Cabot Corp (NYSE:CBT) saw a significant drop in short interest in the month of July. As of July 31st, there was short interest totalling 788,300 shares, a drop of 7.6% from the June 30th total of 853,500 shares. Based on an average daily volume of 365,400 shares, the days-to-cover ratio is presently 2.2 days. Approximately 1.4% of the shares of the company are sold short.
A number of hedge funds have recently made changes to their positions in the stock. Verition Fund Management LLC bought a new stake in Cabot during the 2nd quarter worth about $414,000. Ladenburg Thalmann Financial Services Inc. raised its holdings in Cabot by 81.3% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,960 shares of the specialty chemicals company’s stock worth $94,000 after purchasing an additional 879 shares during the last quarter. Hillcrest Asset Management LLC raised its holdings in Cabot by 0.6% during the 2nd quarter. Hillcrest Asset Management LLC now owns 196,630 shares of the specialty chemicals company’s stock worth $9,381,000 after purchasing an additional 1,180 shares during the last quarter. Nuveen Asset Management LLC bought a new stake in Cabot during the 2nd quarter worth about $10,887,000. Finally, Jane Street Group LLC bought a new stake in Cabot during the 2nd quarter worth about $318,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have recently commented on CBT. TheStreet lowered shares of Cabot from a “b-” rating to a “c+” rating in a research report on Wednesday. Zacks Investment Research lowered shares of Cabot from a “hold” rating to a “sell” rating and set a $42.00 price target on the stock. in a research report on Friday, August 9th. JPMorgan Chase & Co. dropped their price target on shares of Cabot from $50.00 to $40.00 and set an “overweight” rating on the stock in a research report on Tuesday. Loop Capital lowered shares of Cabot from a “buy” rating to a “hold” rating and dropped their price target for the company from $69.00 to $41.00 in a research report on Monday, August 5th. Finally, Northcoast Research set a $45.00 price target on shares of Cabot and gave the company a “buy” rating in a research report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. Cabot has an average rating of “Hold” and an average price target of $48.80.
Shares of CBT stock opened at $38.34 on Friday. Cabot has a 1 year low of $37.11 and a 1 year high of $67.02. The firm’s fifty day simple moving average is $44.00 and its 200 day simple moving average is $44.63. The firm has a market capitalization of $2.22 billion, a P/E ratio of 9.51, a price-to-earnings-growth ratio of 0.94 and a beta of 1.48. The company has a current ratio of 2.07, a quick ratio of 1.27 and a debt-to-equity ratio of 0.83.
Cabot (NYSE:CBT) last announced its earnings results on Monday, August 5th. The specialty chemicals company reported $1.00 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.00. Cabot had a net margin of 6.49% and a return on equity of 18.60%. The business had revenue of $845.00 million for the quarter, compared to analyst estimates of $858.86 million. During the same quarter in the previous year, the firm posted $1.06 earnings per share. Cabot’s revenue was down 1.1% compared to the same quarter last year. Equities research analysts anticipate that Cabot will post 3.98 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.65%. The ex-dividend date is Thursday, August 29th. Cabot’s dividend payout ratio (DPR) is currently 34.74%.
Cabot Company Profile
Cabot Corporation operates as a specialty chemicals and performance materials company. The company offers rubber grade carbon blacks used in tires as a rubber reinforcing agent and performance additive, as well as in industrial products, such as hoses, belts, extruded profiles, and molded goods; and compounds of carbon black and rubber.
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