Norges Bank Takes $34.31 Million Position in Cabot Corp (CBT)

Norges Bank purchased a new position in shares of Cabot Corp (NYSE:CBT) during the fourth quarter, HoldingsChannel reports. The firm purchased 799,087 shares of the specialty chemicals company’s stock, valued at approximately $34,313,000.

A number of other hedge funds have also modified their holdings of CBT. Lindbrook Capital LLC purchased a new position in Cabot during the fourth quarter worth approximately $28,000. Meeder Asset Management Inc. boosted its position in Cabot by 28.2% during the fourth quarter. Meeder Asset Management Inc. now owns 1,049 shares of the specialty chemicals company’s stock worth $45,000 after purchasing an additional 231 shares in the last quarter. IFP Advisors Inc boosted its position in Cabot by 723.5% during the fourth quarter. IFP Advisors Inc now owns 1,087 shares of the specialty chemicals company’s stock worth $46,000 after purchasing an additional 955 shares in the last quarter. Bremer Trust National Association purchased a new position in Cabot during the fourth quarter worth approximately $50,000. Finally, Ipswich Investment Management Co. Inc. purchased a new position in shares of Cabot in the fourth quarter valued at approximately $79,000. Institutional investors own 86.61% of the company’s stock.

CBT has been the topic of several research reports. TheStreet upgraded Cabot from a “c” rating to a “b-” rating in a research report on Tuesday, February 5th. Zacks Investment Research downgraded Cabot from a “hold” rating to a “sell” rating in a research report on Monday, February 4th. Finally, ValuEngine downgraded Cabot from a “sell” rating to a “strong sell” rating in a research report on Tuesday, February 5th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. Cabot has a consensus rating of “Buy” and an average target price of $74.80.

NYSE CBT opened at $47.36 on Wednesday. The company has a market capitalization of $2.76 billion, a PE ratio of 11.75, a PEG ratio of 1.00 and a beta of 1.37. Cabot Corp has a 1-year low of $39.57 and a 1-year high of $67.80. The company has a current ratio of 1.31, a quick ratio of 0.75 and a debt-to-equity ratio of 0.53.

Cabot (NYSE:CBT) last released its earnings results on Monday, February 4th. The specialty chemicals company reported $0.87 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.03). The firm had revenue of $821.00 million during the quarter, compared to analysts’ expectations of $778.50 million. Cabot had a net margin of 2.33% and a return on equity of 19.05%. The business’s revenue was up 14.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.93 EPS. On average, research analysts predict that Cabot Corp will post 4.39 earnings per share for the current fiscal year.

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Cabot Profile

Cabot Corporation operates as a specialty chemicals and performance materials company. The company offers rubber grade carbon blacks used in tires as a rubber reinforcing agent and performance additive, as well as in industrial products, such as hoses, belts, extruded profiles, and molded goods; and compounds of carbon black and rubber.

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Institutional Ownership by Quarter for Cabot (NYSE:CBT)

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