Employees Retirement System of Texas cut its holdings in shares of Cabot Corp (NYSE:CBT) by 38.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 27,000 shares of the specialty chemicals company’s stock after selling 17,000 shares during the period. Employees Retirement System of Texas’ holdings in Cabot were worth $1,668,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in CBT. Comerica Bank lifted its position in Cabot by 2.6% during the 1st quarter. Comerica Bank now owns 116,740 shares of the specialty chemicals company’s stock valued at $6,621,000 after purchasing an additional 2,924 shares during the period. Trexquant Investment LP lifted its position in Cabot by 196.9% during the 1st quarter. Trexquant Investment LP now owns 9,962 shares of the specialty chemicals company’s stock valued at $555,000 after purchasing an additional 6,607 shares during the period. Swiss National Bank lifted its position in Cabot by 2.2% during the 1st quarter. Swiss National Bank now owns 108,300 shares of the specialty chemicals company’s stock valued at $6,034,000 after purchasing an additional 2,300 shares during the period. Campbell & CO Investment Adviser LLC acquired a new position in Cabot during the 1st quarter valued at about $247,000. Finally, M&T Bank Corp lifted its position in Cabot by 11.5% during the 1st quarter. M&T Bank Corp now owns 12,930 shares of the specialty chemicals company’s stock valued at $720,000 after purchasing an additional 1,336 shares during the period. Institutional investors own 85.55% of the company’s stock.
In related news, SVP Brian A. Berube sold 13,448 shares of the stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $65.43, for a total transaction of $879,902.64. Following the completion of the sale, the senior vice president now directly owns 52,127 shares of the company’s stock, valued at approximately $3,410,669.61. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Patrick M. Prevost sold 40,519 shares of the stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $65.65, for a total value of $2,660,072.35. Following the sale, the director now directly owns 216,894 shares of the company’s stock, valued at $14,239,091.10. The disclosure for this sale can be found here. Insiders sold a total of 95,599 shares of company stock worth $6,254,997 over the last quarter. 2.50% of the stock is currently owned by corporate insiders.
Shares of NYSE:CBT opened at $63.91 on Thursday. The company has a market capitalization of $4.00 billion, a P/E ratio of 16.48, a PEG ratio of 1.43 and a beta of 1.33. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.97 and a current ratio of 1.51. Cabot Corp has a fifty-two week low of $52.13 and a fifty-two week high of $68.63.
Cabot (NYSE:CBT) last announced its quarterly earnings results on Monday, August 6th. The specialty chemicals company reported $1.06 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.06. The business had revenue of $854.00 million for the quarter, compared to the consensus estimate of $831.59 million. Cabot had a negative net margin of 4.46% and a positive return on equity of 17.41%. Cabot’s revenue for the quarter was up 21.1% on a year-over-year basis. During the same period last year, the company posted $0.81 EPS. analysts forecast that Cabot Corp will post 4.12 EPS for the current fiscal year.
Cabot announced that its board has initiated a share repurchase program on Monday, July 16th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the specialty chemicals company to repurchase up to 10.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 14th. Investors of record on Friday, August 31st will be given a $0.33 dividend. The ex-dividend date is Thursday, August 30th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.07%. Cabot’s dividend payout ratio is 38.48%.
A number of research firms have issued reports on CBT. Loop Capital upped their target price on shares of Cabot to $82.00 and gave the company a “buy” rating in a research report on Friday, June 22nd. TheStreet upgraded shares of Cabot from a “c+” rating to a “b+” rating in a research report on Tuesday, August 7th. Zacks Investment Research downgraded shares of Cabot from a “buy” rating to a “hold” rating in a research report on Friday, May 11th. Finally, Robert W. Baird upgraded shares of Cabot from a “neutral” rating to an “outperform” rating and set a $72.00 target price on the stock in a research report on Wednesday, May 9th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Cabot currently has a consensus rating of “Buy” and a consensus target price of $83.50.
Cabot Company Profile
Cabot Corporation operates as a specialty chemicals and performance materials company. 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.
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