Cabot Corp. (CBT) Shares Gap Up to $49.06
Cabot Corp. (NYSE:CBT)’s share price gapped up prior to trading 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.
A number of equities analysts have commented on CBT shares. Zacks Investment Research raised Cabot Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, July 26th. TheStreet raised Cabot Corp. from a “hold” rating to a “buy” rating in a research note on Monday, May 2nd. SunTrust Banks Inc. lowered Cabot Corp. from a “buy” rating to a “neutral” rating and set a $51.00 price objective on the stock. in a research note on Tuesday, August 2nd. They noted that the move was a valuation call. Finally, Deutsche Bank AG boosted their price objective on Cabot Corp. from $48.00 to $52.00 and gave the stock a “hold” rating in a research note on Friday, August 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $52.33.
The stock has a market capitalization of $3.17 billion and a P/E ratio of 23.36. The firm has a 50 day moving average price of $48.52 and a 200-day moving average price of $46.69.
Cabot Corp. (NYSE:CBT) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.93 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.93. The company had revenue of $621 million for the quarter, compared to the consensus estimate of $611.73 million. During the same quarter last year, the business earned $0.64 EPS. Cabot Corp.’s revenue was down 10.5% on a year-over-year basis. Analysts forecast that Cabot Corp. will post $3.07 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 9th. Shareholders of record on Friday, August 26th will be paid a dividend of $0.30 per share. The ex-dividend date is Wednesday, August 24th. This represents a $1.20 dividend on an annualized basis and a yield of 2.36%.
In other Cabot Corp. news, VP James Patrick Kelly sold 2,500 shares of the firm’s stock in a transaction on Tuesday, July 12th. The stock was sold at an average price of $48.95, for a total transaction of $122,375.00. Following the transaction, the vice president now owns 27,085 shares in the company, valued at approximately $1,325,810.75. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Patrick M. Prevost sold 60,000 shares of the firm’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 sale, the director now directly owns 321,458 shares in the company, valued at approximately $14,883,505.40. The disclosure for this sale can be found here.
Other large investors have modified their holdings of the company. Piermont Capital Management Inc. acquired a new stake in shares of Cabot Corp. during the fourth quarter worth $1,732,000. Systematic Financial Management LP increased 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 worth $3,118,000 after buying an additional 14,060 shares in the last quarter. Finally, Morgan Stanley increased 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 worth $18,836,000 after buying an additional 184,058 shares in 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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