Cabot Corp. (CBT) Raised to “Hold” at Zacks Investment Research
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) “
CBT has been the subject of a number of other research reports. Jefferies Group reiterated a buy rating and set a $60.00 target price on shares of Cabot Corp. in a research report on Monday, November 7th. Deutsche Bank AG increased their price target on shares of Cabot Corp. from $48.00 to $52.00 and gave the stock a hold rating in a report on Friday, August 12th. TheStreet downgraded shares of Cabot Corp. from a buy rating to a hold rating in a report on Monday, October 31st. Finally, SunTrust Banks Inc. downgraded shares of Cabot Corp. from a buy rating to a neutral rating and set a $51.00 price target on the stock. in a report on Tuesday, August 2nd. They noted that the move was a valuation call. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company has an average rating of Hold and a consensus price target of $53.67.
Shares of Cabot Corp. (NYSE:CBT) opened at 50.93 on Monday. The firm’s 50-day moving average is $51.04 and its 200-day moving average is $49.13. Cabot Corp. has a 12-month low of $36.12 and a 12-month high of $53.88. The company has a market capitalization of $3.17 billion, a price-to-earnings ratio of 21.62 and a beta of 1.25.
Cabot Corp. (NYSE:CBT) last issued its earnings results on Monday, October 31st. The company reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.06. The firm earned $619 million during the quarter, compared to analyst estimates of $654.40 million. Cabot Corp. had a net margin of 6.18% and a return on equity of 14.79%. The company’s quarterly revenue was down 7.7% on a year-over-year basis. During the same quarter last year, the business earned $0.78 earnings per share. On average, equities analysts predict that Cabot Corp. will post $3.43 EPS for the current year.
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The business also recently announced a quarterly dividend, which will be paid on Friday, December 9th. Investors of record on Friday, November 25th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend is Tuesday, November 22nd. Cabot Corp.’s dividend payout ratio is currently 50.85%.
In related news, insider Hobart Kalkstein sold 4,890 shares of the firm’s stock in a transaction that occurred on Friday, November 25th. The shares were sold at an average price of $51.80, for a total value of $253,302.00. Following the sale, the insider now directly owns 28,745 shares of the company’s stock, valued at $1,488,991. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP James Patrick Kelly sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 28th. The shares were sold at an average price of $52.95, for a total transaction of $132,375.00. Following the completion of the sale, the vice president now directly owns 22,085 shares in the company, valued at $1,169,400.75. The disclosure for this sale can be found here. 2.48% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in CBT. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Cabot Corp. by 12.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,260 shares of the company’s stock worth $118,000 after buying an additional 249 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Cabot Corp. by 14.5% in the second quarter. PNC Financial Services Group Inc. now owns 2,636 shares of the company’s stock worth $121,000 after buying an additional 333 shares in the last quarter. Citigroup Inc. increased its stake in shares of Cabot Corp. by 45.9% in the second quarter. Citigroup Inc. now owns 2,707 shares of the company’s stock worth $123,000 after buying an additional 852 shares in the last quarter. Acrospire Investment Management LLC increased its stake in shares of Cabot Corp. by 93.3% in the second quarter. Acrospire Investment Management LLC now owns 2,900 shares of the company’s stock worth $132,000 after buying an additional 1,400 shares in the last quarter. Finally, Bank of Montreal Can bought a new stake in shares of Cabot Corp. during the second quarter worth $148,000. 85.64% of the stock is currently owned by institutional investors and hedge funds.
Cabot Corp. Company Profile
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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