Wall Street Zen cut shares of Cabot (NYSE:CBT – Free Report) from a buy rating to a hold rating in a research report report published on Saturday morning,Wall Street Zen reports.
CBT has been the topic of several other research reports. JPMorgan Chase & Co. upped their price target on shares of Cabot from $70.00 to $78.00 and gave the stock an “underweight” rating in a report on Friday, August 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Cabot in a research note on Friday, August 21st. Truist Financial reduced their target price on Cabot from $100.00 to $95.00 and set a “buy” rating for the company in a research report on Wednesday, November 4th. Finally, UBS Group reduced their target price on Cabot from $86.00 to $80.00 and set a “neutral” rating for the company in a research report on Wednesday, November 4th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $85.60.
Cabot Trading Up 1.2%
Shares of CBT opened at $71.89 on Friday. The business’s 50-day moving average price is $76.64 and its 200-day moving average price is $79.54. Cabot has a twelve month low of $58.33 and a twelve month high of $94.53. The stock has a market cap of $3.71 billion, a PE ratio of 17.93, a P/E/G ratio of 9.70 and a beta of 0.83. The company has a quick ratio of 0.97, a current ratio of 2.16 and a debt-to-equity ratio of 0.67.
Cabot (NYSE:CBT – Get Free Report) last posted its earnings results on Monday, November 2nd. The specialty chemicals company reported $1.61 earnings per share for the quarter, topping analysts’ consensus estimates of $1.55 by $0.06. Cabot had a net margin of 5.69% and a return on equity of 19.64%. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $927.29 million. During the same quarter in the prior year, the firm posted $1.70 EPS. Cabot’s revenue was up 12.2% on a year-over-year basis. On average, equities analysts forecast that Cabot will post 6.55 EPS for the current fiscal year.
Insider Activity
In related news, CEO Sean Keohane sold 134,895 shares of the company’s stock in a transaction on Friday, August 28th. The shares were sold at an average price of $85.00, for a total value of $11,466,075.00. Following the completion of the transaction, the chief executive officer directly owned 404,134 shares in the company, valued at approximately $34,351,390. The trade was a 25.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.08% of the company’s stock.
Hedge Funds Weigh In On Cabot
A number of hedge funds have recently modified their holdings of the company. Royce & Associates LP bought a new position in shares of Cabot in the 3rd quarter worth approximately $225,000. William Blair Investment Management LLC raised its holdings in Cabot by 19.4% in the third quarter. William Blair Investment Management LLC now owns 220,897 shares of the specialty chemicals company’s stock worth $16,989,000 after purchasing an additional 35,820 shares in the last quarter. Eurizon Capital SGR S.p.A. bought a new position in Cabot in the third quarter worth $229,000. Ritholtz Wealth Management purchased a new position in Cabot during the third quarter valued at $307,000. Finally, Hohimer Wealth Management LLC grew its position in shares of Cabot by 6.3% in the 3rd quarter. Hohimer Wealth Management LLC now owns 2,944 shares of the specialty chemicals company’s stock worth $226,000 after buying an additional 174 shares during the period. Hedge funds and other institutional investors own 93.18% of the company’s stock.
About Cabot
Cabot Corporation is a specialty chemicals and performance materials company that develops and manufactures materials used in products across transportation, energy, infrastructure, electronics and consumer markets. Its offerings include reinforcing carbon blacks for tires and other rubber products, specialty carbons and battery materials, fumed silica and other specialty compounds.
Founded in 1882, Cabot has expanded from its early carbon black business into a broader portfolio of performance materials.
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