Mutual of America Capital Management LLC Sells 2,008 Shares of Cabot Co. (NYSE:CBT)

Mutual of America Capital Management LLC lessened its position in shares of Cabot Co. (NYSE:CBT) by 6.3% in the third quarter, Holdings Channel.com reports. The institutional investor owned 29,631 shares of the specialty chemicals company’s stock after selling 2,008 shares during the period. Mutual of America Capital Management LLC’s holdings in Cabot were worth $3,312,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Eastern Bank lifted its stake in shares of Cabot by 577.1% in the 3rd quarter. Eastern Bank now owns 269,270 shares of the specialty chemicals company’s stock valued at $30,096,000 after purchasing an additional 229,500 shares during the period. Fiera Capital Corp bought a new stake in Cabot in the third quarter worth approximately $19,643,000. Copeland Capital Management LLC lifted its stake in Cabot by 30.4% in the third quarter. Copeland Capital Management LLC now owns 626,253 shares of the specialty chemicals company’s stock valued at $69,996,000 after buying an additional 146,179 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of Cabot by 571.9% during 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 buying an additional 108,197 shares in the last quarter. Finally, Earnest Partners LLC grew its position in shares of Cabot by 2.4% during the 2nd quarter. Earnest Partners LLC now owns 3,363,398 shares of the specialty chemicals company’s stock worth $309,063,000 after buying an additional 80,096 shares during the period. Institutional investors and hedge funds own 93.18% of the company’s stock.

Analysts Set New Price Targets

CBT has been the topic of a number of research reports. Mizuho boosted their target price on shares of Cabot from $103.00 to $122.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. UBS Group cut their price objective on shares of Cabot from $103.00 to $98.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. lowered Cabot from a “neutral” rating to an “underweight” rating and set a $105.00 target price for the company. in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Cabot has an average rating of “Hold” and an average price target of $105.00.

Cabot Stock Performance

CBT opened at $110.36 on Friday. Cabot Co. has a 1-year low of $70.63 and a 1-year high of $117.46. The company has a market cap of $6.05 billion, a price-to-earnings ratio of 16.37, a PEG ratio of 0.92 and a beta of 1.20. The company’s fifty day moving average price is $110.70 and its two-hundred day moving average price is $102.55. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.68.

Cabot (NYSE:CBT) last posted its earnings results on Monday, November 4th. The specialty chemicals company reported $1.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.81 by ($0.01). The business had revenue of $1 billion during the quarter, compared to analyst estimates of $1.01 billion. Cabot had a return on equity of 26.60% and a net margin of 9.51%. The company’s revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.65 EPS. On average, analysts expect that Cabot Co. will post 7.68 EPS for the current fiscal year.

Cabot Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a dividend of $0.43 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.72 annualized dividend and a yield of 1.56%. Cabot’s dividend payout ratio (DPR) is currently 25.52%.

Insider Activity at Cabot

In related news, EVP Hobart Kalkstein sold 34,759 shares of Cabot stock in a transaction on Monday, November 11th. The stock was sold at an average price of $115.23, for a total transaction of $4,005,279.57. Following the sale, the executive vice president now directly owns 50,627 shares in the company, valued at approximately $5,833,749.21. This trade represents a 40.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sean D. Keohane sold 25,617 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $101.55, for a total value of $2,601,406.35. Following the completion of the transaction, the chief executive officer now directly owns 331,174 shares in the company, valued at approximately $33,630,719.70. This represents a 7.18 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 93,398 shares of company stock valued at $10,188,968. 3.07% of the stock is owned by insiders.

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.