PNC Financial Services Group Inc. boosted its position in shares of Cabot Corporation (NYSE:CBT) by 427.5% during the first quarter, Holdings Channel reports. The fund owned 9,447 shares of the specialty chemicals company’s stock after buying an additional 7,656 shares during the period. PNC Financial Services Group Inc.’s holdings in Cabot Corporation were worth $565,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Hillcrest Asset Management LLC boosted its position in shares of Cabot Corporation by 8.1% in the first quarter. Hillcrest Asset Management LLC now owns 155,987 shares of the specialty chemicals company’s stock worth $9,345,000 after buying an additional 11,660 shares during the last quarter. Breton Hill Capital Ltd. boosted its position in shares of Cabot Corporation by 81.9% in the first quarter. Breton Hill Capital Ltd. now owns 37,848 shares of the specialty chemicals company’s stock worth $2,267,000 after buying an additional 17,036 shares during the last quarter. Acadian Asset Management LLC boosted its position in shares of Cabot Corporation by 188.2% in the first quarter. Acadian Asset Management LLC now owns 138,555 shares of the specialty chemicals company’s stock worth $8,303,000 after buying an additional 90,484 shares during the last quarter. Nationwide Fund Advisors boosted its position 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 during the last quarter. Finally, James Investment Research Inc. purchased a new position in shares of Cabot Corporation during the first quarter worth approximately $304,000. 85.53% of the stock is owned by institutional investors and hedge funds.

Shares of Cabot Corporation (NYSE CBT) opened at 53.86 on Friday. The company has a 50 day moving average price of $52.72 and a 200 day moving average price of $55.51. Cabot Corporation has a 12-month low of $43.95 and a 12-month high of $61.34. The firm has a market cap of $3.36 billion, a PE ratio of 14.42 and a beta of 1.05.

Cabot Corporation (NYSE:CBT) last issued its quarterly earnings data on Monday, May 1st. The specialty chemicals company reported $0.87 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.85 by $0.02. Cabot Corporation had a return on equity of 16.83% and a net margin of 9.33%. The firm had revenue of $678 million during the quarter, compared to the consensus estimate of $637.57 million. During the same period in the previous year, the firm posted $0.70 EPS. The company’s quarterly revenue was up 19.4% compared to the same quarter last year. On average, analysts forecast that Cabot Corporation will post $3.47 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 9th. Investors of record on Friday, May 26th were given a dividend of $0.315 per share. This is an increase from Cabot Corporation’s previous quarterly dividend of $0.30. This represents a $1.26 annualized dividend and a dividend yield of 2.34%. The ex-dividend date was Wednesday, May 24th. Cabot Corporation’s payout ratio is currently 33.69%.

TRADEMARK VIOLATION NOTICE: “PNC Financial Services Group Inc. Buys 7,656 Shares of Cabot Corporation (CBT)” was first published by Watch List News and is the property of of Watch List News. If you are accessing this article on another domain, it was stolen and republished in violation of U.S. & international copyright law. The original version of this article can be viewed at https://www.watchlistnews.com/pnc-financial-services-group-inc-buys-7656-shares-of-cabot-corporation-cbt/1424433.html.

A number of equities analysts have commented on the company. Zacks Investment Research raised Cabot Corporation from a “hold” rating to a “buy” rating and set a $68.00 target price for the company in a report on Friday, April 28th. Jefferies Group LLC reissued a “buy” rating and set a $68.00 target price on shares of Cabot Corporation in a report on Friday, March 24th. SunTrust Banks, Inc. assumed coverage on Cabot Corporation in a report on Tuesday, April 18th. They set a “buy” rating and a $56.00 target price for the company. BidaskClub raised Cabot Corporation from a “sell” rating to a “hold” rating in a report on Friday, June 16th. Finally, Aegis reissued a “hold” rating on shares of Cabot Corporation in a report on Wednesday, May 31st. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $61.00.

About Cabot Corporation

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.

Want to see what other hedge funds are holding CBT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cabot Corporation (NYSE:CBT).

Institutional Ownership by Quarter for Cabot Corporation (NYSE:CBT)

Receive News & Ratings for Cabot Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cabot Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.