Cabot Corp. (CBT) Shares Gap Up to $49.06
Cabot Corp. (NYSE:CBT) shares gapped up before the market opened on Thursday . The stock had previously closed at $48.86, but opened at $49.06. Cabot Corp. shares last traded at $50.30, with a volume of 258,655 shares traded.
CBT has been the topic of several research analyst reports. Zacks Investment Research downgraded Cabot Corp. from a “hold” rating to a “sell” rating in a research note on Thursday, May 5th. TheStreet upgraded Cabot Corp. from a “hold” rating to a “buy” rating in a research note on Wednesday, July 27th. Deutsche Bank AG boosted their target price on Cabot Corp. from $48.00 to $52.00 and gave the stock a “hold” rating in a research note on Friday, August 12th. Finally, SunTrust Banks Inc. downgraded Cabot Corp. from a “buy” rating to a “neutral” rating and set a $51.00 target price on the stock. in a research note on Tuesday, August 2nd. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. Cabot Corp. has an average rating of “Hold” and a consensus price target of $52.33.
The firm’s 50 day moving average is $48.38 and its 200-day moving average is $46.61. The stock has a market cap of $3.15 billion and a price-to-earnings ratio of 23.20.
Cabot Corp. (NYSE:CBT) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.93 EPS for the quarter, hitting the consensus estimate of $0.93. The firm had revenue of $621 million for the quarter, compared to analysts’ expectations of $611.73 million. During the same quarter in the prior year, the business earned $0.64 earnings per share. The company’s quarterly revenue was down 10.5% on a year-over-year basis. Analysts forecast that Cabot Corp. will post $3.07 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 9th. Stockholders of record on Friday, August 26th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend is Wednesday, August 24th.
In other news, Director Patrick M. Prevost sold 60,000 shares of the stock in a transaction on Friday, June 3rd. The stock was sold at an average price of $46.30, for a total value of $2,778,000.00. Following the sale, the director now directly owns 321,458 shares in the company, valued at $14,883,505.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP James Patrick Kelly sold 2,500 shares of the stock in a transaction on Tuesday, July 12th. The shares were sold at an average price of $48.95, for a total value of $122,375.00. Following the completion of the sale, the vice president now owns 27,085 shares in the company, valued at $1,325,810.75. The disclosure for this sale can be found here.
Other hedge funds recently made changes to their positions in the company. Piermont Capital Management Inc. bought a new stake in shares of Cabot Corp. during the fourth quarter valued at about $1,732,000. Systematic Financial Management LP boosted its stake 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 valued at $3,118,000 after buying an additional 14,060 shares during the last quarter. Finally, Morgan Stanley boosted its stake in shares of Cabot Corp. by 66.5% in the fourth quarter. Morgan Stanley now owns 460,801 shares of the company’s stock valued at $18,836,000 after buying an additional 184,058 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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