Cabot Co. (NYSE:CBT) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System lessened its position in Cabot Co. (NYSE:CBT) by 1.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 80,395 shares of the specialty chemicals company’s stock after selling 1,000 shares during the period. New York State Teachers Retirement System’s holdings in Cabot were worth $7,387,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Earnest Partners LLC raised its holdings in shares of Cabot by 0.6% during the first quarter. Earnest Partners LLC now owns 3,283,302 shares of the specialty chemicals company’s stock valued at $302,720,000 after buying an additional 19,276 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Cabot by 2.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,313,254 shares of the specialty chemicals company’s stock worth $109,664,000 after purchasing an additional 32,735 shares in the last quarter. Sei Investments Co. lifted its holdings in shares of Cabot by 6.1% in the first quarter. Sei Investments Co. now owns 862,081 shares of the specialty chemicals company’s stock valued at $79,484,000 after buying an additional 49,467 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Cabot by 0.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 674,627 shares of the specialty chemicals company’s stock valued at $56,331,000 after purchasing an additional 5,831 shares in the last quarter. Finally, Capital Research Global Investors grew its position in Cabot by 22.9% in the first quarter. Capital Research Global Investors now owns 521,486 shares of the specialty chemicals company’s stock worth $48,081,000 after buying an additional 97,101 shares during the last quarter. 93.18% of the stock is currently owned by institutional investors.

Insider Activity

In other Cabot news, EVP Hobart Kalkstein sold 5,457 shares of the company’s stock in a transaction dated 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 directly owns 61,688 shares in the company, valued at $6,204,579.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Hobart Kalkstein sold 5,457 shares of the firm’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $100.58, for a total value of $548,865.06. Following the sale, the executive vice president now owns 61,688 shares in the company, valued at $6,204,579.04. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Erica Mclaughlin sold 23,274 shares of the stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $99.79, for a total transaction of $2,322,512.46. Following the completion of the sale, the chief financial officer now directly owns 59,814 shares of the company’s stock, valued at $5,968,839.06. The disclosure for this sale can be found here. Insiders own 3.07% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CBT. UBS Group dropped their price target on 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. boosted their target price on shares of Cabot from $95.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Mizuho raised their target price on Cabot from $104.00 to $109.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Finally, StockNews.com cut Cabot from a “strong-buy” rating to a “buy” rating in a research note on Monday, June 24th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, Cabot presently has a consensus rating of “Hold” and a consensus target price of $101.75.

Cabot Trading Up 2.8 %

NYSE:CBT opened at $104.24 on Monday. The company has a market capitalization of $5.76 billion, a P/E ratio of 13.19, a P/E/G ratio of 0.96 and a beta of 1.20. The stock’s 50 day moving average price is $95.70 and its 200 day moving average price is $93.71. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.47 and a current ratio of 2.24. Cabot Co. has a 52 week low of $65.10 and a 52 week high of $105.30.

Cabot (NYSE:CBT) last released its quarterly earnings results 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. The business had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1 billion. Cabot had a net margin of 11.51% and a return on equity of 26.21%. Cabot’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.42 EPS. On average, research analysts forecast that Cabot Co. will post 6.78 EPS for the current fiscal year.

Cabot Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.43 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.72 annualized dividend and a yield of 1.65%. Cabot’s dividend payout ratio (DPR) is presently 21.77%.

Cabot Company 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.