Zacks Investment Research Lowers Cabot Corp (CBT) to Hold

Cabot Corp (NYSE:CBT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday, May 5th.

According to Zacks, “Cabot Corporation is a global specialty chemicals and materials company. Cabot’s major products are carbon black, fumed silica, inkjet colorants, and aerogels. Cabot has manufacturing plants located in countries around the world. (Company Press Release) “

Other equities research analysts have also recently issued research reports about the stock. TheStreet raised shares of Cabot Corp from a “c+” rating to a “b” rating in a report on Thursday, February 9th. SunTrust Banks, Inc. assumed coverage on shares of Cabot Corp in a report on Tuesday, April 18th. They issued a “buy” rating and a $56.00 price target on the stock. Jefferies Group LLC reaffirmed a “buy” rating and issued a $68.00 price target on shares of Cabot Corp in a report on Tuesday, May 2nd. Finally, Aegis assumed coverage on shares of Cabot Corp in a report on Friday, January 13th. They issued a “hold” rating and a $59.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $60.60.

Cabot Corp (NYSE:CBT) last announced its earnings results on Monday, May 1st. The specialty chemicals company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. Cabot Corp had a return on equity of 16.25% and a net margin of 8.68%. The firm had revenue of $678 million for the quarter, compared to the consensus estimate of $637.57 million. During the same quarter in the previous year, the business earned $0.70 EPS. The company’s revenue was up 19.4% compared to the same quarter last year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 9th. Shareholders of record on Friday, May 26th will be issued a dividend of $0.315 per share. This is a boost from Cabot Corp’s previous quarterly dividend of $0.30. The ex-dividend date is Wednesday, May 24th. This represents a $1.26 dividend on an annualized basis and a yield of 2.45%. Cabot Corp’s payout ratio is presently 36.14%.

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In other Cabot Corp news, Director Patrick M. Prevost sold 92,562 shares of the business’s stock in a transaction on Tuesday, February 21st. The shares were sold at an average price of $58.22, for a total transaction of $5,388,959.64. Following the sale, the director now owns 293,548 shares of the company’s stock, valued at approximately $17,090,364.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Patrick M. Prevost sold 61,363 shares of the business’s stock in a transaction on Thursday, March 2nd. The shares were sold at an average price of $59.14, for a total transaction of $3,629,007.82. Following the sale, the director now directly owns 328,053 shares in the company, valued at approximately $19,401,054.42. The disclosure for this sale can be found here. Insiders own 2.50% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in Cabot Corp by 5,702.4% in the first quarter. BlackRock Inc. now owns 7,038,411 shares of the specialty chemicals company’s stock valued at $421,670,000 after buying an additional 6,917,109 shares during the last quarter. Norges Bank purchased a new position in Cabot Corp during the fourth quarter valued at $37,848,000. LSV Asset Management boosted its position in Cabot Corp by 19.5% in the third quarter. LSV Asset Management now owns 3,119,581 shares of the specialty chemicals company’s stock valued at $163,497,000 after buying an additional 510,141 shares during the last quarter. AQR Capital Management LLC boosted its position in Cabot Corp by 15.1% in the fourth quarter. AQR Capital Management LLC now owns 2,472,179 shares of the specialty chemicals company’s stock valued at $124,944,000 after buying an additional 324,021 shares during the last quarter. Finally, Martingale Asset Management L P raised its position in shares of Cabot Corp by 79.2% in the fourth quarter. Martingale Asset Management L P now owns 438,663 shares of the specialty chemicals company’s stock valued at $22,171,000 after buying an additional 193,834 shares during the period. 86.29% of the stock is currently owned by hedge funds and other institutional investors.

About Cabot Corp

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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