Zacks Investment Research Downgrades Cabot Corporation (CBT) to Sell
Cabot Corporation (NYSE:CBT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Friday.
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) “
Several other analysts also recently issued reports on the company. Northcoast Research upgraded Cabot Corporation from a “neutral” rating to a “buy” rating and set a $63.00 price target for the company in a research note on Wednesday, May 24th. SunTrust Banks, Inc. started coverage on Cabot Corporation in a research note on Tuesday, April 18th. They set a “buy” rating and a $56.00 price target for the company. BidaskClub upgraded Cabot Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Jefferies Group LLC reiterated a “buy” rating and set a $68.00 price target on shares of Cabot Corporation in a research note on Tuesday, May 2nd. Finally, Aegis reiterated a “hold” rating on shares of Cabot Corporation in a research note on Wednesday, May 31st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $59.67.
Shares of Cabot Corporation (NYSE CBT) traded up 1.68% during midday trading on Friday, hitting $52.67. The company had a trading volume of 327,487 shares. Cabot Corporation has a one year low of $46.88 and a one year high of $61.34. The firm has a market cap of $3.28 billion, a price-to-earnings ratio of 14.77 and a beta of 1.05. The company’s 50 day moving average is $53.88 and its 200 day moving average is $55.84.
Cabot Corporation (NYSE:CBT) last released its quarterly earnings results on Tuesday, August 1st. The specialty chemicals company reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.85 by $0.04. The company had revenue of $705 million for the quarter, compared to the consensus estimate of $664.16 million. Cabot Corporation had a return on equity of 16.03% and a net margin of 8.61%. The business’s revenue was up 13.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.93 EPS. Equities analysts forecast that Cabot Corporation will post $3.46 earnings per share for the current fiscal year.
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A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in Cabot Corporation by 5,702.4% in the first quarter. BlackRock Inc. now owns 7,038,411 shares of the specialty chemicals company’s stock valued at $421,670,000 after buying an additional 6,917,109 shares during the period. Deprince Race & Zollo Inc. purchased a new position in Cabot Corporation during the second quarter valued at approximately $27,643,000. Canada Pension Plan Investment Board purchased a new position in Cabot Corporation during the second quarter valued at approximately $7,160,000. Bank of America Corp DE boosted its position in Cabot Corporation by 22.9% in the first quarter. Bank of America Corp DE now owns 703,563 shares of the specialty chemicals company’s stock valued at $42,151,000 after buying an additional 131,109 shares during the period. Finally, Opus Capital Group LLC boosted its position in Cabot Corporation by 2,343.8% in the first quarter. Opus Capital Group LLC now owns 124,730 shares of the specialty chemicals company’s stock valued at $7,473,000 after buying an additional 119,626 shares during the period. Hedge funds and other institutional investors own 85.39% of the company’s stock.
About Cabot Corporation
Cabot Corporation is a global specialty chemicals and performance materials company. The Company operates through four business segments: reinforcement materials, performance chemicals, purification solutions and specialty fluids. Reinforcement materials’ rubber grade carbon blacks are used to enhance the physical properties of the systems and applications in which they are incorporated.
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