Cabot Corp (CBT) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Cabot Corp (NYSE:CBT) from a hold rating to a buy rating in a research note released on Wednesday. Zacks Investment Research currently has $65.00 price target on the stock.
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 several other reports. Aegis started coverage on Cabot Corp in a research note on Friday, January 13th. They set a hold rating and a $59.00 target price for the company. TheStreet raised Cabot Corp from a c+ rating to a b rating in a research note on Thursday, February 9th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Cabot Corp presently has an average rating of Hold and an average target price of $57.40.
Shares of Cabot Corp (NYSE:CBT) opened at 60.17 on Wednesday. The stock has a market capitalization of $3.74 billion, a PE ratio of 18.18 and a beta of 1.21. Cabot Corp has a 1-year low of $42.27 and a 1-year high of $60.72. The firm has a 50-day moving average price of $57.96 and a 200-day moving average price of $53.28.
Cabot Corp (NYSE:CBT) last released its earnings results on Wednesday, February 1st. The company reported $0.84 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.14. Cabot Corp had a return on equity of 16.25% and a net margin of 8.68%. The firm earned $611 million during the quarter, compared to analysts’ expectations of $609.25 million. During the same period in the previous year, the firm posted $0.51 EPS. Cabot Corp’s revenue for the quarter was up 1.3% on a year-over-year basis. On average, equities research analysts forecast that Cabot Corp will post $3.55 earnings per share for the current year.
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The business also recently announced a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Friday, February 24th were paid a dividend of $0.30 per share. The ex-dividend date was Wednesday, February 22nd. This represents a $1.20 annualized dividend and a yield of 1.99%. Cabot Corp’s payout ratio is 36.14%.
In related news, Director Patrick M. Prevost sold 61,363 shares of the business’s stock in a transaction on Thursday, March 2nd. The stock was sold at an average price of $59.14, for a total transaction of $3,629,007.82. Following the completion of the transaction, the director now directly owns 328,053 shares of the company’s stock, valued at approximately $19,401,054.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Patrick M. Prevost sold 48,902 shares of the business’s stock in a transaction on Tuesday, February 7th. The stock was sold at an average price of $57.23, for a total value of $2,798,661.46. Following the transaction, the director now directly owns 302,122 shares of the company’s stock, valued at $17,290,442.06. The disclosure for this sale can be found here. Insiders have sold a total of 388,205 shares of company stock valued at $22,482,654 over the last three months. 2.50% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Investment Management LLC boosted its position in Cabot Corp by 1.0% in the third quarter. BlackRock Investment Management LLC now owns 185,513 shares of the company’s stock valued at $9,723,000 after buying an additional 1,833 shares during the last quarter. BlackRock Inc. boosted its position in Cabot Corp by 27.3% in the third quarter. BlackRock Inc. now owns 102,921 shares of the company’s stock valued at $5,394,000 after buying an additional 22,070 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in Cabot Corp by 4.7% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,960,000 shares of the company’s stock valued at $102,724,000 after buying an additional 87,829 shares during the last quarter. Ameriprise Financial Inc. boosted its position in Cabot Corp by 5.1% in the third quarter. Ameriprise Financial Inc. now owns 899,399 shares of the company’s stock valued at $47,135,000 after buying an additional 43,360 shares during the last quarter. Finally, LSV Asset Management boosted its position in Cabot Corp by 19.5% in the third quarter. LSV Asset Management now owns 3,119,581 shares of the company’s stock valued at $163,497,000 after buying an additional 510,141 shares during the last quarter. 86.29% of the stock is owned by hedge funds and other institutional investors.
About Cabot Corp
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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