M&T Bank Corp grew its stake in Cabot Co. (NYSE:CBT) by 11.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,930 shares of the specialty chemicals company’s stock after buying an additional 1,336 shares during the period. M&T Bank Corp’s holdings in Cabot were worth $720,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its position in shares of Cabot by 113.6% in the fourth quarter. Bank of New York Mellon Corp now owns 1,978,158 shares of the specialty chemicals company’s stock worth $121,834,000 after buying an additional 1,052,224 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Cabot by 0.3% in the fourth quarter. Victory Capital Management Inc. now owns 1,105,212 shares of the specialty chemicals company’s stock worth $68,070,000 after purchasing an additional 2,870 shares during the period. Allianz Asset Management GmbH increased its stake in shares of Cabot by 5.0% in the fourth quarter. Allianz Asset Management GmbH now owns 774,757 shares of the specialty chemicals company’s stock worth $47,717,000 after purchasing an additional 36,691 shares during the period. Geode Capital Management LLC increased its stake in shares of Cabot by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 612,202 shares of the specialty chemicals company’s stock worth $37,705,000 after purchasing an additional 4,403 shares during the period. Finally, First Quadrant L P CA increased its stake in shares of Cabot by 5.7% in the fourth quarter. First Quadrant L P CA now owns 483,725 shares of the specialty chemicals company’s stock worth $29,793,000 after purchasing an additional 25,902 shares during the period. 85.71% of the stock is owned by institutional investors.
In related news, insider Gottberg Friedrich Von sold 10,000 shares of the business’s stock in a transaction dated Tuesday, May 15th. The stock was sold at an average price of $61.23, for a total transaction of $612,300.00. Following the transaction, the insider now directly owns 29,854 shares in the company, valued at $1,827,960.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Nicholas S. Cross sold 15,370 shares of the business’s stock in a transaction dated Monday, May 14th. The shares were sold at an average price of $60.99, for a total value of $937,416.30. Following the transaction, the executive vice president now owns 69,967 shares in the company, valued at $4,267,287.33. The disclosure for this sale can be found here. Insiders have sold 149,253 shares of company stock worth $9,184,626 over the last 90 days. Corporate insiders own 2.20% of the company’s stock.
Shares of Cabot opened at $60.05 on Tuesday, according to Marketbeat Ratings. Cabot Co. has a 12-month low of $50.56 and a 12-month high of $68.63. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.07 and a current ratio of 1.67. The stock has a market cap of $3.74 billion, a P/E ratio of 17.51, a PEG ratio of 1.48 and a beta of 1.39.
Cabot (NYSE:CBT) last issued its quarterly earnings results on Monday, May 7th. The specialty chemicals company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.04. Cabot had a positive return on equity of 15.83% and a negative net margin of 6.14%. The firm had revenue of $818.00 million for the quarter, compared to analyst estimates of $746.30 million. During the same period in the previous year, the company posted $0.87 earnings per share. The company’s quarterly revenue was up 20.6% compared to the same quarter last year. analysts anticipate that Cabot Co. will post 4.1 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 8th. Investors of record on Friday, May 25th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.20%. This is a positive change from Cabot’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Thursday, May 24th. Cabot’s payout ratio is currently 36.73%.
A number of equities analysts have recently commented on CBT shares. Northcoast Research set a $75.00 price objective on Cabot and gave the stock a “buy” rating in a research note on Monday, February 12th. Zacks Investment Research upgraded Cabot from a “hold” rating to a “buy” rating and set a $69.00 price objective on the stock in a research note on Friday, February 9th. Jefferies Group reiterated a “buy” rating and issued a $78.00 price objective on shares of Cabot in a research note on Thursday, February 8th. ValuEngine upgraded Cabot from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Finally, Loop Capital set a $80.00 price objective on Cabot and gave the stock a “buy” rating in a research note on Monday, April 23rd. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Cabot currently has a consensus rating of “Buy” and an average target price of $72.00.
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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