Cambiar Investors LLC Lowers Position in Cabot Corp. (CBT)
Cambiar Investors LLC decreased its stake in shares of Cabot Corp. (NYSE:CBT) by 6.4% during the second quarter, according to its most recent filing with the SEC. The fund owned 590,054 shares of the company’s stock after selling 40,293 shares during the period. Cambiar Investors LLC’s holdings in Cabot Corp. were worth $26,942,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently modified their holdings of CBT. Wellington Management Group LLP boosted its stake in Cabot Corp. by 12.2% in the first quarter. Wellington Management Group LLP now owns 2,613,357 shares of the company’s stock worth $126,304,000 after buying an additional 285,118 shares during the last quarter. Panagora Asset Management Inc. boosted its stake in Cabot Corp. by 36.8% in the first quarter. Panagora Asset Management Inc. now owns 807,237 shares of the company’s stock worth $39,014,000 after buying an additional 217,100 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Cabot Corp. by 61.8% in the first quarter. JPMorgan Chase & Co. now owns 776,310 shares of the company’s stock worth $37,519,000 after buying an additional 296,428 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Cabot Corp. by 734.3% in the first quarter. Renaissance Technologies LLC now owns 408,800 shares of the company’s stock worth $19,757,000 after buying an additional 359,800 shares in the last quarter. Finally, TIAA CREF Investment Management LLC boosted its stake in shares of Cabot Corp. by 6.3% in the first quarter. TIAA CREF Investment Management LLC now owns 346,220 shares of the company’s stock worth $16,733,000 after buying an additional 20,618 shares in the last quarter. Institutional investors and hedge funds own 85.62% of the company’s stock.
Shares of Cabot Corp. (NYSE:CBT) traded up 0.33% during midday trading on Friday, reaching $52.41. The company had a trading volume of 405,613 shares. The firm has a market capitalization of $3.27 billion, a price-to-earnings ratio of 24.06 and a beta of 1.62. Cabot Corp. has a 12-month low of $31.18 and a 12-month high of $53.48. The company has a 50 day moving average of $50.33 and a 200 day moving average of $48.05.
Cabot Corp. (NYSE:CBT) last released its earnings results on Wednesday, July 27th. The company reported $0.93 EPS for the quarter, hitting analysts’ consensus estimates of $0.93. Cabot Corp. had a return on equity of 13.91% and a net margin of 5.68%. The firm had revenue of $621 million for the quarter, compared to analysts’ expectations of $611.73 million. During the same period in the prior year, the firm posted $0.64 earnings per share. The company’s quarterly revenue was down 10.5% on a year-over-year basis. Analysts anticipate that Cabot Corp. will post $3.08 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Friday, August 26th were paid a $0.30 dividend. The ex-dividend date was Wednesday, August 24th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.29%. Cabot Corp.’s dividend payout ratio is currently 54.30%.
A number of equities research analysts recently issued reports on the company. 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 price objective on Cabot Corp. from $48.00 to $52.00 and gave the company a “hold” rating in a research note on Friday, August 12th. Zacks Investment Research upgraded Cabot Corp. from a “sell” rating to a “hold” rating in a research note on Monday, June 6th. SunTrust Banks Inc. cut 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, Jefferies Group restated a “buy” rating and issued a $60.00 price objective on shares of Cabot Corp. in a research note on Tuesday, September 13th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $53.17.
In other news, insider Nicholas S. Cross sold 21,584 shares of the stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $50.56, for a total value of $1,091,287.04. Following the sale, the insider now directly owns 54,274 shares of the company’s stock, valued at $2,744,093.44. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Patrick M. Prevost sold 47,800 shares of the stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $49.59, for a total value of $2,370,402.00. Following the completion of the sale, the director now directly owns 326,023 shares in the company, valued at $16,167,480.57. The disclosure for this sale can be found here. 2.48% of the stock is owned by insiders.
About Cabot Corp.
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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