State of Michigan Retirement System increased its stake in shares of Cabot Co. (NYSE:CBT – Free Report) by 2.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission on Form 13F. The institutional investor owned 13,565 shares of the specialty chemicals company after acquiring an additional 300 shares during the same period. State of Michigan Retirement System’s holdings in Cabot were worth $1,251,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their holdings of CBT. EverSource Wealth Advisors LLC increased its holdings in shares of Cabot by 143.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 333 shares of the specialty chemicals company’s stock worth $28,000 after buying an additional 196 shares in the last quarter. Arlington Trust Co LLC acquired a new position in shares of Cabot in the fourth quarter valued at about $34,000. Hexagon Capital Partners LLC increased its holdings in shares of Cabot by 81.8% in the fourth quarter. Hexagon Capital Partners LLC now owns 460 shares of the specialty chemicals company’s stock worth $38,000 after buying an additional 207 shares in the last quarter. SRS Capital Advisors Inc. increased its holdings in shares of Cabot by 372.0% in the fourth quarter. SRS Capital Advisors Inc. now owns 505 shares of the specialty chemicals company’s stock worth $42,000 after buying an additional 398 shares in the last quarter. Finally, GAMMA Investing LLC acquired a new position in shares of Cabot in the fourth quarter valued at about $44,000. 93.18% of the shares are owned by hedge funds and other institutional investors.
Cabot shares down 1.6%
Shares of NYSE:CBT opened at $88.37 on Friday. The company has a 50-day moving average price of $97.62 and a 200-day moving average price of $88.96. The company has a current ratio of 2.24, a quick ratio of 1.47 and a debt-to-equity ratio of 0.72. The company has a market cap of $4.88 billion, a price-to-earnings ratio of 11.19, a PEG ratio of 0.89 and a beta of 1.20. Cabot Co. has a 12-month low of $64.15 and a 12-month high of $103.49.
Cabot (NYSE:CBT – Get Free Report) last released its quarterly earnings results on Monday, May 6. The specialty chemicals company reported earnings per share (EPS) of $1.78 for the quarter, beating analysts’ consensus estimates of $1.66 by $0.12. Cabot had a return on equity of 26.21% and a net margin of 11.51%. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same period last year, the company generated earnings per share of $1.33. The company’s quarterly revenue declined 1.4% year-over-year. Sell-side analysts expect Cabot Co. to report earnings per share of $6.78 for the current year.
Cabot increases dividend
The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were paid a dividend of $0.43 per share. This represents an annualized dividend of $1.72 and a yield of 1.95%. This is an increase from Cabot’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, May 31st. Cabot’s dividend payout ratio (DPR) is 21.77%.
Upgrades and downgrades by analysts
Several equities analysts have recently commented on CBT shares. UBS Group increased their price target on shares of Cabot from $100.00 to $103.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 7th. Mizuho increased their price target on shares of Cabot from $104.00 to $109.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. StockNews.com downgraded Cabot from a “strong buy” rating to a “buy” rating in a report on Monday, June 24th. Finally, Deutsche Bank Aktiengesellschaft downgraded Cabot from a “buy” rating to a “hold” rating and increased their price target on the stock from $88.00 to $95.00 in a research note on Thursday, April 18th. Three analysts have rated the stock with a hold rating and three have given a buy rating. According to data from MarketBeat, Cabot currently has an average rating of Moderate Buy and an average price target of $91.80.
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Insider activities at Cabot
In related news, SVP Karen A. Kalita sold 13,764 shares of the company’s stock in a transaction that occurred on Friday, May 10. The shares were sold at an average price of $101.73, for a total transaction of $1,400,211.72. Following the completion of the transaction, the senior vice president now directly owns 34,312 shares of the company’s stock, valued at approximately $3,490,559.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.07% of the shares are currently owned by company insiders.
Cabot company profile
(Free report)
Cabot Corporation is a specialty chemicals and performance materials company. The company operates in two segments: Reinforcing Materials and Performance Chemicals. It offers reinforcing carbons used in tires as rubber reinforcing agents and performance additives, as well as in industrial products such as hoses, belts, extruded profiles and molded parts, and engineered elastomer composite solutions.
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