Point72 DIFC Ltd Sells 1,608 Shares of Cabot Co. (NYSE:CBT)

Point72 DIFC Ltd decreased its position in shares of Cabot Co. (NYSE:CBT) by 59.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,102 shares of the specialty chemicals company’s stock after selling 1,608 shares during the quarter. Point72 DIFC Ltd’s holdings in Cabot were worth $101,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in CBT. Sanctuary Advisors LLC bought a new position in shares of Cabot during the 2nd quarter worth about $928,000. Creative Planning raised its position in Cabot by 24.7% in the 2nd quarter. Creative Planning now owns 10,614 shares of the specialty chemicals company’s stock valued at $975,000 after buying an additional 2,103 shares during the last quarter. Mackenzie Financial Corp lifted its stake in Cabot by 109.2% during the 2nd quarter. Mackenzie Financial Corp now owns 7,442 shares of the specialty chemicals company’s stock valued at $684,000 after acquiring an additional 3,885 shares in the last quarter. Daymark Wealth Partners LLC raised its holdings in shares of Cabot by 5.7% in 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 purchasing an additional 768 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C bought a new position in shares of Cabot during the second quarter valued at about $819,000. 93.18% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Jeff Ji Zhu sold 1,201 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 96,000 shares of the company’s stock, valued at $10,194,240. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Sean D. Keohane sold 25,617 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $101.55, for a total value of $2,601,406.35. Following the sale, the chief executive officer now directly owns 331,174 shares of the company’s stock, valued at $33,630,719.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jeff Ji Zhu sold 1,201 shares of the business’s stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 96,000 shares of the company’s stock, valued at approximately $10,194,240. The disclosure for this sale can be found here. In the last quarter, insiders have sold 71,939 shares of company stock valued at $7,308,812. Corporate insiders own 3.07% of the company’s stock.

Wall Street Analyst Weigh In

CBT has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Cabot from $95.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. UBS Group decreased their price target on Cabot from $103.00 to $98.00 and set a “neutral” rating for the company in a research report on Tuesday, August 6th. Finally, StockNews.com downgraded Cabot from a “strong-buy” rating to a “buy” rating in a research note on Monday, June 24th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cabot has an average rating of “Hold” and an average target price of $101.75.

Cabot Price Performance

Shares of NYSE CBT opened at $110.87 on Wednesday. The company has a current ratio of 2.22, a quick ratio of 1.45 and a debt-to-equity ratio of 0.72. The firm has a market cap of $6.13 billion, a price-to-earnings ratio of 14.03, a price-to-earnings-growth ratio of 1.01 and a beta of 1.19. Cabot Co. has a 1-year low of $65.10 and a 1-year high of $113.12. The stock has a fifty day simple moving average of $101.93 and a two-hundred day simple moving average of $97.81.

Cabot (NYSE:CBT) last posted its quarterly earnings results on Monday, August 5th. The specialty chemicals company reported $1.92 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $1 billion. During the same quarter in the previous year, the firm posted $1.42 earnings per share. The company’s quarterly revenue was up 5.0% compared to the same quarter last year. Analysts anticipate that Cabot Co. will post 7.07 earnings per share for the current year.

Cabot Announces Dividend

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

Cabot Profile

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.