Cabot Corp (CBT) Position Trimmed by BlackRock Inc.

BlackRock Inc. reduced its stake in Cabot Corp (NYSE:CBT) by 1.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,939,068 shares of the specialty chemicals company’s stock after selling 63,752 shares during the quarter. BlackRock Inc. owned about 9.61% of Cabot worth $366,858,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in CBT. Bank of New York Mellon Corp raised its stake in Cabot by 13.8% in the second quarter. Bank of New York Mellon Corp now owns 2,663,255 shares of the specialty chemicals company’s stock valued at $164,509,000 after purchasing an additional 322,998 shares in the last quarter. Principal Financial Group Inc. raised its stake in 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 purchasing an additional 214,334 shares in the last quarter. Monarch Partners Asset Management LLC purchased a new stake in Cabot in the second quarter valued at approximately $11,496,000. Scopus Asset Management L.P. raised its stake in Cabot by 74.0% in the first quarter. Scopus Asset Management L.P. now owns 435,000 shares of the specialty chemicals company’s stock valued at $24,238,000 after purchasing an additional 185,000 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in Cabot by 17.4% in the second quarter. Victory Capital Management Inc. now owns 1,174,521 shares of the specialty chemicals company’s stock valued at $72,550,000 after purchasing an additional 174,295 shares in the last quarter. 85.55% of the stock is currently owned by institutional investors and hedge funds.

CBT stock opened at $62.61 on Friday. The company has a market cap of $3.84 billion, a price-to-earnings ratio of 18.22, a price-to-earnings-growth ratio of 1.38 and a beta of 1.33. Cabot Corp has a one year low of $53.04 and a one year high of $68.63. The company has a current ratio of 1.51, a quick ratio of 0.97 and a debt-to-equity ratio of 0.49.

Cabot (NYSE:CBT) last posted its quarterly earnings results on Monday, August 6th. The specialty chemicals company reported $1.06 EPS for the quarter, hitting the consensus estimate of $1.06. The firm had revenue of $854.00 million for the quarter, compared to the consensus estimate of $831.59 million. Cabot had a negative net margin of 4.46% and a positive return on equity of 17.41%. The business’s revenue was up 21.1% compared to the same quarter last year. During the same period last year, the firm posted $0.81 earnings per share. analysts anticipate that Cabot Corp will post 4.12 EPS for the current year.

Cabot declared that its Board of Directors has initiated a stock repurchase program on Monday, July 16th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the specialty chemicals company to reacquire up to 10.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 14th. Shareholders of record on Friday, August 31st will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.11%. The ex-dividend date of this dividend is Thursday, August 30th. Cabot’s dividend payout ratio (DPR) is presently 38.48%.

In other Cabot news, SVP Brian A. Berube sold 13,448 shares of Cabot stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $65.43, for a total transaction of $879,902.64. Following the transaction, the senior vice president now directly owns 52,127 shares of the company’s stock, valued at $3,410,669.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Patrick M. Prevost sold 40,519 shares of Cabot stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $65.65, for a total transaction of $2,660,072.35. Following the transaction, the director now directly owns 216,894 shares in the company, valued at $14,239,091.10. The disclosure for this sale can be found here. Insiders have sold 89,448 shares of company stock worth $5,860,779 over the last three months. Insiders own 2.50% of the company’s stock.

Several research firms have commented on CBT. TheStreet raised shares of Cabot from a “c+” rating to a “b+” rating in a research note on Tuesday, August 7th. Loop Capital set a $134.00 price target on shares of Cabot and gave the stock a “buy” rating in a research note on Saturday, July 28th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $83.50.

Cabot Profile

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.

Further Reading: Understanding Analyst Recommendations

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Institutional Ownership by Quarter for Cabot (NYSE:CBT)

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