Amalgamated Bank grew its holdings in Cabot Co. (NYSE:CBT – Get Rating) by 1.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 39,639 shares of the specialty chemicals company’s stock after purchasing an additional 578 shares during the quarter. Amalgamated Bank owned approximately 0.07% of Cabot worth $2,649,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of CBT. BlackRock Inc. boosted its stake in Cabot by 11.0% during the 1st quarter. BlackRock Inc. now owns 6,931,530 shares of the specialty chemicals company’s stock worth $474,186,000 after acquiring an additional 686,769 shares during the last quarter. Vanguard Group Inc. boosted its stake in Cabot by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 6,175,790 shares of the specialty chemicals company’s stock worth $394,571,000 after acquiring an additional 30,432 shares during the last quarter. Wellington Management Group LLP boosted its stake in Cabot by 11.1% during the 1st quarter. Wellington Management Group LLP now owns 3,541,491 shares of the specialty chemicals company’s stock worth $242,273,000 after acquiring an additional 353,154 shares during the last quarter. State Street Corp boosted its stake in Cabot by 5.2% during the 1st quarter. State Street Corp now owns 1,886,076 shares of the specialty chemicals company’s stock worth $129,026,000 after acquiring an additional 93,588 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Cabot by 2.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 872,100 shares of the specialty chemicals company’s stock worth $55,720,000 after acquiring an additional 18,271 shares during the last quarter. Institutional investors own 94.21% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts recently weighed in on the stock. 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. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Cabot from $90.00 to $80.00 in a report on Thursday, May 18th. JPMorgan Chase & Co. raised their target price on shares of Cabot from $80.00 to $87.00 and gave the stock an “overweight” rating in a report on Monday, February 13th. Credit Suisse Group assumed 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. Finally, StockNews.com assumed coverage on shares of Cabot in a report on Thursday, May 18th. They set a “buy” rating on the stock. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $93.50.
Cabot Price Performance
Cabot (NYSE:CBT – Get Rating) last issued its earnings results on Monday, May 8th. The specialty chemicals company reported $1.33 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.33. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.11 billion. Cabot had a net margin of 7.51% and a return on equity of 28.94%. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.69 earnings per share. Equities research analysts anticipate that Cabot Co. will post 6.34 earnings per share for the current fiscal year.
Cabot Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, June 9th. Investors of record on Friday, May 26th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.14%. This is an increase from Cabot’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Thursday, May 25th. 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.
Read More
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