First Citizens Bank & Trust Co. Has $428,000 Position in Cabot Corp. (CBT)
First Citizens Bank & Trust Co. boosted its position in Cabot Corp. (NYSE:CBT) by 5.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,369 shares of the company’s stock after buying an additional 519 shares during the period. First Citizens Bank & Trust Co.’s holdings in Cabot Corp. were worth $428,000 as of its most recent filing with the SEC.
Other hedge funds have also recently bought and sold shares of the company. Renaissance Technologies LLC raised 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 during the period. JPMorgan Chase & Co. raised 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 during the period. Wellington Management Group LLP raised its stake in shares of 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 period. Bogle Investment Management L P DE raised its stake in shares of Cabot Corp. by 994.3% in the first quarter. Bogle Investment Management L P DE now owns 253,089 shares of the company’s stock worth $12,231,000 after buying an additional 229,962 shares during the period. Finally, Panagora Asset Management Inc. raised its stake in shares of 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 period. 85.62% of the stock is currently owned by institutional investors.
Shares of Cabot Corp. (NYSE:CBT) traded up 0.69% on Friday, hitting $50.75. The stock had a trading volume of 275,438 shares. The firm has a 50 day moving average price of $51.06 and a 200 day moving average price of $48.31. The company has a market capitalization of $3.17 billion, a P/E ratio of 23.30 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 data on Wednesday, July 27th. The company reported $0.93 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.93. The firm had revenue of $621 million for the quarter, compared to analyst estimates of $611.73 million. Cabot Corp. had a return on equity of 13.91% and a net margin of 5.68%. The business’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same period last year, the company earned $0.64 EPS. On average, equities research analysts predict that Cabot Corp. will post $3.08 earnings per share for the current fiscal year.
CBT has been the topic of a number of recent analyst reports. Zacks Investment Research raised Cabot Corp. from a “sell” rating to a “hold” rating in a research report on Wednesday, June 22nd. TheStreet raised Cabot Corp. from a “hold” rating to a “buy” rating in a research report on Wednesday, July 27th. SunTrust Banks Inc. lowered Cabot Corp. from a “buy” rating to a “neutral” rating and set a $51.00 target price on the stock. in a research report on Tuesday, August 2nd. They noted that the move was a valuation call. 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 report on Friday, August 12th. Finally, Jefferies Group reaffirmed a “buy” rating and set a $60.00 target price on shares of Cabot Corp. in a research report on Tuesday, September 13th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Cabot Corp. presently has a consensus rating of “Buy” and a consensus price target of $53.67.
In other Cabot Corp. news, Director Patrick M. Prevost sold 2,200 shares of the stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $50.21, for a total value of $110,462.00. Following the transaction, the director now directly owns 280,508 shares in the company, valued at approximately $14,084,306.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP James Patrick Kelly sold 2,500 shares of the stock in a transaction on Wednesday, September 28th. The shares were sold at an average price of $52.95, for a total value of $132,375.00. Following the completion of the transaction, the vice president now owns 22,085 shares in the company, valued at $1,169,400.75. The disclosure for this sale can be found here. 2.48% of the stock is owned by company 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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