Skandinaviska Enskilda Banken AB publ lessened its stake in Cabot Co. (NYSE:CBT – Get Rating) by 59.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,800 shares of the specialty chemicals company’s stock after selling 12,900 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Cabot were worth $588,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the stock. California Public Employees Retirement System boosted its holdings in shares of Cabot by 23.5% in the 4th quarter. California Public Employees Retirement System now owns 97,781 shares of the specialty chemicals company’s stock valued at $6,536,000 after purchasing an additional 18,580 shares during the last quarter. Swiss National Bank boosted its holdings in shares of Cabot by 1.6% in the 4th quarter. Swiss National Bank now owns 136,000 shares of the specialty chemicals company’s stock valued at $9,090,000 after purchasing an additional 2,200 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of Cabot by 3.6% during the 4th quarter. Arizona State Retirement System now owns 15,886 shares of the specialty chemicals company’s stock valued at $1,062,000 after acquiring an additional 550 shares in the last quarter. Fox Run Management L.L.C. acquired a new position in shares of Cabot during the 4th quarter valued at $474,000. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of Cabot by 3.5% during the 4th quarter. Envestnet Asset Management Inc. now owns 92,027 shares of the specialty chemicals company’s stock valued at $6,151,000 after acquiring an additional 3,124 shares in the last quarter. Institutional investors and hedge funds own 94.21% of the company’s stock.
Analyst Ratings Changes
Several research firms recently weighed in on CBT. Credit Suisse Group began coverage on shares of Cabot in a report on Monday, March 13th. They set an “outperform” rating and a $94.00 target price on the stock. StockNews.com began coverage on shares of Cabot in a report on Thursday, March 16th. They set a “buy” rating on the stock. Loop Capital lifted their target price on shares of Cabot from $98.00 to $113.00 and gave the company a “buy” rating in a report on Monday, February 13th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Cabot from $80.00 to $87.00 and gave the company an “overweight” rating in a report on Monday, February 13th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $96.00.
Cabot Stock Performance
Cabot (NYSE:CBT – Get Rating) last released its quarterly earnings results on Monday, May 8th. The specialty chemicals company reported $1.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.33. Cabot had a net margin of 8.15% and a return on equity of 32.03%. The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the previous year, the firm posted $1.69 EPS. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. On average, research analysts forecast that Cabot Co. will post 6.38 EPS for the current fiscal year.
Cabot Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, June 9th. Stockholders of record on Friday, May 26th will be given a $0.40 dividend. The ex-dividend date is Thursday, May 25th. This represents a $1.60 annualized dividend and a dividend yield of 2.32%. This is an increase from Cabot’s previous quarterly dividend of $0.37. Cabot’s payout ratio is presently 28.83%.
Cabot Company Profile
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.
Further Reading
- Get a free copy of the StockNews.com research report on Cabot (CBT)
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