Icon Advisers Inc. Co. acquired a new stake in shares of Cabot Corp (NYSE:CBT) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 15,800 shares of the specialty chemicals company’s stock, valued at approximately $991,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Virginia Retirement Systems ET AL acquired a new stake in Cabot during the second quarter valued at $1,279,000. Natixis boosted its position in Cabot by 104.1% during the second quarter. Natixis now owns 212,116 shares of the specialty chemicals company’s stock valued at $13,102,000 after purchasing an additional 108,182 shares during the last quarter. Neuburgh Advisers LLC boosted its position in Cabot by 18.7% during the second quarter. Neuburgh Advisers LLC now owns 23,280 shares of the specialty chemicals company’s stock valued at $1,438,000 after purchasing an additional 3,664 shares during the last quarter. GAM Holding AG boosted its position in Cabot by 39.5% during the second quarter. GAM Holding AG now owns 7,485 shares of the specialty chemicals company’s stock valued at $462,000 after purchasing an additional 2,118 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. boosted its position in Cabot by 0.6% during 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 during the last quarter. 85.74% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE:CBT opened at $50.00 on Friday. Cabot Corp has a fifty-two week low of $46.63 and a fifty-two week high of $68.63. The stock has a market capitalization of $3.17 billion, a price-to-earnings ratio of 12.41, a P/E/G ratio of 1.01 and a beta of 1.50. The company has a quick ratio of 0.97, a current ratio of 1.46 and a debt-to-equity ratio of 0.56.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 30th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.64%. Cabot’s dividend payout ratio is currently 32.75%.
Cabot declared that its board has approved a share repurchase program on Monday, July 16th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the specialty chemicals company to purchase up to 10.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
A number of research firms recently issued reports on CBT. ValuEngine cut Cabot from a “sell” rating to a “strong sell” rating in a research report on Thursday, November 1st. Loop Capital set a $82.00 price objective on Cabot and gave the company a “buy” rating in a research report on Tuesday, July 17th. Northcoast Research set a $75.00 price objective on Cabot and gave the company a “buy” rating in a research report on Wednesday. TheStreet raised Cabot from a “c+” rating to a “b+” rating in a research report on Tuesday, August 7th. Finally, Zacks Investment Research cut Cabot from a “buy” rating to a “sell” rating in a research report on Tuesday, October 16th. Two analysts have rated the stock with a sell rating and six have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $75.00.
In other Cabot news, insider Nicholas S. Cross sold 16,000 shares of the business’s stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $65.86, for a total value of $1,053,760.00. Following the completion of the sale, the insider now owns 48,597 shares of the company’s stock, valued at $3,200,598.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Patrick M. Prevost sold 40,519 shares of the business’s stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $65.65, for a total value of $2,660,072.35. Following the completion of the sale, the director now directly owns 216,894 shares of the company’s stock, valued at approximately $14,239,091.10. The disclosure for this sale can be found here. Insiders sold 76,000 shares of company stock valued at $4,980,877 in the last ninety days. Insiders own 2.50% of the company’s stock.
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Cabot Company Profile
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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