New Mexico Educational Retirement Board Raises Stock Position in Cabot Co. (NYSE:CBT)

Posted by Defense World Staff on Oct 3rd, 2023

New Mexico Educational Retirement Board lifted its position in Cabot Co. (NYSE:CBT – Free Report) by 12.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,500 shares of the specialty chemicals company’s stock after buying an additional 1,300 shares during the period. New Mexico Educational Retirement Board’s holdings in Cabot were worth $769,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CBT. Parkside Financial Bank & Trust grew its position 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. Bessemer Group Inc. purchased a new position in shares of Cabot in the 1st quarter worth approximately $67,000. Counterpoint Mutual Funds LLC purchased a new position in shares of Cabot in the 1st quarter worth approximately $86,000. Milestone Investment Advisors LLC acquired a new stake in Cabot in the 1st quarter worth approximately $87,000. Finally, Heritage Financial Services LLC acquired a new stake in Cabot in the 1st quarter worth approximately $207,000. Hedge funds and other institutional investors own 91.05% of the company’s stock.

Cabot Stock Performance

Shares of NYSE CBT opened at $68.06 on Tuesday. The company has a current ratio of 2.17, a quick ratio of 1.37 and a debt-to-equity ratio of 0.86. Cabot Co. has a 12 month low of $60.50 and a 12 month high of $83.74. The company has a 50 day simple moving average of $69.96 and a two-hundred day simple moving average of $70.68. The stock has a market cap of $3.81 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 2.71 and a beta of 1.29.

Cabot (NYSE:CBT – Get Free Report) last announced its quarterly earnings data 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 net margin of 7.48% and a return on equity of 25.98%. The business had revenue of $968.00 million for the quarter, compared to analyst estimates of $1.09 billion. During the same quarter in the previous year, the firm posted $1.73 earnings per share. The business’s revenue was down 15.8% on a year-over-year basis. As a group, analysts predict that Cabot Co. will post 5.2 earnings per share for the current year.

Cabot Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 8th. Investors of record on Friday, August 25th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend was Thursday, August 24th. Cabot’s dividend payout ratio is currently 30.25%.

Analysts Set New Price Targets

CBT has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Cabot from $68.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, August 11th. Loop Capital lowered their target price on shares of Cabot from $111.00 to $103.00 in a research note on Tuesday, June 20th. StockNews.com initiated coverage on shares of Cabot in a research note on Thursday, August 17th. They issued a “buy” rating for the company. Finally, Credit Suisse Group lowered their target price on shares of Cabot from $85.00 to $82.00 and set an “outperform” rating for the company in a research note on Tuesday, August 8th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $83.75.

Read Our Latest Report on Cabot

Cabot Company Profile

(Free Report)

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.