Cabot (NYSE:CBT) Stock Gets Price Target Cut from Truist Financial

Cabot (NYSE:CBT) had its price target trimmed by Truist Financial from $100.00 to $95.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the specialty chemicals company’s stock.

A number of other brokerages have also commented on CBT. UBS Group cut their price target on Cabot from $92.00 to $86.00 and set a “neutral” rating for the company in a report on Monday, October 5th. JPMorgan Chase & Co. raised their price objective on shares of Cabot from $70.00 to $78.00 and gave the stock an “underweight” rating in a research note on Friday, August 7th. Wall Street Zen raised shares of Cabot from a “hold” rating to a “buy” rating in a research report on Sunday, October 11th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Cabot in a research note on Friday, August 21st. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $85.60.

Cabot Stock Performance

Shares of NYSE CBT traded down $1.85 during trading hours on Wednesday, hitting $71.12. 285,481 shares of the company’s stock were exchanged, compared to its average volume of 380,192. Cabot has a 1-year low of $58.33 and a 1-year high of $94.53. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.47 and a quick ratio of 0.97. The stock has a market capitalization of $3.67 billion, a price-to-earnings ratio of 17.74, a PEG ratio of 8.91 and a beta of 0.83. The company’s 50-day moving average price is $76.87 and its 200-day moving average price is $79.54.

Cabot (NYSE:CBT) last released its earnings results on Monday, November 2nd. The specialty chemicals company reported $1.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.55 by $0.06. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $927.29 million. Cabot had a return on equity of 19.79% and a net margin of 5.69%. The company’s revenue was up 12.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.70 EPS. On average, sell-side analysts expect that Cabot will post 6.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Sean Keohane sold 134,895 shares of Cabot stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $85.00, for a total transaction of $11,466,075.00. Following the sale, the chief executive officer directly owned 404,134 shares of the company’s stock, valued at $34,351,390. This trade represents a 25.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.08% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cabot

Several large investors have recently added to or reduced their stakes in CBT. BlackRock Inc. bought a new stake in shares of Cabot in the 2nd quarter worth approximately $633,302,000. State Street Corp increased its position in shares of Cabot by 6.8% during the second quarter. State Street Corp now owns 2,165,434 shares of the specialty chemicals company’s stock valued at $196,665,000 after purchasing an additional 138,098 shares during the period. Bank of America Corp DE bought a new stake in shares of Cabot during the second quarter valued at approximately $150,772,000. Dimensional Fund Advisors LP raised its stake in shares of Cabot by 4.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,742,782 shares of the specialty chemicals company’s stock valued at $131,253,000 after purchasing an additional 79,499 shares in the last quarter. Finally, Sei Investments Co. raised its stake in shares of Cabot by 6.5% in the first quarter. Sei Investments Co. now owns 1,051,578 shares of the specialty chemicals company’s stock valued at $79,194,000 after purchasing an additional 64,122 shares in the last quarter. Institutional investors and hedge funds own 93.18% of the company’s stock.

Cabot Company Profile

Cabot Corporation (NYSE: CBT) is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts. The company develops and manufactures materials used to improve the performance, durability, conductivity, color and purity of products across a range of industries.

Cabot’s products include carbon black used in tires, rubber goods, coatings, plastics and printing inks; specialty carbons and conductive materials for batteries and other applications; and specialty compounds and masterbatches.