Millennium Management LLC Boosts Stock Position in Cabot Co. (NYSE:CBT)

Millennium Management LLC increased its stake in shares of Cabot Co. (NYSE:CBT) by 67.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 349,369 shares of the specialty chemicals company’s stock after buying an additional 141,050 shares during the quarter. Millennium Management LLC owned about 0.64% of Cabot worth $31,901,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. R Squared Ltd purchased a new position in shares of Cabot during the 4th quarter worth $26,000. EverSource Wealth Advisors LLC raised its stake in Cabot by 37.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 808 shares of the specialty chemicals company’s stock worth $74,000 after purchasing an additional 219 shares during the period. Manchester Capital Management LLC boosted its holdings in Cabot by 1,685.1% in the 4th quarter. Manchester Capital Management LLC now owns 1,678 shares of the specialty chemicals company’s stock valued at $153,000 after purchasing an additional 1,584 shares during the last quarter. KBC Group NV grew its stake 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 buying an additional 616 shares during the period. Finally, Measured Wealth Private Client Group LLC acquired a new stake in shares of Cabot during the 4th quarter worth approximately $205,000. Institutional investors and hedge funds own 93.18% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on the company. UBS Group decreased their price objective on Cabot from $93.00 to $83.00 and set a “neutral” rating on the stock in a report on Monday, April 7th. JPMorgan Chase & Co. decreased their price target on Cabot from $105.00 to $85.00 and set an “underweight” rating on the stock in a research note on Friday, February 21st. Finally, StockNews.com downgraded Cabot from a “buy” rating to a “hold” rating in a research report on Wednesday, May 7th.

Cabot Price Performance

Cabot stock opened at $76.64 on Monday. The company’s 50 day simple moving average is $79.29 and its 200-day simple moving average is $89.85. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.29 and a current ratio of 2.00. Cabot Co. has a 1 year low of $71.64 and a 1 year high of $117.46. The company has a market capitalization of $4.12 billion, a price-to-earnings ratio of 10.18, a price-to-earnings-growth ratio of 0.74 and a beta of 0.91.

Cabot (NYSE:CBT) last posted its earnings results on Monday, May 5th. The specialty chemicals company reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.86 by $0.04. Cabot had a net margin of 10.60% and a return on equity of 26.79%. The firm had revenue of $936.00 million during the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter last year, the firm earned $1.78 EPS. The firm’s revenue for the quarter was down 8.1% on a year-over-year basis. As a group, equities research analysts expect that Cabot Co. will post 7.57 earnings per share 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 issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.35%. This is a boost from Cabot’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend is Friday, May 30th. Cabot’s dividend payout ratio (DPR) is 23.29%.

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.