Zacks Investment Research Upgrades Cabot Corp. (CBT) to “Buy”
Cabot Corp. (NYSE:CBT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage presently has a $57.00 target price on the stock. Zacks Investment Research’s price target would indicate a potential upside of 11.11% from the company’s previous close.
According to Zacks, “Cabot Corporation is a global specialty chemicals and materials company. Cabot’s major products are carbon black, fumed silica, inkjet colorants, and aerogels. Cabot has manufacturing plants located in countries around the world. (Company Press Release) “
A number of other equities research analysts have also issued reports on the stock. SunTrust Banks Inc. lowered shares of Cabot Corp. from a “buy” rating to a “neutral” rating and set a $51.00 target price on the stock. in a research note on Tuesday, August 2nd. They noted that the move was a valuation call. Deutsche Bank AG increased their price objective on shares of Cabot Corp. from $48.00 to $52.00 and gave the stock a “hold” rating in a research note on Friday, August 12th. TheStreet upgraded shares of Cabot Corp. from a “hold” rating to a “buy” rating in a research note on Wednesday, July 27th. Finally, Jefferies Group reiterated a “buy” rating and set a $60.00 price objective on shares of Cabot Corp. in a research note on Tuesday, September 13th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $53.67.
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Shares of Cabot Corp. (NYSE:CBT) traded up 0.43% during midday trading on Wednesday, reaching $51.30. The company’s stock had a trading volume of 257,192 shares. Cabot Corp. has a 1-year low of $35.46 and a 1-year high of $53.88. The stock has a 50 day moving average of $50.98 and a 200-day moving average of $48.26. The company has a market capitalization of $3.20 billion, a P/E ratio of 23.55 and a beta of 1.39.
Cabot Corp. (NYSE:CBT) last issued its earnings results on Wednesday, July 27th. The company reported $0.93 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.93. The business had revenue of $621 million for the quarter, compared to analyst estimates of $611.73 million. Cabot Corp. had a net margin of 5.68% and a return on equity of 13.91%. The company’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.64 EPS. On average, equities research analysts anticipate that Cabot Corp. will post $3.08 earnings per share for the current year.
In other news, SVP Brian A. Berube sold 16,489 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $49.90, for a total value of $822,801.10. Following the completion of the transaction, the senior vice president now directly owns 42,622 shares in the company, valued at $2,126,837.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP James Patrick Kelly sold 2,500 shares of the stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $50.95, for a total transaction of $127,375.00. Following the completion of the transaction, the vice president now owns 24,585 shares of the company’s stock, valued at $1,252,605.75. The disclosure for this sale can be found here. 2.48% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Alpha Windward bought a new position in Cabot Corp. during the fourth quarter valued at about $427,000. Boston Advisors acquired a new stake in shares of Cabot Corp. during the fourth quarter worth $6,608,000. DekaBank Deutsche Girozentrale boosted its stake in shares of Cabot Corp. by 22.0% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 128,200 shares of the company’s stock worth $5,302,000 after buying an additional 23,100 shares during the last quarter. First Quadrant L P CA boosted its stake in shares of Cabot Corp. by 1,009.5% in the fourth quarter. First Quadrant L P CA now owns 179,747 shares of the company’s stock worth $7,348,000 after buying an additional 163,547 shares during the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in shares of Cabot Corp. by 1.2% in the fourth quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 380,455 shares of the company’s stock worth $15,553,000 after buying an additional 4,550 shares during the last quarter. Institutional investors and hedge funds own 85.62% of the company’s stock.
About Cabot Corp.
Cabot Corporation (Cabot) is a global specialty chemicals and performance materials company. The Company’s principal products are rubber and specialty grade carbon blacks, fumed metal oxides, activated carbon, inkjet colorants, aerogel and cesium formate drilling fluids. The Company operates through four segments: Reinforcement Materials, Performance Chemicals, Purification Solutions and Specialty Fluids.
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