Northcoast Research Analysts Give Cabot (CBT) a $75.00 Price Target
Northcoast Research set a $75.00 price target on Cabot (NYSE:CBT) in a research report report published on Wednesday. The brokerage currently has a buy rating on the specialty chemicals company’s stock. Northcoast Research also issued estimates for Cabot’s FY2019 earnings at $4.75 EPS and FY2020 earnings at $5.40 EPS.
A number of other equities research analysts also recently issued reports on the stock. Loop Capital set a $82.00 price objective on shares of Cabot and gave the stock a buy rating in a research report on Tuesday. ValuEngine downgraded shares of Cabot from a sell rating to a strong sell rating in a research report on Thursday, November 1st. TheStreet downgraded shares of Cabot from a b rating to a c+ rating in a research report on Friday, October 19th. Zacks Investment Research downgraded shares of Cabot from a buy rating to a sell rating in a research report on Tuesday, October 16th. Finally, Barclays assumed coverage on shares of Cabot in a research report on Monday, October 8th. They issued an overweight rating and a $76.00 price objective for the company. Two analysts have rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $75.00.
Shares of NYSE:CBT traded down $1.20 during midday trading on Wednesday, hitting $50.00. 261,365 shares of the company’s stock were exchanged, compared to its average volume of 490,352. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.46 and a quick ratio of 0.97. The company has a market cap of $3.17 billion, a PE ratio of 12.41, a PEG ratio of 1.01 and a beta of 1.50. Cabot has a 12 month low of $46.63 and a 12 month high of $68.63.
Cabot announced that its Board of Directors has initiated a share buyback program on Monday, July 16th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the specialty chemicals company to purchase up to 10.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 30th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.64%. Cabot’s payout ratio is 32.75%.
In other news, Director Patrick M. Prevost sold 40,519 shares of the stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $65.65, for a total transaction of $2,660,072.35. Following the completion of the transaction, the director now directly owns 216,894 shares of the company’s stock, valued at approximately $14,239,091.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Nicholas S. Cross sold 16,000 shares of the stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $65.86, for a total transaction of $1,053,760.00. Following the transaction, the insider now directly owns 48,597 shares of the company’s stock, valued at $3,200,598.42. The disclosure for this sale can be found here. Insiders sold a total of 76,000 shares of company stock valued at $4,980,877 over the last ninety days. 2.50% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the company. Virginia Retirement Systems ET AL bought a new position in shares of Cabot during the 2nd quarter valued at approximately $1,279,000. Natixis grew its position in shares of Cabot by 104.1% during the 2nd quarter. Natixis now owns 212,116 shares of the specialty chemicals company’s stock valued at $13,102,000 after acquiring an additional 108,182 shares during the period. Neuburgh Advisers LLC grew its position in shares of Cabot by 18.7% during the 2nd quarter. Neuburgh Advisers LLC now owns 23,280 shares of the specialty chemicals company’s stock valued at $1,438,000 after acquiring an additional 3,664 shares during the period. GAM Holding AG grew its position in shares of Cabot by 39.5% during the 2nd quarter. GAM Holding AG now owns 7,485 shares of the specialty chemicals company’s stock valued at $462,000 after acquiring an additional 2,118 shares during the period. Finally, Fuller & Thaler Asset Management Inc. grew its position in shares of Cabot by 0.6% during the 2nd quarter. Fuller & Thaler Asset Management Inc. now owns 2,060,907 shares of the specialty chemicals company’s stock valued at $127,302,000 after acquiring an additional 12,452 shares during the period. 85.74% of the stock is owned by hedge funds and other institutional investors.
Cabot Company Profile
Cabot Corporation operates as a specialty chemicals and performance materials company. The company offers carbon black, a form of elemental carbon used to enhance the physical properties of the systems and applications in which it is incorporated; and rubber blacks for use as a rubber reinforcing agent and performance additive in tires, hoses, belts, extruded profiles, and molded goods.
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