Cabot Co. (NYSE:CBT) Shares Purchased by Bank of New York Mellon Corp

Posted by on Mar 10th, 2023

Bank of New York Mellon Corp grew its holdings in shares of Cabot Co. (NYSE:CBT – Get Rating) by 2.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 872,100 shares of the specialty chemicals company’s stock after buying an additional 18,271 shares during the quarter. Bank of New York Mellon Corp owned 1.55% of Cabot worth $55,720,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Bayesian Capital Management LP bought a new position in Cabot in the 3rd quarter worth about $335,000. Commonwealth Equity Services LLC increased its position in shares of Cabot by 3.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 5,099 shares of the specialty chemicals company’s stock valued at $325,000 after purchasing an additional 165 shares during the period. Royal Bank of Canada raised its stake in shares of Cabot by 8.1% in the 3rd quarter. Royal Bank of Canada now owns 9,027 shares of the specialty chemicals company’s stock worth $577,000 after buying an additional 678 shares in the last quarter. Eaton Vance Management lifted its holdings in shares of Cabot by 0.6% in the third quarter. Eaton Vance Management now owns 88,284 shares of the specialty chemicals company’s stock valued at $5,640,000 after buying an additional 547 shares during the period. Finally, Appian Way Asset Management LP boosted its stake in Cabot by 78.5% during the third quarter. Appian Way Asset Management LP now owns 312,536 shares of the specialty chemicals company’s stock valued at $19,968,000 after buying an additional 137,470 shares in the last quarter. Institutional investors own 94.21% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on CBT. JPMorgan Chase & Co. raised their price objective on shares of Cabot from $80.00 to $87.00 and gave the company an “overweight” rating in a research report on Monday, February 13th. Deutsche Bank Aktiengesellschaft raised shares of Cabot from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $80.00 to $90.00 in a research note on Wednesday, November 16th. StockNews.com cut shares of Cabot from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 17th. Finally, Loop Capital lifted their price objective on shares of Cabot from $98.00 to $113.00 and gave the stock a “buy” rating in a research note on Monday, February 13th. Four research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $96.67.

Cabot Stock Performance

Cabot stock opened at $76.63 on Friday. The firm’s 50 day simple moving average is $74.92 and its 200-day simple moving average is $71.80. The company has a market cap of $4.32 billion, a P/E ratio of 12.56 and a beta of 1.36. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.83 and a quick ratio of 1.11. Cabot Co. has a fifty-two week low of $59.65 and a fifty-two week high of $83.74.

Cabot (NYSE:CBT – Get Rating) last released its earnings results on Friday, February 10th. The specialty chemicals company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.02. The business had revenue of $965.00 million for the quarter, compared to the consensus estimate of $955.24 million. Cabot had a net margin of 8.15% and a return on equity of 32.03%. The firm’s quarterly revenue was down .3% compared to the same quarter last year. During the same period last year, the firm posted $1.29 earnings per share. As a group, equities research analysts predict that Cabot Co. will post 6.41 EPS for the current year.

Cabot Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 10th. Investors of record on Friday, February 24th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date is Thursday, February 23rd. Cabot’s payout ratio is presently 24.26%.

Cabot Company Profile

(Get Rating)

Cabot Corp. is a global specialty chemicals and performance materials company. Its products are rubber and specialty grade carbon blacks, specialty compounds, fumed metal oxides, activated carbons, inkjet colorants, and aerogel. The company operates through the following segments: Reinforcement Materials, Performance Chemicals, and Purification Solutions.

Read More

Institutional Ownership by Quarter for Cabot (NYSE:CBT)

Receive News & Ratings for Cabot Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cabot and related companies with MarketBeat.com's FREE daily email newsletter.