Cabot Corp. (CBT) Shares Gap Down to $47.78
Cabot Corp. (NYSE:CBT)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $47.40, but opened at $47.78. Cabot Corp. shares last traded at $48.85, with a volume of 88,928 shares.
Several equities analysts have issued reports on CBT shares. JPMorgan Chase & Co. lowered Cabot Corp. from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $45.00 to $47.00 in a report on Monday, March 14th. They noted that the move was a valuation call. Zacks Investment Research raised Cabot Corp. from a “sell” rating to a “hold” rating in a report on Friday, May 27th. Finally, TheStreet lowered Cabot Corp. from a “buy” rating to a “hold” rating in a report on Friday, June 10th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $51.00.
The company’s market cap is $3.04 billion. The stock has a 50-day moving average price of $46.10 and a 200-day moving average price of $44.83.
Cabot Corp. (NYSE:CBT) last posted its earnings results on Monday, May 2nd. The company reported $0.70 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.77 by $0.07. The company had revenue of $568 million for the quarter, compared to analyst estimates of $647.48 million. The company’s quarterly revenue was down 18.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.53 EPS. On average, equities research analysts expect that Cabot Corp. will post $3.12 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 9th. Shareholders of record on Friday, August 26th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, August 24th. This represents a $1.20 dividend on an annualized basis and a yield of 2.47%.
In other Cabot Corp. news, Director Patrick M. Prevost sold 60,000 shares of the business’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 transaction, the director now owns 321,458 shares in the company, valued at approximately $14,883,505.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Other institutional investors have recently modified their holdings of the company. Systematic Financial Management LP raised its position 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. Cornerstone Capital Management Holdings LLC. raised its position in shares of Cabot Corp. by 54.0% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 137,851 shares of the company’s stock worth $5,636,000 after buying an additional 48,330 shares in the last quarter. Morgan Stanley raised its position 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. Liberty Mutual Group Asset Management Inc. raised its position in shares of Cabot Corp. by 51.3% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 40,555 shares of the company’s stock worth $1,657,000 after buying an additional 13,755 shares in the last quarter. Finally, Boston Partners raised its position in shares of Cabot Corp. by 5.4% in the fourth quarter. Boston Partners now owns 385,225 shares of the company’s stock worth $15,748,000 after buying an additional 19,565 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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