Engineers Gate Manager LP trimmed its stake in shares of Cabot Corp (NYSE:CBT) by 52.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,872 shares of the specialty chemicals company’s stock after selling 24,738 shares during the period. Engineers Gate Manager LP’s holdings in Cabot were worth $1,435,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in CBT. Signition LP purchased a new stake in shares of Cabot during the second quarter valued at $234,000. Advisory Services Network LLC lifted its holdings in shares of Cabot by 943.5% during the second quarter. Advisory Services Network LLC now owns 3,882 shares of the specialty chemicals company’s stock valued at $255,000 after purchasing an additional 3,510 shares during the last quarter. Strs Ohio purchased a new stake in shares of Cabot during the second quarter valued at $349,000. Oakbrook Investments LLC lifted its holdings in shares of Cabot by 17.2% during the second quarter. Oakbrook Investments LLC now owns 5,790 shares of the specialty chemicals company’s stock valued at $358,000 after purchasing an additional 850 shares during the last quarter. Finally, Seven Eight Capital LP purchased a new stake in shares of Cabot during the third quarter valued at $370,000. 85.74% of the stock is owned by institutional investors and hedge funds.
Several brokerages have recently commented on CBT. ValuEngine downgraded Cabot from a “sell” rating to a “strong sell” rating in a report on Thursday, November 1st. Loop Capital set a $82.00 target price on Cabot and gave the company a “buy” rating in a report on Tuesday, July 17th. Northcoast Research set a $75.00 target price on Cabot and gave the company a “buy” rating in a report on Wednesday. TheStreet raised Cabot from a “c+” rating to a “b+” rating in a report on Tuesday, August 7th. Finally, Zacks Investment Research downgraded Cabot from a “buy” rating to a “sell” rating in a report on Tuesday, October 16th. Two investment analysts have rated the stock with a sell rating and six have given a buy rating to the stock. Cabot currently has an average rating of “Buy” and an average target price of $75.00.
NYSE:CBT opened at $51.20 on Friday. The firm has a market cap of $3.08 billion, a P/E ratio of 12.43, a price-to-earnings-growth ratio of 0.98 and a beta of 1.50. Cabot Corp has a 1-year low of $46.63 and a 1-year high of $68.63. The company has a current ratio of 1.46, a quick ratio of 0.97 and a debt-to-equity ratio of 0.56.
Cabot (NYSE:CBT) last posted its quarterly earnings results on Monday, November 5th. The specialty chemicals company reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.09). The business had revenue of $850.00 million for the quarter, compared to analyst estimates of $856.76 million. Cabot had a negative net margin of 3.49% and a positive return on equity of 18.82%. The firm’s quarterly revenue was up 17.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.91 earnings per share. Equities research analysts predict that Cabot Corp will post 4.63 EPS for the current year.
Cabot declared that its board has authorized a stock repurchase plan on Monday, July 16th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the specialty chemicals company to purchase up to 10.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
Cabot Corporation operates as a specialty chemicals and performance materials company. The company offers carbon black, a form of elemental carbon used to enhance the physical properties of the systems and applications in which it is incorporated; and rubber blacks for use as a rubber reinforcing agent and performance additive in tires, hoses, belts, extruded profiles, and molded goods.
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