Cabot Corp. (NYSE:CBT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Monday.
According to Zacks, “Cabot Corporation is a global specialty chemicals and materials company. Cabot’s major products are carbon black, fumed silica, inkjet colorants, and aerogels. Cabot has manufacturing plants located in countries around the world. (Company Press Release) “
A number of other research firms also recently issued reports on CBT. TheStreet downgraded shares of Cabot Corp. from a “buy” rating to a “hold” rating in a research report on Monday, October 31st. Jefferies Group restated a “buy” rating and set a $60.00 price target on shares of Cabot Corp. in a report on Tuesday, September 13th. SunTrust Banks Inc. downgraded shares of Cabot Corp. from a “buy” rating to a “neutral” rating and set a $51.00 price target on the stock. in a report on Tuesday, August 2nd. They noted that the move was a valuation call. Finally, Deutsche Bank AG raised their price target on shares of Cabot Corp. from $48.00 to $52.00 and gave the company a “hold” rating in a report on Friday, August 12th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $53.67.
Shares of Cabot Corp. (NYSE:CBT) traded down 0.56% during midday trading on Monday, hitting $51.47. 379,781 shares of the stock were exchanged. The firm has a market cap of $3.20 billion, a P/E ratio of 21.85 and a beta of 1.25. Cabot Corp. has a 12-month low of $36.12 and a 12-month high of $53.88. The stock’s 50 day moving average is $51.08 and its 200 day moving average is $48.97.
Cabot Corp. (NYSE:CBT) last released its earnings results on Monday, October 31st. The company reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.06. Cabot Corp. had a net margin of 6.18% and a return on equity of 14.79%. The company earned $619 million during the quarter, compared to the consensus estimate of $654.40 million. During the same quarter in the prior year, the firm earned $0.78 EPS. The company’s revenue was down 7.7% compared to the same quarter last year. On average, equities research analysts forecast that Cabot Corp. will post $3.43 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 9th. Investors of record on Friday, November 25th will be paid a $0.30 dividend. The ex-dividend date is Tuesday, November 22nd. This represents a $1.20 dividend on an annualized basis and a yield of 2.33%. Cabot Corp.’s payout ratio is presently 50.85%.
In related news, VP James Patrick Kelly sold 2,500 shares of the firm’s stock in a transaction on Wednesday, September 28th. The shares were sold at an average price of $52.95, for a total value of $132,375.00. Following the transaction, the vice president now directly owns 22,085 shares in the company, valued at approximately $1,169,400.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Gottberg Friedrich Von sold 19,553 shares of the firm’s stock in a transaction on Monday, November 14th. The shares were sold at an average price of $51.05, for a total transaction of $998,180.65. Following the completion of the transaction, the insider now owns 26,207 shares in the company, valued at $1,337,867.35. The disclosure for this sale can be found here. 2.48% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of CBT. AMP Capital Investors Ltd raised its position in Cabot Corp. by 199.9% in the first quarter. AMP Capital Investors Ltd now owns 31,190 shares of the company’s stock worth $1,529,000 after buying an additional 20,790 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in Cabot Corp. by 2.4% in the first quarter. Envestnet Asset Management Inc. now owns 28,975 shares of the company’s stock valued at $1,400,000 after buying an additional 687 shares in the last quarter. Metropolitan Life Insurance Co. NY raised its stake in Cabot Corp. by 2.6% in the first quarter. Metropolitan Life Insurance Co. NY now owns 56,549 shares of the company’s stock valued at $2,733,000 after buying an additional 1,422 shares in the last quarter. Babson Capital Management LLC bought a new stake in Cabot Corp. during the first quarter valued at about $754,000. Finally, Squarepoint Ops LLC raised its stake in Cabot Corp. by 65.6% in the first quarter. Squarepoint Ops LLC now owns 13,724 shares of the company’s stock valued at $664,000 after buying an additional 5,435 shares in the last quarter. Institutional investors and hedge funds own 85.64% of the company’s stock.
Cabot Corp. Company Profile
Cabot Corporation (Cabot) is a global specialty chemicals and performance materials company. The Company’s principal products are rubber and specialty grade carbon blacks, fumed metal oxides, activated carbon, inkjet colorants, aerogel and cesium formate drilling fluids. The Company operates through four segments: Reinforcement Materials, Performance Chemicals, Purification Solutions and Specialty Fluids.