GSA Capital Partners LLP Takes Position in Cabot Corp. (CBT)
GSA Capital Partners LLP bought a new position in Cabot Corp. (NYSE:CBT) during the second quarter, Holdings Channel reports. The institutional investor bought 8,900 shares of the company’s stock, valued at approximately $406,000.
Other hedge funds have also recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System increased its stake in Cabot Corp. by 13.5% in the second quarter. State Board of Administration of Florida Retirement System now owns 102,339 shares of the company’s stock worth $4,673,000 after buying an additional 12,193 shares during the last quarter. Cambridge Trust Co. increased its stake in Cabot Corp. by 12.5% in the second quarter. Cambridge Trust Co. now owns 134,998 shares of the company’s stock worth $6,164,000 after buying an additional 15,000 shares during the last quarter. Cadence Capital Management LLC purchased a new stake in Cabot Corp. during the second quarter worth $347,000. Emerald Acquisition Ltd. purchased a new stake in Cabot Corp. during the second quarter worth $5,073,000. Finally, Kleinwort Benson Investors Dublin Ltd purchased a new stake in Cabot Corp. during the second quarter worth $1,417,000. Institutional investors own 85.62% of the company’s stock.
Cabot Corp. (NYSE:CBT) traded up 1.90% during trading on Wednesday, hitting $51.46. The stock had a trading volume of 252,897 shares. Cabot Corp. has a 12 month low of $30.70 and a 12 month high of $52.53. The stock has a market cap of $3.21 billion, a price-to-earnings ratio of 23.63 and a beta of 1.62. The stock has a 50 day moving average price of $49.58 and a 200-day moving average price of $47.84.
Cabot Corp. (NYSE:CBT) last released 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. Cabot Corp. had a return on equity of 13.91% and a net margin of 5.68%. The firm earned $621 million during the quarter, compared to analysts’ expectations of $611.73 million. During the same quarter last year, the business posted $0.64 earnings per share. The firm’s revenue was down 10.5% on a year-over-year basis. On average, equities analysts predict that Cabot Corp. will post $3.08 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Friday, August 26th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend was Wednesday, August 24th. Cabot Corp.’s dividend payout ratio is currently 54.30%.
A number of analysts recently weighed in on the company. Jefferies Group restated a “buy” rating and issued a $60.00 target price on shares of Cabot Corp. in a research report on Tuesday, September 13th. Deutsche Bank AG boosted their target price on Cabot Corp. from $48.00 to $52.00 and gave the stock a “hold” rating in a research report on Friday, August 12th. SunTrust Banks Inc. downgraded Cabot Corp. from a “buy” rating to a “neutral” rating and set a $51.00 target price for the company. in a research report on Tuesday, August 2nd. They noted that the move was a valuation call. Zacks Investment Research downgraded Cabot Corp. from a “hold” rating to a “sell” rating in a research report on Monday, August 1st. Finally, TheStreet upgraded Cabot Corp. from a “hold” rating to a “buy” rating in a research report on Wednesday, July 27th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. Cabot Corp. currently has a consensus rating of “Hold” and an average price target of $53.17.
In related news, SVP Brian A. Berube sold 16,489 shares of the stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $49.90, for a total transaction of $822,801.10. Following the completion of the sale, the senior vice president now owns 42,622 shares in the company, valued at $2,126,837.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nicholas S. Cross sold 21,584 shares of the stock in a transaction dated Tuesday, August 30th. The stock was sold at an average price of $50.56, for a total value of $1,091,287.04. Following the sale, the insider now owns 54,274 shares of the company’s stock, valued at approximately $2,744,093.44. The disclosure for this sale can be found here. Corporate insiders own 2.48% of the company’s stock.
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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