Bank of America Corp DE Sells 188,063 Shares of Cabot Co. (NYSE:CBT)

Bank of America Corp DE trimmed its position in Cabot Co. (NYSE:CBT) by 11.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,479,125 shares of the specialty chemicals company’s stock after selling 188,063 shares during the period. Bank of America Corp DE’s holdings in Cabot were worth $135,059,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. R Squared Ltd purchased a new position in Cabot during the 4th quarter worth $26,000. EverSource Wealth Advisors LLC boosted its holdings in Cabot by 37.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 808 shares of the specialty chemicals company’s stock worth $74,000 after acquiring an additional 219 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Cabot by 10.7% during the fourth quarter. GAMMA Investing LLC now owns 1,348 shares of the specialty chemicals company’s stock worth $123,000 after acquiring an additional 130 shares during the last quarter. Manchester Capital Management LLC increased its holdings in shares of Cabot by 1,685.1% during the fourth quarter. Manchester Capital Management LLC now owns 1,678 shares of the specialty chemicals company’s stock valued at $153,000 after acquiring an additional 1,584 shares in the last quarter. Finally, KBC Group NV raised its position in shares of Cabot by 43.1% in the 4th quarter. KBC Group NV now owns 2,046 shares of the specialty chemicals company’s stock valued at $187,000 after purchasing an additional 616 shares during the last quarter. 93.18% of the stock is owned by institutional investors and hedge funds.

Cabot Stock Down 0.5 %

NYSE:CBT opened at $73.93 on Friday. The firm has a market capitalization of $4.01 billion, a P/E ratio of 9.82, a PEG ratio of 0.74 and a beta of 0.91. The company’s fifty day moving average price is $80.15 and its 200-day moving average price is $91.27. Cabot Co. has a 1-year low of $71.64 and a 1-year high of $117.46. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.00 and a quick ratio of 1.29.

Cabot (NYSE:CBT) last issued its quarterly earnings data on Monday, May 5th. The specialty chemicals company reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.86 by $0.04. The business had revenue of $936.00 million during the quarter, compared to analysts’ expectations of $1.02 billion. Cabot had a return on equity of 26.79% and a net margin of 10.60%. The company’s revenue for the quarter was down 8.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.78 EPS. As a group, equities research analysts anticipate that Cabot Co. will post 7.57 EPS for the current year.

Cabot Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be paid a $0.45 dividend. This is a boost from Cabot’s previous quarterly dividend of $0.43. This represents a $1.80 annualized dividend and a dividend yield of 2.43%. The ex-dividend date is Friday, May 30th. Cabot’s payout ratio is currently 23.29%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. StockNews.com downgraded shares of Cabot from a “buy” rating to a “hold” rating in a research report on Wednesday. JPMorgan Chase & Co. reduced their target price on Cabot from $105.00 to $85.00 and set an “underweight” rating for the company in a research note on Friday, February 21st. Finally, UBS Group dropped their price target on Cabot from $93.00 to $83.00 and set a “neutral” rating on the stock in a research note on Monday, April 7th.

About Cabot

Cabot Corporation operates as a specialty chemicals and performance materials company. The company operates through two segments, Reinforcement Materials and Performance Chemicals. It offers reinforcing carbons that are 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 engineered elastomer composites solutions.