New York State Common Retirement Fund Decreases Stock Holdings in Cabot Co. (NYSE:CBT)

Posted by Defense World Staff on Apr 16th, 2023

New York State Common Retirement Fund reduced its holdings in shares of Cabot Co. (NYSE:CBT – Get Rating) by 0.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 382,365 shares of the specialty chemicals company’s stock after selling 2,144 shares during the quarter. New York State Common Retirement Fund owned 0.68% of Cabot worth $25,557,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CBT. Raymond James & Associates grew its stake in Cabot by 8.2% during the first quarter. Raymond James & Associates now owns 33,134 shares of the specialty chemicals company’s stock worth $2,267,000 after buying an additional 2,521 shares during the period. Raymond James Financial Services Advisors Inc. grew its stake in Cabot by 5.0% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 8,740 shares of the specialty chemicals company’s stock worth $598,000 after buying an additional 417 shares during the period. AlphaCrest Capital Management LLC boosted its stake in shares of Cabot by 13.3% in the first quarter. AlphaCrest Capital Management LLC now owns 4,176 shares of the specialty chemicals company’s stock valued at $286,000 after purchasing an additional 491 shares during the period. Natixis Advisors L.P. purchased a new position in shares of Cabot in the first quarter valued at $712,000. Finally, Panagora Asset Management Inc. purchased a new position in shares of Cabot in the first quarter valued at $282,000. 94.21% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CBT. Loop Capital upped their target price on shares of Cabot from $98.00 to $113.00 and gave the company a “buy” rating in a research note on Monday, February 13th. StockNews.com began coverage on shares of Cabot in a research note on Thursday, March 16th. They issued a “buy” rating for the company. JPMorgan Chase & Co. upped their target price on shares of Cabot from $80.00 to $87.00 and gave the company an “overweight” rating in a research note on Monday, February 13th. Finally, Credit Suisse Group began coverage on shares of Cabot in a research note on Monday, March 13th. They issued an “outperform” rating and a $94.00 target price for the company. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $96.00.

Cabot Trading Down 1.8 %

NYSE CBT opened at $75.10 on Friday. Cabot Co. has a 12 month low of $59.65 and a 12 month high of $83.74. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.83 and a quick ratio of 1.11. The company has a market capitalization of $4.23 billion, a price-to-earnings ratio of 12.31 and a beta of 1.33. The company’s fifty day moving average price is $76.35 and its two-hundred day moving average price is $72.38.

Cabot (NYSE:CBT – Get Rating) last posted its quarterly earnings data on Friday, February 10th. The specialty chemicals company reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02. Cabot had a net margin of 8.15% and a return on equity of 32.03%. The firm had revenue of $965.00 million for the quarter, compared to the consensus estimate of $955.24 million. During the same period in the prior year, the firm posted $1.29 EPS. The firm’s revenue was down .3% compared to the same quarter last year. As a group, research analysts predict that Cabot Co. will post 6.35 earnings per share for the current fiscal year.

Cabot Company Profile

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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.