Zacks Investment Research upgraded shares of Cabot (NYSE:CBT) from a hold rating to a buy rating in a research note released on Friday. Zacks Investment Research currently has $69.00 price objective on the specialty chemicals company’s stock.
According to Zacks, “Cabot Corporation is a leading global specialty chemicals and performance materials company headquartered in Boston, Massachusetts, USA. Our businesses deliver a broad range of products and solutions to customers in every corner of the globe, serving key industries such as transportation, infrastructure, environment and consumer. Cabot Corporation provides performance solutions that solve customers’ challenges today while preparing them to meet tomorrow’s needs. Cabot is a leading provider of rubber and specialty carbon blacks, activated carbon, inkjet colorants, cesium formate drilling fluids, fumed silica, aerogel, and elastomer composites. “
Other equities analysts have also recently issued reports about the company. Jefferies Group reaffirmed a buy rating and issued a $78.00 price objective on shares of Cabot in a report on Thursday. KeyCorp reaffirmed a hold rating on shares of Cabot in a report on Wednesday, November 1st. ValuEngine raised Cabot from a hold rating to a buy rating in a report on Friday, February 2nd. SunTrust Banks raised Cabot from a hold rating to a buy rating in a report on Tuesday, December 19th. Finally, Loop Capital raised Cabot from a hold rating to a buy rating and set a $82.00 price objective for the company in a report on Friday, January 5th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $70.33.
Cabot (NYSE:CBT) last released its quarterly earnings results on Tuesday, February 6th. The specialty chemicals company reported $0.93 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.15. The business had revenue of $720.00 million during the quarter, compared to analysts’ expectations of $653.54 million. Cabot had a return on equity of 15.01% and a net margin of 2.30%. The firm’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same period last year, the firm posted $0.84 EPS. equities research analysts predict that Cabot will post 3.92 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 9th. Stockholders of record on Friday, February 23rd will be paid a $0.315 dividend. The ex-dividend date is Thursday, February 22nd. This represents a $1.26 annualized dividend and a dividend yield of 2.03%. Cabot’s payout ratio is 128.57%.
Several institutional investors and hedge funds have recently modified their holdings of CBT. PNC Financial Services Group Inc. increased its stake in shares of Cabot by 12.8% in the 2nd quarter. PNC Financial Services Group Inc. now owns 10,652 shares of the specialty chemicals company’s stock valued at $571,000 after purchasing an additional 1,205 shares during the last quarter. UBS Asset Management Americas Inc. grew its position in Cabot by 19.7% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 55,294 shares of the specialty chemicals company’s stock worth $2,954,000 after acquiring an additional 9,113 shares during the last quarter. California Public Employees Retirement System grew its position in Cabot by 4.4% during the 2nd quarter. California Public Employees Retirement System now owns 123,900 shares of the specialty chemicals company’s stock worth $6,620,000 after acquiring an additional 5,200 shares during the last quarter. OxFORD Asset Management LLP grew its position in Cabot by 131.9% during the 2nd quarter. OxFORD Asset Management LLP now owns 7,940 shares of the specialty chemicals company’s stock worth $424,000 after acquiring an additional 4,516 shares during the last quarter. Finally, Stifel Financial Corp bought a new stake in Cabot during the 2nd quarter worth $302,000. Institutional investors own 84.02% of the company’s stock.
Cabot Company Profile
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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