Cabot Corp. (CBT) Shares Gap Up to $50.02
Cabot Corp. (NYSE:CBT) gapped up prior to trading on Monday . The stock had previously closed at $49.74, but opened at $50.02. Cabot Corp. shares last traded at $50.52, with a volume of 72,297 shares traded.
Several equities research analysts have weighed in on the company. TheStreet upgraded Cabot Corp. from a “hold” rating to a “buy” rating in a report on Wednesday, July 27th. Jefferies Group reiterated a “buy” rating and issued a $60.00 target price on shares of Cabot Corp. in a report on Tuesday, September 13th. SunTrust Banks Inc. cut Cabot Corp. from a “buy” rating to a “neutral” rating and set a $51.00 target price for the company. in a report on Tuesday, August 2nd. They noted that the move was a valuation call. Zacks Investment Research cut Cabot Corp. from a “hold” rating to a “sell” rating in a research note on Monday, August 1st. Finally, Deutsche Bank AG upped their price objective on Cabot Corp. from $48.00 to $52.00 and gave the stock a “hold” rating in a research note on Friday, August 12th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $53.17.
The firm has a market cap of $3.17 billion, a P/E ratio of 23.34 and a beta of 1.62. The stock’s 50-day moving average is $49.58 and its 200 day moving average is $47.84.
Cabot Corp. (NYSE:CBT) last posted its earnings results on Wednesday, July 27th. The company reported $0.93 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.93. The company earned $621 million during the quarter, compared to analysts’ expectations of $611.73 million. Cabot Corp. had a return on equity of 13.91% and a net margin of 5.68%. The firm’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.64 earnings per share. On average, equities research analysts predict that Cabot Corp. will post $3.08 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Friday, August 26th were paid a dividend of $0.30 per share. The ex-dividend date was Wednesday, August 24th. This represents a $1.20 annualized dividend and a yield of 2.38%. Cabot Corp.’s dividend payout ratio (DPR) is 54.30%.
In other Cabot Corp. news, insider Nicholas S. Cross sold 21,584 shares of the firm’s stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $50.56, for a total transaction of $1,091,287.04. Following the completion of the sale, the insider now owns 54,274 shares of the company’s stock, valued at $2,744,093.44. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP James Patrick Kelly sold 2,500 shares of the firm’s stock in a transaction on Tuesday, July 12th. The stock was sold at an average price of $48.95, for a total value of $122,375.00. Following the sale, the vice president now directly owns 27,085 shares of the company’s stock, valued at approximately $1,325,810.75. The disclosure for this sale can be found here. Company insiders own 2.48% of the company’s stock.
Large investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted 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 during the last quarter. Citigroup Inc. boosted 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 during the last quarter. Acrospire Investment Management LLC boosted 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 during the last quarter. Bank of Montreal Can purchased a new stake in shares of Cabot Corp. during the second quarter worth $148,000. Finally, LS Investment Advisors LLC boosted its stake in shares of Cabot Corp. by 71.9% in the second quarter. LS Investment Advisors LLC now owns 3,746 shares of the company’s stock worth $171,000 after buying an additional 1,567 shares during the last quarter. 85.62% of the stock is owned by institutional investors.
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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