Cabot Corp. (CBT) Sees Large Volume Increase
Cabot Corp. (NYSE:CBT) shares saw an uptick in trading volume on Wednesday . 391,094 shares traded hands during trading, an increase of 56% from the previous session’s volume of 251,297 shares.The stock last traded at $48.44 and had previously closed at $48.84.
Several brokerages have recently issued reports on CBT. Zacks Investment Research raised shares of Cabot Corp. from a “sell” rating to a “hold” rating in a report on Tuesday. TheStreet downgraded shares of Cabot Corp. from a “buy” rating to a “hold” rating in a report on Friday, June 10th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $51.00.
The firm has a 50 day moving average of $47.05 and a 200-day moving average of $45.48. The company’s market capitalization is $3.02 billion.
Cabot Corp. (NYSE:CBT) last issued its earnings results on Wednesday, July 27th. The company reported $0.93 EPS for the quarter, meeting analysts’ consensus estimates of $0.93. During the same quarter in the previous year, the company posted $0.64 earnings per share. The firm earned $621 million during the quarter, compared to analyst estimates of $611.73 million. The business’s revenue for the quarter was down 10.5% compared to the same quarter last year. On average, analysts forecast that Cabot Corp. will post $3.12 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 9th. Investors of record on Friday, August 26th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, August 24th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.48%.
In related news, VP James Patrick Kelly sold 2,500 shares of the company’s stock in a transaction on Tuesday, July 12th. The stock was sold at an average price of $48.95, for a total value of $122,375.00. Following the completion of the transaction, the vice president now directly owns 27,085 shares in the company, valued at $1,325,810.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Patrick M. Prevost sold 60,000 shares of the company’s stock in a transaction on Friday, June 3rd. The shares were sold at an average price of $46.30, for a total value of $2,778,000.00. Following the completion of the transaction, the director now owns 321,458 shares of the company’s stock, valued at $14,883,505.40. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have recently modified their holdings of CBT. Rhumbline Advisers raised its position in shares of Cabot Corp. by 0.4% in the fourth quarter. Rhumbline Advisers now owns 94,389 shares of the company’s stock worth $3,859,000 after buying an additional 372 shares during the last quarter. Liberty Mutual Group Asset Management Inc. raised its position in shares of Cabot Corp. by 51.3% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 40,555 shares of the company’s stock worth $1,657,000 after buying an additional 13,755 shares during the last quarter. Systematic Financial Management LP raised its position in shares of Cabot Corp. by 22.6% in the fourth quarter. Systematic Financial Management LP now owns 76,295 shares of the company’s stock worth $3,118,000 after buying an additional 14,060 shares during the last quarter. Boston Partners raised its position in shares of Cabot Corp. by 5.4% in the fourth quarter. Boston Partners now owns 385,225 shares of the company’s stock worth $15,748,000 after buying an additional 19,565 shares during the last quarter. Finally, New York State Common Retirement Fund raised its position in shares of Cabot Corp. by 9.2% in the fourth quarter. New York State Common Retirement Fund now owns 336,800 shares of the company’s stock worth $13,768,000 after buying an additional 28,510 shares during the last quarter.
Cabot Corporation (Cabot) is a global specialty chemicals and performance materials company. The Company’s principal products are rubber and specialty grade carbon blacks, fumed metal oxides, activated carbon, inkjet colorants, aerogel and cesium formate drilling fluids. The Company operates through four segments: Reinforcement Materials, Performance Chemicals, Purification Solutions and Specialty Fluids.
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