American Century Companies Inc. trimmed its stake in Cabot Corporation (NYSE:CBT) by 0.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,266,981 shares of the specialty chemicals company’s stock after selling 11,353 shares during the period. American Century Companies Inc. owned approximately 2.04% of Cabot Corporation worth $70,698,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Inc. grew its position in Cabot Corporation by 7.2% during the 2nd quarter. BlackRock Inc. now owns 7,544,005 shares of the specialty chemicals company’s stock worth $403,077,000 after purchasing an additional 505,594 shares during the last quarter. LSV Asset Management grew its position in Cabot Corporation by 1.5% during the 2nd quarter. LSV Asset Management now owns 3,059,449 shares of the specialty chemicals company’s stock worth $163,466,000 after purchasing an additional 43,976 shares during the last quarter. State Street Corp grew its position in Cabot Corporation by 5.1% during the 2nd quarter. State Street Corp now owns 1,751,827 shares of the specialty chemicals company’s stock worth $93,598,000 after purchasing an additional 84,905 shares during the last quarter. Earnest Partners LLC grew its position in Cabot Corporation by 41.8% during the 2nd quarter. Earnest Partners LLC now owns 1,491,521 shares of the specialty chemicals company’s stock worth $79,692,000 after purchasing an additional 439,350 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Cabot Corporation by 7.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,443,849 shares of the specialty chemicals company’s stock worth $77,144,000 after purchasing an additional 103,005 shares during the last quarter. 84.66% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have recently commented on CBT. ValuEngine cut shares of Cabot Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. J P Morgan Chase & Co upgraded shares of Cabot Corporation from a “neutral” rating to an “overweight” rating and set a $57.00 price objective for the company in a research note on Tuesday, August 15th. BidaskClub cut shares of Cabot Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Zacks Investment Research upgraded shares of Cabot Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, August 16th. Finally, Loop Capital began coverage on shares of Cabot Corporation in a research note on Thursday, September 28th. They issued a “hold” rating and a $59.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Cabot Corporation currently has an average rating of “Hold” and an average price target of $61.14.
In other news, insider Hobart Kalkstein sold 3,881 shares of the company’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $53.39, for a total transaction of $207,206.59. Following the completion of the transaction, the insider now owns 27,736 shares in the company, valued at $1,480,825.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.50% of the stock is owned by insiders.
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Cabot Corporation (CBT) opened at $62.24 on Friday. Cabot Corporation has a 12-month low of $49.70 and a 12-month high of $64.66. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.17 and a current ratio of 1.70. The company has a market cap of $3,851.66, a price-to-earnings ratio of 18.15, a PEG ratio of 1.64 and a beta of 1.11.
Cabot Corporation (NYSE:CBT) last posted its quarterly earnings results on Tuesday, October 31st. The specialty chemicals company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). The company had revenue of $723.00 million during the quarter, compared to analyst estimates of $683.30 million. Cabot Corporation had a net margin of 8.87% and a return on equity of 15.11%. The company’s revenue was up 16.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.00 earnings per share. research analysts anticipate that Cabot Corporation will post 3.79 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Friday, November 24th will be paid a dividend of $0.315 per share. This represents a $1.26 annualized dividend and a yield of 2.02%. Cabot Corporation’s payout ratio is 33.07%.
About Cabot Corporation
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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