Cabot Corp (NYSE:CBT) – Equities research analysts at Jefferies Financial Group issued their Q1 2019 EPS estimates for Cabot in a report released on Tuesday, November 6th. Jefferies Financial Group analyst L. Alexander anticipates that the specialty chemicals company will earn $0.79 per share for the quarter. Jefferies Financial Group also issued estimates for Cabot’s Q2 2019 earnings at $1.17 EPS, Q3 2019 earnings at $1.22 EPS, Q4 2019 earnings at $1.23 EPS and FY2020 earnings at $5.05 EPS.
CBT has been the topic of several other research reports. ValuEngine downgraded Cabot from a “hold” rating to a “sell” rating in a research report on Thursday, October 11th. Northcoast Research set a $75.00 target price on Cabot and gave the company a “buy” rating in a research report on Wednesday. Loop Capital set a $82.00 target price on Cabot and gave the company a “buy” rating in a research report on Tuesday. Barclays started coverage on Cabot in a research report on Monday, October 8th. They issued an “overweight” rating and a $76.00 target price on the stock. Finally, TheStreet raised Cabot from a “c+” rating to a “b+” rating in a research report on Tuesday, August 7th. Two investment analysts have rated the stock with a sell rating and six have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $75.00.
Cabot (NYSE:CBT) last announced its quarterly earnings results on Monday, November 5th. The specialty chemicals company reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates 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 positive return on equity of 18.82% and a negative net margin of 3.49%. Cabot’s quarterly revenue was up 17.6% compared to the same quarter last year. During the same period last year, the firm earned $0.91 EPS.
Several hedge funds have recently modified their holdings of CBT. Principal Financial Group Inc. boosted its stake in shares of Cabot by 80.2% in the first quarter. Principal Financial Group Inc. now owns 481,555 shares of the specialty chemicals company’s stock valued at $26,832,000 after buying an additional 214,334 shares during the period. State of Alaska Department of Revenue boosted its stake in shares of Cabot by 38.5% in the second quarter. State of Alaska Department of Revenue now owns 6,650 shares of the specialty chemicals company’s stock valued at $410,000 after buying an additional 1,850 shares during the period. Xact Kapitalforvaltning AB boosted its stake in shares of Cabot by 33.7% in the second quarter. Xact Kapitalforvaltning AB now owns 11,109 shares of the specialty chemicals company’s stock valued at $686,000 after buying an additional 2,800 shares during the period. Peregrine Capital Management LLC boosted its stake in shares of Cabot by 2.2% in the second quarter. Peregrine Capital Management LLC now owns 127,431 shares of the specialty chemicals company’s stock valued at $7,871,000 after buying an additional 2,755 shares during the period. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Cabot by 46.1% in the second quarter. Assenagon Asset Management S.A. now owns 281,757 shares of the specialty chemicals company’s stock valued at $17,404,000 after buying an additional 88,958 shares during the period. Institutional investors and hedge funds own 85.74% of the company’s stock.
In other news, insider Nicholas S. Cross sold 16,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $65.86, for a total value of $1,053,760.00. Following the transaction, the insider now owns 48,597 shares of the company’s stock, valued at $3,200,598.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Patrick M. Prevost sold 19,481 shares of the company’s stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $65.04, for a total value of $1,267,044.24. Following the completion of the transaction, the director now directly owns 257,413 shares in the company, valued at approximately $16,742,141.52. The disclosure for this sale can be found here. Insiders sold 76,000 shares of company stock worth $4,980,877 in the last ninety days. 2.50% of the stock is owned by company insiders.
Cabot announced that its Board of Directors has initiated a stock repurchase plan on Monday, July 16th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the specialty chemicals company to purchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is 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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