Earnest Partners LLC increased its position in Cabot Corp (NYSE:CBT) by 57.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,382,366 shares of the specialty chemicals company’s stock after buying an additional 873,528 shares during the quarter. Cabot comprises approximately 1.0% of Earnest Partners LLC’s holdings, making the stock its 23rd largest position. Earnest Partners LLC’s holdings in Cabot were worth $113,663,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in CBT. Twin Tree Management LP purchased a new stake in shares of Cabot during the first quarter valued at $30,000. Synovus Financial Corp purchased a new stake in shares of Cabot during the first quarter valued at $30,000. Machina Capital S.A.S. lifted its holdings in shares of Cabot by 409.2% during the second quarter. Machina Capital S.A.S. now owns 998 shares of the specialty chemicals company’s stock valued at $48,000 after purchasing an additional 802 shares during the last quarter. Bremer Bank National Association purchased a new stake in shares of Cabot during the first quarter valued at $53,000. Finally, Coastal Investment Advisors Inc. purchased a new stake in shares of Cabot during the second quarter valued at $57,000. Institutional investors and hedge funds own 85.87% of the company’s stock.
CBT has been the subject of several analyst reports. JPMorgan Chase & Co. reduced their target price on Cabot from $50.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, August 13th. TheStreet downgraded Cabot from a “b-” rating to a “c+” rating in a report on Wednesday, August 14th. Northcoast Research set a $45.00 target price on Cabot and gave the company a “buy” rating in a report on Wednesday, August 7th. Zacks Investment Research downgraded Cabot from a “hold” rating to a “sell” rating and set a $42.00 target price for the company. in a report on Friday, August 9th. Finally, Loop Capital downgraded Cabot from a “buy” rating to a “hold” rating and reduced their target price for the company from $69.00 to $41.00 in a report on Monday, August 5th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $48.80.
Shares of Cabot stock opened at $47.82 on Friday. The stock has a 50-day moving average price of $40.75 and a 200 day moving average price of $43.92. The company has a market cap of $2.71 billion, a P/E ratio of 11.87, a P/E/G ratio of 1.15 and a beta of 1.50. The company has a current ratio of 2.07, a quick ratio of 1.27 and a debt-to-equity ratio of 0.83. Cabot Corp has a 1 year low of $37.11 and a 1 year high of $66.00.
Cabot (NYSE:CBT) last announced its quarterly earnings data on Monday, August 5th. The specialty chemicals company reported $1.00 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.00. The firm had revenue of $845.00 million during the quarter, compared to the consensus estimate of $858.86 million. Cabot had a return on equity of 18.60% and a net margin of 6.49%. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.06 EPS. On average, equities analysts forecast that Cabot Corp will post 3.98 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.93%. The ex-dividend date of this dividend is Thursday, August 29th. Cabot’s dividend payout ratio is currently 34.74%.
Cabot Company Profile
Cabot Corporation operates as a specialty chemicals and performance materials company. The company offers rubber grade carbon blacks used in tires as a rubber reinforcing agent and performance additive, as well as in industrial products, such as hoses, belts, extruded profiles, and molded goods; and compounds of carbon black and rubber.
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