Cabot (CBT) Cut to “Hold” at Zacks Investment Research
Cabot (NYSE:CBT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.
According to Zacks, “Cabot Corporation is a leading global specialty chemicals and performance materials company serving key industries including transportation, infrastructure, environment and consumer. Their people are empowered to share ideas, compare new findings, and collaborate to ensure they capture the best thinking across their global network. 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. It also provides compounds of carbon black and rubber primarily for tire applications; and cesium formate, a drilling and completion fluid for use in high pressure and high temperature oil and gas well construction. “
CBT has been the subject of a number of other reports. Jefferies Group restated a “buy” rating and set a $74.00 price objective on shares of Cabot in a research report on Friday, November 3rd. KeyCorp restated a “hold” rating on shares of Cabot in a research report on Wednesday, November 1st. Loop Capital started coverage on Cabot in a research report on Thursday, September 28th. They set a “hold” rating and a $59.00 price objective for the company. ValuEngine upgraded Cabot from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Finally, SunTrust Banks upgraded Cabot from a “hold” rating to a “buy” rating in a research report on Tuesday, December 19th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $70.67.
Cabot (NYSE:CBT) last posted its earnings results on Tuesday, October 31st. The specialty chemicals company reported $0.91 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.02). The firm had revenue of $723.00 million during the quarter, compared to the consensus estimate of $683.30 million. Cabot had a net margin of 8.87% and a return on equity of 15.11%. Cabot’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.00 earnings per share. equities research analysts forecast that Cabot will post 3.8 EPS for the current year.
Several institutional investors and hedge funds have recently modified their holdings of CBT. Crossmark Global Holdings Inc. acquired a new stake in Cabot during the third quarter worth approximately $330,000. Dimensional Fund Advisors LP grew its stake in Cabot by 7.7% during the second quarter. Dimensional Fund Advisors LP now owns 1,443,849 shares of the specialty chemicals company’s stock worth $77,144,000 after purchasing an additional 103,005 shares during the period. State Street Corp grew its stake in Cabot by 5.1% during the second quarter. State Street Corp now owns 1,751,827 shares of the specialty chemicals company’s stock worth $93,598,000 after purchasing an additional 84,905 shares during the period. Boston Partners grew its stake in Cabot by 2.3% during the third quarter. Boston Partners now owns 218,116 shares of the specialty chemicals company’s stock worth $12,171,000 after purchasing an additional 4,832 shares during the period. Finally, Fuller & Thaler Asset Management Inc. grew its stake in Cabot by 9.4% during the third quarter. Fuller & Thaler Asset Management Inc. now owns 1,780,692 shares of the specialty chemicals company’s stock worth $99,363,000 after purchasing an additional 152,988 shares during the period. Institutional investors own 84.82% of the company’s stock.
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Cabot Corporation is a global specialty chemicals and performance materials company. The Company operates through four business segments: reinforcement materials, performance chemicals, purification solutions and specialty fluids. Reinforcement materials’ rubber grade carbon blacks are used to enhance the physical properties of the systems and applications in which they are incorporated.
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