Loring Wolcott & Coolidge Fiduciary Advisors LLP MA cut its stake in shares of Cabot Corp (NYSE:CBT) by 10.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 337,752 shares of the specialty chemicals company’s stock after selling 38,534 shares during the quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Cabot were worth $21,184,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in CBT. Bank of New York Mellon Corp boosted its holdings 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. Fuller & Thaler Asset Management Inc. boosted its holdings in Cabot by 0.6% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 2,060,907 shares of the specialty chemicals company’s stock valued at $127,302,000 after purchasing an additional 12,452 shares in the last quarter. Victory Capital Management Inc. boosted its holdings 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. Cabot Wellington LLC boosted its holdings in Cabot by 82.2% in the third quarter. Cabot Wellington LLC now owns 628,404 shares of the specialty chemicals company’s stock valued at $20,598,000 after purchasing an additional 283,539 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in Cabot by 141.9% in the second quarter. Millennium Management LLC now owns 488,719 shares of the specialty chemicals company’s stock valued at $30,188,000 after purchasing an additional 286,697 shares in the last quarter. 85.76% of the stock is owned by institutional investors and hedge funds.
In other news, Director Patrick M. Prevost sold 19,481 shares of the company’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $65.04, for a total transaction of $1,267,044.24. Following the completion of the sale, the director now owns 257,413 shares in the company, valued at $16,742,141.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Brian A. Berube sold 13,448 shares of the company’s stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $65.43, for a total value of $879,902.64. Following the sale, the senior vice president now owns 52,127 shares of the company’s stock, valued at approximately $3,410,669.61. The disclosure for this sale can be found here. Insiders have sold 89,448 shares of company stock valued at $5,860,779 in the last 90 days. Company insiders own 2.50% of the company’s stock.
Cabot (NYSE:CBT) last released its quarterly earnings results on Monday, August 6th. The specialty chemicals company reported $1.06 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.06. Cabot had a positive return on equity of 17.41% and a negative net margin of 4.46%. The business had revenue of $854.00 million during the quarter, compared to analysts’ expectations of $831.59 million. During the same quarter in the prior year, the business earned $0.81 earnings per share. The company’s quarterly revenue was up 21.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cabot Corp will post 4.12 earnings per share for the current year.
Cabot announced that its board has approved a stock buyback program on Monday, July 16th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the specialty chemicals company to reacquire up to 10.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
A number of equities research analysts have weighed in on CBT shares. Loop Capital set a $134.00 price objective on Cabot and gave the company a “buy” rating in a research note on Saturday, July 28th. TheStreet upgraded Cabot from a “c+” rating to a “b+” rating in a research note on Tuesday, August 7th. Zacks Investment Research cut Cabot from a “buy” rating to a “sell” rating in a research note on Tuesday, October 16th. ValuEngine cut Cabot from a “sell” rating to a “strong sell” rating in a research note on Thursday. Finally, Barclays started coverage on Cabot in a research note on Monday, October 8th. They issued an “overweight” rating and a $76.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $82.43.
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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