Virginia Retirement Systems ET AL Invests $218,000 in Cabot Corp (CBT) Stock
Virginia Retirement Systems ET AL acquired a new stake in Cabot Corp (NYSE:CBT) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 3,900 shares of the specialty chemicals company’s stock, valued at approximately $218,000.
Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of Cabot by 7.2% during the 2nd quarter. BlackRock Inc. now owns 7,544,005 shares of the specialty chemicals company’s stock worth $403,077,000 after buying an additional 505,594 shares during the last quarter. LSV Asset Management increased its holdings in shares of Cabot by 1.5% during the 2nd quarter. LSV Asset Management now owns 3,059,449 shares of the specialty chemicals company’s stock worth $163,466,000 after buying an additional 43,976 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its holdings in shares of Cabot by 9.4% during the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 1,780,692 shares of the specialty chemicals company’s stock worth $99,363,000 after buying an additional 152,988 shares during the last quarter. State Street Corp increased its holdings in shares of Cabot by 5.1% during the 2nd quarter. State Street Corp now owns 1,751,827 shares of the specialty chemicals company’s stock worth $93,598,000 after buying an additional 84,905 shares during the last quarter. Finally, Earnest Partners LLC increased its holdings in shares of Cabot by 41.8% during the 2nd quarter. Earnest Partners LLC now owns 1,491,521 shares of the specialty chemicals company’s stock worth $79,692,000 after buying an additional 439,350 shares during the last quarter. Institutional investors own 84.84% of the company’s stock.
Cabot Corp (CBT) opened at $57.54 on Thursday. The company has a current ratio of 1.70, a quick ratio of 1.17 and a debt-to-equity ratio of 0.41. The firm has a market cap of $3,589.36, a P/E ratio of 16.89, a P/E/G ratio of 1.53 and a beta of 1.11. Cabot Corp has a 1 year low of $50.21 and a 1 year high of $64.66.
Cabot (NYSE:CBT) last posted its quarterly earnings data on Tuesday, October 31st. The specialty chemicals company reported $0.91 earnings per share for the quarter, missing the Zacks’ consensus estimate 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 had a return on equity of 15.11% and a net margin of 8.87%. The business’s revenue for the quarter was up 16.8% on a year-over-year basis. During the same period in the previous year, the business posted $1.00 EPS. analysts expect that Cabot Corp will post 3.78 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 8th. Investors of record on Friday, November 24th were given a dividend of $0.315 per share. The ex-dividend date of this dividend was Wednesday, November 22nd. This represents a $1.26 dividend on an annualized basis and a dividend yield of 2.19%. Cabot’s payout ratio is currently 33.07%.
A number of analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Cabot from a “sell” rating to a “hold” rating in a report on Wednesday, August 16th. KeyCorp restated a “hold” rating on shares of Cabot in a report on Wednesday, November 1st. Jefferies Group restated a “buy” rating and set a $74.00 price target on shares of Cabot in a report on Friday, November 3rd. Finally, Loop Capital began coverage on shares of Cabot in a report on Thursday, September 28th. They set a “hold” rating and a $59.00 price target for the company. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $61.14.
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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