Eastern Bank Sells 12,000 Shares of Cabot Corporation $CBT

Eastern Bank reduced its position in shares of Cabot Corporation (NYSE:CBT) by 4.6% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 247,143 shares of the specialty chemicals company’s stock after selling 12,000 shares during the quarter. Eastern Bank’s holdings in Cabot were worth $18,536,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in CBT. Farther Finance Advisors LLC grew its holdings in shares of Cabot by 1,346.4% during the first quarter. Farther Finance Advisors LLC now owns 1,620 shares of the specialty chemicals company’s stock worth $136,000 after purchasing an additional 1,508 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Cabot by 26.1% during the first quarter. GAMMA Investing LLC now owns 1,700 shares of the specialty chemicals company’s stock worth $141,000 after purchasing an additional 352 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Cabot during the first quarter worth about $1,102,000. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Cabot by 9.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 9,850 shares of the specialty chemicals company’s stock worth $819,000 after purchasing an additional 819 shares during the last quarter. Finally, Ritholtz Wealth Management grew its holdings in shares of Cabot by 84.8% during the first quarter. Ritholtz Wealth Management now owns 10,245 shares of the specialty chemicals company’s stock worth $852,000 after purchasing an additional 4,702 shares during the last quarter. 93.18% of the stock is currently owned by institutional investors.

Insider Transactions at Cabot

In other Cabot news, CEO Sean D. Keohane sold 114,436 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $79.28, for a total value of $9,072,486.08. Following the transaction, the chief executive officer directly owned 361,518 shares of the company’s stock, valued at approximately $28,661,147.04. The trade was a 24.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.03% of the company’s stock.

Cabot Price Performance

Cabot stock opened at $69.21 on Friday. Cabot Corporation has a one year low of $69.04 and a one year high of $117.46. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.13 and a quick ratio of 1.41. The stock’s 50 day moving average is $78.13 and its 200 day moving average is $77.23. The firm has a market cap of $3.68 billion, a P/E ratio of 9.05 and a beta of 0.88.

Cabot (NYSE:CBT) last issued its quarterly earnings results on Monday, August 4th. The specialty chemicals company reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.10. Cabot had a return on equity of 25.68% and a net margin of 11.14%.The firm had revenue of $923.00 million for the quarter, compared to analyst estimates of $957.29 million. Cabot has set its FY 2025 guidance at 7.150-7.500 EPS. As a group, research analysts expect that Cabot Corporation will post 7.57 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CBT. Weiss Ratings restated a “hold (c)” rating on shares of Cabot in a report on Wednesday. Mizuho cut their price objective on Cabot from $90.00 to $88.00 and set an “outperform” rating on the stock in a research note on Friday, October 3rd. Finally, UBS Group set a $82.00 price objective on Cabot and gave the stock a “neutral” rating in a research note on Tuesday, August 5th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Cabot has a consensus rating of “Hold” and a consensus target price of $85.00.

Cabot Company Profile

Cabot Corporation operates as a specialty chemicals and performance materials company. The company operates through two segments, Reinforcement Materials and Performance Chemicals. It offers reinforcing carbons that are used in tires as a rubber reinforcing agent and performance additive, as well as in industrial products, such as hoses, belts, extruded profiles, and molded goods; and engineered elastomer composites solutions.