Cabot Corp. (CBT) Reaches New 12-Month High at $52.53
Cabot Corp. (NYSE:CBT)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $52.53 and last traded at $51.96, with a volume of 673,988 shares. The stock had previously closed at $48.47.
A number of equities research analysts have recently weighed in on CBT shares. TheStreet raised shares of Cabot Corp. from a “hold” rating to a “buy” rating in a report on Wednesday. Zacks Investment Research raised shares of Cabot Corp. from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a report on Tuesday, April 5th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Cabot Corp. has a consensus rating of “Buy” and a consensus price target of $51.00.
The firm has a market cap of $3.03 billion and a P/E ratio of 22.31. The company’s 50 day moving average is $47.21 and its 200-day moving average is $45.61.
Cabot Corp. (NYSE:CBT) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.93 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.93. The firm earned $621 million during the quarter, compared to analyst estimates of $611.73 million. Cabot Corp.’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.64 earnings per share. On average, equities research analysts anticipate that Cabot Corp. will post $3.11 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 9th. Stockholders 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 dividend yield of 2.46%.
In related news, Director Patrick M. Prevost sold 60,000 shares of Cabot Corp. stock in a transaction on Friday, June 3rd. The shares were sold at an average price of $46.30, for a total transaction of $2,778,000.00. Following the sale, the director now directly 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 available through this hyperlink. Also, VP James Patrick Kelly sold 2,500 shares of Cabot Corp. 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 sale, the vice president now owns 27,085 shares in the company, valued at $1,325,810.75. The disclosure for this sale can be found here.
Other large investors recently made changes to their positions in the company. Rhumbline Advisers raised its stake in shares of Cabot Corp. by 0.4% in the fourth quarter. Rhumbline Advisers now owns 94,389 shares of the company’s stock valued at $3,859,000 after buying an additional 372 shares in the last quarter. Liberty Mutual Group Asset Management Inc. increased 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 valued at $1,657,000 after buying an additional 13,755 shares during the last quarter. Systematic Financial Management LP increased 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 valued at $3,118,000 after buying an additional 14,060 shares during the last quarter. New York State Common Retirement Fund increased its position in shares of Cabot Corp. by 9.2% in the fourth quarter. New York State Common Retirement Fund now owns 336,800 shares of the company’s stock valued at $13,768,000 after buying an additional 28,510 shares during the last quarter. Finally, California Public Employees Retirement System increased its position in shares of Cabot Corp. by 21.7% in the fourth quarter. California Public Employees Retirement System now owns 206,900 shares of the company’s stock valued at $8,458,000 after buying an additional 36,900 shares during 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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