Martingale Asset Management L P Has $17.95 Million Position in Cabot Corporation (CBT)
Martingale Asset Management L P trimmed its holdings in Cabot Corporation (NYSE:CBT) by 6.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 335,899 shares of the specialty chemicals company’s stock after selling 24,583 shares during the period. Martingale Asset Management L P owned approximately 0.54% of Cabot Corporation worth $17,948,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Bank of America Corp DE grew 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 worth $42,151,000 after acquiring an additional 131,109 shares during the period. First Citizens Bank & Trust Co. purchased a new position in Cabot Corporation in the second quarter worth approximately $432,000. KCG Holdings Inc. grew its position in Cabot Corporation by 6.6% in the first quarter. KCG Holdings Inc. now owns 7,508 shares of the specialty chemicals company’s stock worth $450,000 after acquiring an additional 467 shares during the period. Legal & General Group Plc grew its position in Cabot Corporation by 30.0% in the first quarter. Legal & General Group Plc now owns 68,671 shares of the specialty chemicals company’s stock worth $4,112,000 after acquiring an additional 15,829 shares during the period. Finally, Pacer Advisors Inc. grew its position in Cabot Corporation by 29.0% in the first quarter. Pacer Advisors Inc. now owns 7,691 shares of the specialty chemicals company’s stock worth $461,000 after acquiring an additional 1,727 shares during the period. Institutional investors own 84.29% of the company’s stock.
A number of research analysts have commented on the company. BidaskClub upgraded Cabot Corporation from a “sell” rating to a “hold” rating in a research note on Friday, June 16th. ValuEngine cut Cabot Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Jefferies Group LLC set a $68.00 price target on Cabot Corporation and gave the stock a “buy” rating in a research note on Thursday, June 8th. J P Morgan Chase & Co upgraded Cabot Corporation from a “neutral” rating to an “overweight” rating and set a $57.00 price target on the stock in a research note on Tuesday, August 15th. Finally, Aegis restated a “hold” rating on shares of Cabot Corporation in a research note on Wednesday, May 31st. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Cabot Corporation presently has a consensus rating of “Buy” and an average target price of $60.50.
Cabot Corporation (NYSE:CBT) opened at 52.835 on Monday. The firm has a market capitalization of $3.29 billion, a PE ratio of 14.800 and a beta of 1.09. Cabot Corporation has a 1-year low of $47.99 and a 1-year high of $61.34. The firm’s 50-day moving average price is $52.78 and its 200-day moving average price is $55.03.
Cabot Corporation (NYSE:CBT) last announced its quarterly earnings data on Tuesday, August 1st. The specialty chemicals company reported $0.81 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.85 by $0.04. Cabot Corporation had a net margin of 8.61% and a return on equity of 16.03%. The company had revenue of $705 million for the quarter, compared to analysts’ expectations of $664.16 million. During the same period in the prior year, the firm earned $0.93 earnings per share. The firm’s quarterly revenue was up 13.5% on a year-over-year basis. On average, equities research analysts predict that Cabot Corporation will post $3.45 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 8th. Stockholders of record on Friday, August 25th were paid a dividend of $0.315 per share. The ex-dividend date was Wednesday, August 23rd. This represents a $1.26 annualized dividend and a dividend yield of 2.40%. Cabot Corporation’s dividend payout ratio is presently 35.29%.
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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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