Cabot Corp. (CBT) Lifted to “Buy” at Zacks Investment Research
Cabot Corp. (NYSE:CBT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The brokerage presently has a $57.00 target price on the stock. Zacks Investment Research’s price objective points to a potential upside of 11.11% from the stock’s previous close.
According to Zacks, “Cabot Corporation is a global specialty chemicals and materials company. Cabot’s major products are carbon black, fumed silica, inkjet colorants, and aerogels. Cabot has manufacturing plants located in countries around the world. (Company Press Release) “
A number of other equities analysts also recently issued reports on the stock. Jefferies Group reaffirmed a “buy” rating and set a $60.00 price objective on shares of Cabot Corp. in a report on Tuesday, September 13th. Deutsche Bank AG lifted their price objective on shares of Cabot Corp. from $48.00 to $52.00 and gave the stock a “hold” rating in a report on Friday, August 12th. SunTrust Banks Inc. downgraded shares of Cabot Corp. from a “buy” rating to a “neutral” rating and set a $51.00 price objective on the stock. in a report on Tuesday, August 2nd. They noted that the move was a valuation call. Finally, TheStreet raised shares of Cabot Corp. from a “hold” rating to a “buy” rating in a report on Wednesday, July 27th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $53.67.
Cabot Corp. (NYSE:CBT) traded up 0.43% during trading on Wednesday, reaching $51.30. 257,192 shares of the company were exchanged. The firm’s 50 day moving average price is $50.98 and its 200-day moving average price is $48.26. The stock has a market capitalization of $3.20 billion, a price-to-earnings ratio of 23.55 and a beta of 1.39. Cabot Corp. has a one year low of $35.46 and a one year high of $53.88.
Cabot Corp. (NYSE:CBT) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.93 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.93. The business earned $621 million during the quarter, compared to analyst estimates of $611.73 million. Cabot Corp. had a net margin of 5.68% and a return on equity of 13.91%. Cabot Corp.’s quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.64 EPS. On average, equities research analysts predict that Cabot Corp. will post $3.08 earnings per share for the current year.
In other Cabot Corp. news, VP James Patrick Kelly sold 2,500 shares of the company’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $50.95, for a total transaction of $127,375.00. Following the sale, the vice president now directly owns 24,585 shares of the company’s stock, valued at $1,252,605.75. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Patrick M. Prevost sold 47,800 shares of the company’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $49.59, for a total transaction of $2,370,402.00. Following 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 currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Cabot Corp. by 9.8% in the second quarter. Vanguard Group Inc. now owns 5,106,514 shares of the company’s stock valued at $233,163,000 after buying an additional 456,744 shares during the period. Wellington Management Group LLP increased 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 valued at $126,304,000 after buying an additional 285,118 shares during the period. BlackRock Fund Advisors increased its stake in Cabot Corp. by 5.2% in the second quarter. BlackRock Fund Advisors now owns 2,213,469 shares of the company’s stock valued at $101,067,000 after buying an additional 109,065 shares during the period. BlackRock Institutional Trust Company N.A. increased its stake in Cabot Corp. by 3.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,872,171 shares of the company’s stock valued at $85,483,000 after buying an additional 68,165 shares during the period. Finally, State Street Corp increased its stake in Cabot Corp. by 2.0% in the second quarter. State Street Corp now owns 1,745,826 shares of the company’s stock valued at $79,717,000 after buying an additional 33,831 shares during the period. 85.62% of the stock is currently owned by institutional investors and hedge funds.
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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