Cabot (CBT) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Cabot (NYSE:CBT) from a hold rating to a buy rating in a research note published on Wednesday morning. The firm currently has $75.00 price objective on the specialty chemicals company’s stock.
According to Zacks, “Cabot Corporation is a leading global specialty chemicals and performance materials company serving key industries including transportation, infrastructure, environment and consumer. Their people are empowered to share ideas, compare new findings, and collaborate to ensure they capture the best thinking across their global network. The company offers carbon black, a form of elemental carbon used to enhance the physical properties of the systems and applications in which it is incorporated; and rubber blacks for use as a rubber reinforcing agent and performance additive in tires, hoses, belts, extruded profiles, and molded goods. It also provides compounds of carbon black and rubber primarily for tire applications; and cesium formate, a drilling and completion fluid for use in high pressure and high temperature oil and gas well construction. “
Other research analysts have also issued reports about the stock. KeyCorp restated a hold rating on shares of Cabot in a report on Wednesday, November 1st. SunTrust Banks upgraded shares of Cabot from a hold rating to a buy rating in a report on Tuesday, December 19th. Jefferies Group restated a buy rating and issued a $74.00 price objective on shares of Cabot in a report on Friday, November 3rd. Loop Capital raised shares of Cabot from a hold rating to a buy rating and set a $82.00 target price on the stock in a research report on Friday, January 5th. Finally, ValuEngine raised shares of Cabot from a hold rating to a buy rating in a research report on Sunday, December 31st. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock has an average rating of Buy and an average target price of $70.67.
Shares of Cabot (CBT) traded down $0.28 during midday trading on Wednesday, reaching $66.51. 259,105 shares of the company’s stock traded hands, compared to its average volume of 431,067. The company has a quick ratio of 1.17, a current ratio of 1.70 and a debt-to-equity ratio of 0.41. Cabot has a 1-year low of $50.21 and a 1-year high of $68.08. The company has a market cap of $4,120.00, a price-to-earnings ratio of 17.46, a PEG ratio of 1.77 and a beta of 1.11.
Cabot (NYSE:CBT) last issued its quarterly earnings data on Tuesday, October 31st. The specialty chemicals company reported $0.91 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.93 by ($0.02). Cabot had a return on equity of 15.11% and a net margin of 8.87%. The company had revenue of $723.00 million during the quarter, compared to the consensus estimate of $683.30 million. During the same quarter last year, the company posted $1.00 earnings per share. The firm’s revenue for the quarter was up 16.8% compared to the same quarter last year. research analysts expect that Cabot will post 3.8 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 9th. Stockholders of record on Friday, February 23rd will be given a $0.315 dividend. This represents a $1.26 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend is Thursday, February 22nd. Cabot’s dividend payout ratio is presently 33.07%.
Several large investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC grew its position in shares of Cabot by 352.6% in the 4th quarter. Acadian Asset Management LLC now owns 46,562 shares of the specialty chemicals company’s stock worth $2,869,000 after buying an additional 36,275 shares during the period. Schwab Charles Investment Management Inc. grew its position in shares of Cabot by 3.4% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 408,371 shares of the specialty chemicals company’s stock worth $25,144,000 after buying an additional 13,294 shares during the period. Parametric Portfolio Associates LLC grew its position in shares of Cabot by 1.3% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 386,033 shares of the specialty chemicals company’s stock worth $21,541,000 after buying an additional 4,808 shares during the period. AXA grew its position in shares of Cabot by 21.5% in the 3rd quarter. AXA now owns 172,170 shares of the specialty chemicals company’s stock worth $9,607,000 after buying an additional 30,450 shares during the period. Finally, Public Employees Retirement System of Ohio grew its position in shares of Cabot by 51.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 93,931 shares of the specialty chemicals company’s stock worth $5,241,000 after buying an additional 32,110 shares during the period. 84.82% of the stock is currently owned by hedge funds and other institutional investors.
Cabot Company Profile
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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