Cabot (NYSE:CBT – Free Report) had its price target cut by Mizuho from $122.00 to $110.00 in a research report released on Tuesday,Benzinga reports. They currently have an outperform rating on the specialty chemicals company’s stock.
Separately, JPMorgan Chase & Co. cut 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 given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $102.00.
Read Our Latest Report on Cabot
Cabot Price Performance
Cabot (NYSE:CBT – Get Free Report) last released 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). Cabot had a net margin of 9.51% and a return on equity of 26.60%. The firm had revenue of $1 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter last year, the firm posted $1.65 EPS. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. Research analysts expect that Cabot will post 7.67 EPS for the current fiscal year.
Cabot announced that its Board of Directors has initiated a stock buyback program on Tuesday, December 3rd that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the specialty chemicals company to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
Cabot Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were given a dividend of $0.43 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.96%. Cabot’s payout ratio is 25.52%.
Insider Activity at Cabot
In other Cabot news, EVP Jeff Ji Zhu sold 14,566 shares of the stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $113.25, for a total transaction of $1,649,599.50. Following the completion of the transaction, the executive vice president now owns 69,449 shares in the company, valued at $7,865,099.25. This trade represents a 17.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Hobart Kalkstein sold 34,759 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $115.23, for a total transaction of $4,005,279.57. Following the transaction, the executive vice president now owns 50,627 shares of the company’s stock, valued at $5,833,749.21. This trade represents a 40.71 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 50,190 shares of company stock valued at $5,751,534. Insiders own 3.07% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in CBT. Barclays PLC increased its stake in Cabot by 103.9% during the third quarter. Barclays PLC now owns 113,614 shares of the specialty chemicals company’s stock worth $12,699,000 after acquiring an additional 57,907 shares during the last quarter. Franklin Resources Inc. purchased a new position in shares of Cabot in the 3rd quarter worth approximately $654,000. Orion Portfolio Solutions LLC bought a new position in shares of Cabot during the 3rd quarter valued at approximately $609,000. Oppenheimer Asset Management Inc. raised its holdings in Cabot by 24.0% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 42,240 shares of the specialty chemicals company’s stock valued at $3,881,000 after buying an additional 8,175 shares during the period. Finally, Earnest Partners LLC boosted its stake in Cabot by 2.4% during the second 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 own 93.18% of the company’s stock.
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.
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