Comerica Bank Boosts Position in Cabot Corporation (CBT)
Comerica Bank boosted its holdings in shares of Cabot Corporation (NYSE:CBT) by 6.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 102,572 shares of the specialty chemicals company’s stock after purchasing an additional 6,259 shares during the period. Comerica Bank owned about 0.17% of Cabot Corporation worth $6,172,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. BlackRock Inc. lifted its position in Cabot Corporation by 7.2% during the second quarter. BlackRock Inc. now owns 7,544,005 shares of the specialty chemicals company’s stock valued at $403,077,000 after purchasing an additional 505,594 shares during the period. LSV Asset Management lifted its position in Cabot Corporation by 1.5% during the second quarter. LSV Asset Management now owns 3,059,449 shares of the specialty chemicals company’s stock valued at $163,466,000 after purchasing an additional 43,976 shares during the period. State Street Corp lifted its position in Cabot Corporation by 5.1% during the second quarter. State Street Corp now owns 1,751,827 shares of the specialty chemicals company’s stock valued at $93,598,000 after purchasing an additional 84,905 shares during the period. Earnest Partners LLC lifted its position in Cabot Corporation by 41.8% during the second quarter. Earnest Partners LLC now owns 1,491,521 shares of the specialty chemicals company’s stock valued at $79,692,000 after purchasing an additional 439,350 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Cabot Corporation by 7.7% during the second quarter. Dimensional Fund Advisors LP now owns 1,443,849 shares of the specialty chemicals company’s stock valued at $77,144,000 after purchasing an additional 103,005 shares during the period. Institutional investors own 84.77% of the company’s stock.
CBT has been the subject of a number of research reports. Loop Capital initiated coverage on shares of Cabot Corporation in a research report on Thursday, September 28th. They set a “hold” rating and a $59.00 target price for the company. Zacks Investment Research downgraded shares of Cabot Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, November 7th. ValuEngine downgraded shares of Cabot Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. J P Morgan Chase & Co upgraded shares of Cabot Corporation from a “neutral” rating to an “overweight” rating and set a $57.00 price objective for the company in a research report on Tuesday, August 15th. Finally, BidaskClub downgraded shares of Cabot Corporation from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Cabot Corporation currently has an average rating of “Hold” and a consensus target price of $61.14.
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In other news, insider Hobart Kalkstein sold 3,881 shares of the business’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $53.39, for a total transaction of $207,206.59. Following the completion of the sale, the insider now owns 27,736 shares of the company’s stock, valued at $1,480,825.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.50% of the stock is owned by insiders.
Shares of Cabot Corporation (NYSE:CBT) opened at $60.59 on Tuesday. The company has a market cap of $3,746.48, a PE ratio of 17.65, a PEG ratio of 1.60 and a beta of 1.11. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.17 and a current ratio of 1.70. Cabot Corporation has a one year low of $50.21 and a one year high of $64.66.
Cabot Corporation (NYSE:CBT) last released its earnings results on Tuesday, October 31st. The specialty chemicals company reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). The company had revenue of $723.00 million for the quarter, compared to analysts’ expectations of $683.30 million. Cabot Corporation had a return on equity of 15.11% and a net margin of 8.87%. The firm’s revenue for the quarter was up 16.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.00 EPS. research analysts forecast that Cabot Corporation will post 3.78 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, November 24th will be paid a dividend of $0.315 per share. The ex-dividend date is Wednesday, November 22nd. This represents a $1.26 dividend on an annualized basis and a dividend yield of 2.08%. Cabot Corporation’s dividend payout ratio is currently 33.07%.
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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