings in Cabot by 53.1% in the 2nd quarter. Sei Investments Co. now owns 28,265 shares of the specialty chemicals company’s stock valued at $1,510,000 after acquiring an additional 9,803 shares in the last quarter. Finally, Retirement Systems of Alabama raised its holdings in Cabot by 0.3% in the 2nd quarter. Retirement Systems of Alabama now owns 80,540 shares of the specialty chemicals company’s stock valued at $4,303,000 after acquiring an additional 250 shares in the last quarter. 84.84% of the stock is owned by institutional investors and hedge funds.
In other news, insider Hobart Kalkstein sold 3,881 shares of Cabot stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $53.39, for a total value of $207,206.59. Following the transaction, the insider now owns 27,736 shares in the company, valued at approximately $1,480,825.04. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 2.50% of the company’s stock.
Cabot (NYSE:CBT) last issued its quarterly earnings results on Tuesday, October 31st. The specialty chemicals company reported $0.91 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.93 by ($0.02). Cabot had a net margin of 8.87% and a return on equity of 15.11%. The business had revenue of $723.00 million during the quarter, compared to the consensus estimate of $683.30 million. During the same quarter in the previous year, the business posted $1.00 EPS. The company’s revenue for the quarter was up 16.8% on a year-over-year basis. sell-side analysts expect that Cabot Corporation will post 3.78 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 8th. Stockholders of record on Friday, November 24th were paid a $0.315 dividend. The ex-dividend date was Wednesday, November 22nd. This represents a $1.26 annualized dividend and a dividend yield of 2.15%. Cabot’s payout ratio is 33.07%.
Several equities analysts have weighed in on the company. Zacks Investment Research cut Cabot from a “buy” rating to a “hold” rating in a report on Tuesday, November 7th. Jefferies Group reaffirmed a “buy” rating and issued a $74.00 price objective on shares of Cabot in a report on Friday, November 3rd. KeyCorp reaffirmed a “hold” rating on shares of Cabot in a report on Wednesday, November 1st. Loop Capital assumed coverage on Cabot in a report on Thursday, September 28th. They issued a “hold” rating and a $59.00 price objective for the company. Finally, J P Morgan Chase & Co raised Cabot from a “neutral” rating to an “overweight” rating and set a $57.00 price objective for the company in a report on Tuesday, August 15th. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $61.14.
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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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