Algert Global LLC Lowers Stake in Cabot Co. (NYSE:CBT)

Algert Global LLC lessened its holdings in Cabot Co. (NYSE:CBT) by 24.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 28,962 shares of the specialty chemicals company’s stock after selling 9,247 shares during the quarter. Algert Global LLC owned about 0.05% of Cabot worth $2,661,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CBT. Mackenzie Financial Corp boosted its position in shares of Cabot by 109.2% in the 2nd quarter. Mackenzie Financial Corp now owns 7,442 shares of the specialty chemicals company’s stock worth $684,000 after purchasing an additional 3,885 shares in the last quarter. Daymark Wealth Partners LLC raised its stake in Cabot by 5.7% during the second quarter. Daymark Wealth Partners LLC now owns 14,355 shares of the specialty chemicals company’s stock valued at $1,319,000 after buying an additional 768 shares during the last quarter. Deerfield Management Company L.P. Series C bought a new stake in Cabot in the second quarter worth $819,000. Earnest Partners LLC grew its stake in shares of Cabot by 2.4% in the second quarter. Earnest Partners LLC now owns 3,363,398 shares of the specialty chemicals company’s stock worth $309,063,000 after acquiring an additional 80,096 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of Cabot by 11.9% during the second quarter. AQR Capital Management LLC now owns 211,644 shares of the specialty chemicals company’s stock valued at $19,448,000 after acquiring an additional 22,566 shares in the last quarter. Institutional investors own 93.18% of the company’s stock.

Insider Buying and Selling at Cabot

In other Cabot news, EVP Jeff Ji Zhu sold 1,201 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $106.19, for a total transaction of $127,534.19. Following the completion of the sale, the executive vice president now directly owns 96,000 shares in the company, valued at approximately $10,194,240. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Jeff Ji Zhu sold 1,201 shares of Cabot stock in a transaction on Monday, August 26th. The shares were sold at an average price of $106.19, for a total transaction of $127,534.19. Following the transaction, the executive vice president now owns 96,000 shares in the company, valued at approximately $10,194,240. The sale 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 company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $100.58, for a total value 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 71,939 shares of company stock valued at $7,308,812. 3.07% of the stock is owned by company insiders.

Cabot Price Performance

CBT opened at $110.87 on Wednesday. The company’s 50-day simple moving average is $101.93 and its two-hundred day simple moving average is $97.81. 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 stock has a market capitalization of $6.13 billion, a P/E ratio of 14.03, a P/E/G ratio of 1.01 and a beta of 1.19. Cabot Co. has a 52-week low of $65.10 and a 52-week high of $113.12.

Cabot (NYSE:CBT) last issued its quarterly earnings data on Monday, August 5th. The specialty chemicals company reported $1.92 earnings per share 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 company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the prior year, the firm earned $1.42 earnings per share. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. As a group, analysts predict that Cabot Co. will post 7.07 EPS for the current year.

Cabot Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were given a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date of this dividend was Friday, August 30th. Cabot’s dividend payout ratio (DPR) is presently 21.77%.

Analyst Upgrades and Downgrades

CBT has been the topic of a number of analyst reports. UBS Group dropped their price target 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. JPMorgan Chase & Co. increased their price target on shares of Cabot from $95.00 to $105.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, StockNews.com downgraded shares of Cabot from a “strong-buy” rating to a “buy” rating in a research report on Monday, June 24th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average 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.