Cabot Corporation (CBT) Position Decreased by Prudential Financial Inc.
Prudential Financial Inc. lowered its position in shares of Cabot Corporation (NYSE:CBT) by 19.3% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 584,370 shares of the specialty chemicals company’s stock after selling 139,811 shares during the period. Prudential Financial Inc. owned about 0.94% of Cabot Corporation worth $31,223,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of CBT. Nationwide Fund Advisors boosted its stake in shares of Cabot Corporation by 0.4% in the first quarter. Nationwide Fund Advisors now owns 106,934 shares of the specialty chemicals company’s stock worth $6,406,000 after buying an additional 458 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its stake in shares of Cabot Corporation by 1.4% in the first quarter. Oregon Public Employees Retirement Fund now owns 21,860 shares of the specialty chemicals company’s stock worth $1,310,000 after buying an additional 300 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Cabot Corporation by 11.2% in the first quarter. Wells Fargo & Company MN now owns 122,954 shares of the specialty chemicals company’s stock worth $7,367,000 after buying an additional 12,361 shares in the last quarter. Great West Life Assurance Co. Can boosted its stake in shares of Cabot Corporation by 4.8% in the first quarter. Great West Life Assurance Co. Can now owns 37,019 shares of the specialty chemicals company’s stock worth $2,217,000 after buying an additional 1,693 shares in the last quarter. Finally, State Treasurer State of Michigan boosted its stake in shares of Cabot Corporation by 0.8% in the first quarter. State Treasurer State of Michigan now owns 25,280 shares of the specialty chemicals company’s stock worth $1,515,000 after buying an additional 200 shares in the last quarter. Institutional investors and hedge funds own 84.29% of the company’s stock.
Cabot Corporation (CBT) opened at 53.43 on Friday. The company’s 50-day moving average price is $53.01 and its 200-day moving average price is $55.19. The firm has a market capitalization of $3.32 billion, a price-to-earnings ratio of 14.97 and a beta of 1.09. Cabot Corporation has a 12-month low of $47.99 and a 12-month high of $61.34.
Cabot Corporation (NYSE:CBT) last issued its quarterly earnings results on Tuesday, August 1st. The specialty chemicals company reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.85 by $0.04. Cabot Corporation had a net margin of 8.61% and a return on equity of 16.03%. The firm had revenue of $705 million for the quarter, compared to analyst estimates of $664.16 million. During the same period last year, the company earned $0.93 EPS. The company’s revenue was up 13.5% compared to the same quarter last year. Equities analysts expect that Cabot Corporation will post $3.45 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 25th will be paid a $0.315 dividend. This represents a $1.26 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Wednesday, August 23rd. Cabot Corporation’s payout ratio is 35.29%.
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A number of equities research analysts recently weighed in on CBT shares. Zacks Investment Research cut shares of Cabot Corporation from a “buy” rating to a “hold” rating in a research note on Friday, May 5th. Northcoast Research raised Cabot Corporation from a “neutral” rating to a “buy” rating and set a $63.00 target price on the stock in a report on Wednesday, May 24th. Aegis reaffirmed a “hold” rating on shares of Cabot Corporation in a report on Wednesday, May 31st. Jefferies Group LLC set a $68.00 target price on Cabot Corporation and gave the stock a “buy” rating in a report on Thursday, June 8th. Finally, BidaskClub raised Cabot Corporation from a “sell” rating to a “hold” rating in a report on Friday, June 16th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Cabot Corporation currently has a consensus rating of “Buy” and a consensus target price of $60.50.
Cabot Corporation Company Profile
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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