New York Life Investment Management LLC cut its holdings in Cabot Co. (NYSE:CBT – Free Report) by 24.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,237 shares of the specialty chemicals company’s stock after selling 2,056 shares during the period. New York Life Investment Management LLC’s holdings in Cabot were worth $478,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of CBT. Parkside Financial Bank & Trust increased its holdings in shares of Cabot by 176.0% in the 1st quarter. Parkside Financial Bank & Trust now owns 414 shares of the specialty chemicals company’s stock worth $28,000 after buying an additional 264 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its position in Cabot by 25.3% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 976 shares of the specialty chemicals company’s stock valued at $65,000 after buying an additional 197 shares during the period. Counterpoint Mutual Funds LLC purchased a new stake in Cabot during the 1st quarter valued at $86,000. Gratus Capital LLC purchased a new stake in Cabot during the 1st quarter valued at $218,000. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Cabot by 7.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,962 shares of the specialty chemicals company’s stock worth $227,000 after purchasing an additional 198 shares during the period. Institutional investors own 91.03% of the company’s stock.
Wall Street Analyst Weigh In
CBT has been the subject of several research analyst reports. Credit Suisse Group dropped their target price on shares of Cabot from $85.00 to $82.00 and set an “outperform” rating for the company in a research report on Tuesday, August 8th. JPMorgan Chase & Co. raised their price objective on shares of Cabot from $68.00 to $70.00 and gave the company a “neutral” rating in a research note on Friday, August 11th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Cabot from $90.00 to $80.00 in a research note on Thursday, May 18th. StockNews.com started coverage on shares of Cabot in a research note on Thursday. They set a “buy” rating for the company. Finally, Loop Capital reduced their price objective on shares of Cabot from $111.00 to $103.00 in a research note on Tuesday, June 20th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.75.
Cabot Price Performance
Shares of NYSE:CBT opened at $68.52 on Thursday. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.17 and a quick ratio of 1.37. Cabot Co. has a 1-year low of $60.50 and a 1-year high of $83.74. The company has a market capitalization of $3.83 billion, a P/E ratio of 12.95 and a beta of 1.29. The firm’s 50 day simple moving average is $69.13 and its two-hundred day simple moving average is $72.44.
Cabot (NYSE:CBT – Get Free Report) last released its earnings results on Monday, August 7th. The specialty chemicals company reported $1.42 EPS for the quarter, missing the consensus estimate of $1.56 by ($0.14). Cabot had a return on equity of 25.98% and a net margin of 7.48%. The company had revenue of $968.00 million during the quarter, compared to analysts’ expectations of $1.09 billion. During the same period last year, the firm posted $1.73 EPS. Cabot’s quarterly revenue was down 15.8% compared to the same quarter last year. Research analysts expect that Cabot Co. will post 5.2 EPS for the current fiscal year.
Cabot Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Friday, August 25th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend is Thursday, August 24th. Cabot’s dividend payout ratio (DPR) is presently 30.25%.
Cabot Profile
Cabot Corporation operates as a specialty chemicals and performance materials company. The company operates through two segments, Reinforcement Materials and Performance Chemicals. It offers reinforcing carbons that are used in tires as a rubber reinforcing agent and performance additive, as well as in industrial products, such as hoses, belts, extruded profiles, and molded goods; and engineered elastomer composites solutions.
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