Cabot Co. (NYSE:CBT) Shares Acquired by Mitsubishi UFJ Trust & Banking Corp

Posted by Defense World Staff on Jun 1st, 2023

Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of Cabot Co. (NYSE:CBT – Get Rating) by 25.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 976 shares of the specialty chemicals company’s stock after buying an additional 197 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Cabot were worth $65,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Envestnet Asset Management Inc. grew its position in shares of Cabot by 3.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 92,027 shares of the specialty chemicals company’s stock worth $6,151,000 after buying an additional 3,124 shares in the last quarter. KBC Group NV acquired a new position in Cabot in the third quarter valued at approximately $529,000. Sowell Financial Services LLC acquired a new position in Cabot in the third quarter valued at approximately $1,353,000. Appian Way Asset Management LP boosted its holdings in Cabot by 78.5% in 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 purchasing an additional 137,470 shares in the last quarter. Finally, Pinkerton Retirement Specialists LLC boosted its holdings in Cabot by 100.8% in the third quarter. Pinkerton Retirement Specialists LLC now owns 11,113 shares of the specialty chemicals company’s stock valued at $710,000 after purchasing an additional 5,578 shares in the last quarter. 94.21% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CBT. Loop Capital upped their price target on Cabot from $98.00 to $113.00 and gave the company a “buy” rating in a report on Monday, February 13th. JPMorgan Chase & Co. upped their price target on Cabot from $80.00 to $87.00 and gave the company an “overweight” rating in a report on Monday, February 13th. StockNews.com began coverage on Cabot in a report on Thursday, May 18th. They issued a “buy” rating for the company. Credit Suisse Group began coverage on Cabot in a report on Monday, March 13th. They issued an “outperform” rating and a $94.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on Cabot from $90.00 to $80.00 in a report on Thursday, May 18th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $93.50.

Cabot Price Performance

Cabot stock opened at $68.48 on Thursday. 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 0.89, a current ratio of 1.93 and a quick ratio of 1.24. The business has a 50 day simple moving average of $72.24 and a 200-day simple moving average of $72.95. The stock has a market capitalization of $3.84 billion, a PE ratio of 12.34 and a beta of 1.33.

Cabot (NYSE:CBT – Get Rating) last released its quarterly earnings results on Monday, May 8th. The specialty chemicals company reported $1.33 EPS for the quarter, hitting the consensus estimate of $1.33. The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Cabot had a return on equity of 28.94% and a net margin of 7.51%. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.69 earnings per share. Equities analysts predict that Cabot Co. will post 6.34 earnings per share for the current year.

Cabot Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 9th. Shareholders of record on Friday, May 26th will be given a $0.40 dividend. This is a boost from Cabot’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Thursday, May 25th. This represents a $1.60 annualized dividend and a yield of 2.34%. Cabot’s dividend payout ratio is presently 28.83%.

Cabot 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.