Mutual of America Capital Management LLC Decreases Holdings in Cabot Co. (NYSE:CBT)

Mutual of America Capital Management LLC trimmed its holdings in shares of Cabot Co. (NYSE:CBT) by 4.2% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 31,639 shares of the specialty chemicals company’s stock after selling 1,388 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Cabot were worth $2,907,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CBT. Norges Bank purchased a new stake in Cabot in the 4th quarter worth about $41,471,000. Sei Investments Co. raised its position in Cabot by 33.9% in the 4th quarter. Sei Investments Co. now owns 812,614 shares of the specialty chemicals company’s stock worth $67,854,000 after purchasing an additional 205,582 shares during the period. Assenagon Asset Management S.A. raised its position in Cabot by 571.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 127,116 shares of the specialty chemicals company’s stock worth $11,681,000 after purchasing an additional 108,197 shares during the period. Capital Research Global Investors raised its position in Cabot by 22.9% in the 1st quarter. Capital Research Global Investors now owns 521,486 shares of the specialty chemicals company’s stock worth $48,081,000 after purchasing an additional 97,101 shares during the period. Finally, Eventide Asset Management LLC purchased a new stake in Cabot in the 4th quarter worth about $6,919,000. 93.18% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Hobart Kalkstein sold 5,457 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $100.58, for a total transaction of $548,865.06. Following the completion of the sale, the executive vice president now owns 61,688 shares of the company’s stock, valued at $6,204,579.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Sean D. Keohane sold 25,617 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $101.55, for a total transaction of $2,601,406.35. Following the completion of the sale, the chief executive officer now owns 331,174 shares of the company’s stock, valued at $33,630,719.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Hobart Kalkstein sold 5,457 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $100.58, for a total transaction of $548,865.06. Following the sale, the executive vice president now directly owns 61,688 shares of the company’s stock, valued at approximately $6,204,579.04. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 71,939 shares of company stock worth $7,308,812. Corporate insiders own 3.07% of the company’s stock.

Cabot Price Performance

NYSE CBT opened at $110.22 on Wednesday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.45 and a current ratio of 2.22. The firm’s 50 day moving average price is $100.60 and its 200-day moving average price is $97.00. Cabot Co. has a 52-week low of $65.10 and a 52-week high of $111.64. The company has a market cap of $6.09 billion, a PE ratio of 13.95, a P/E/G ratio of 0.94 and a beta of 1.19.

Cabot (NYSE:CBT) last released its quarterly earnings data on Monday, August 5th. The specialty chemicals company reported $1.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.20. Cabot had a net margin of 12.05% and a return on equity of 26.99%. The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1 billion. During the same period last year, the firm earned $1.42 earnings per share. The company’s quarterly revenue was up 5.0% on a year-over-year basis. Sell-side analysts forecast that Cabot Co. will post 7.07 EPS for the current fiscal year.

Cabot Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were paid a dividend of $0.43 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.56%. Cabot’s dividend payout ratio is presently 21.77%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. StockNews.com lowered shares of Cabot from a “strong-buy” rating to a “buy” rating in a research report on Monday, June 24th. JPMorgan Chase & Co. upped their target price on shares of Cabot from $95.00 to $105.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, UBS Group dropped their target price on shares of Cabot from $103.00 to $98.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 6th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cabot has a consensus rating of “Hold” and a consensus price target of $101.75.

About Cabot

Cabot Corporation operates as a specialty chemicals and performance materials company. The company operates through two segments, Reinforcement Materials and Performance Chemicals. It offers reinforcing carbons that are 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 engineered elastomer composites solutions.