Harbor Capital Advisors Inc. Sells 4,650 Shares of Cabot Co. (NYSE:CBT)

Harbor Capital Advisors Inc. cut its position in Cabot Co. (NYSE:CBT) by 11.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,744 shares of the specialty chemicals company’s stock after selling 4,650 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Cabot were worth $2,972,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC raised its stake in Cabot by 37.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 808 shares of the specialty chemicals company’s stock valued at $74,000 after buying an additional 219 shares during the period. Curat Global LLC bought a new stake in Cabot in the 1st quarter valued at $83,000. Farther Finance Advisors LLC raised its stake in Cabot by 1,346.4% in the 1st quarter. Farther Finance Advisors LLC now owns 1,620 shares of the specialty chemicals company’s stock valued at $136,000 after acquiring an additional 1,508 shares during the period. Manchester Capital Management LLC lifted its holdings in Cabot by 1,685.1% during 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. Finally, GeoWealth Management LLC boosted its position in Cabot by 4,553.6% during the fourth quarter. GeoWealth Management LLC now owns 2,606 shares of the specialty chemicals company’s stock worth $238,000 after purchasing an additional 2,550 shares during the period. 93.18% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. UBS Group dropped their price objective on shares of Cabot from $93.00 to $83.00 and set a “neutral” rating on the stock in a research report on Monday, April 7th. Wall Street Zen cut shares of Cabot from a “buy” rating to a “hold” rating in a report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Cabot from $105.00 to $85.00 and set an “underweight” rating for the company in a research report on Friday, February 21st.

Cabot Stock Down 0.6%

CBT opened at $77.70 on Thursday. The stock has a fifty day moving average of $76.54 and a 200-day moving average of $85.69. The company has a market capitalization of $4.17 billion, a P/E ratio of 10.32, a P/E/G ratio of 0.74 and a beta of 0.87. Cabot Co. has a fifty-two week low of $71.64 and a fifty-two week high of $117.46. 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 (NYSE:CBT) last released its quarterly earnings results on Monday, May 5th. The specialty chemicals company reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.86 by $0.04. The business had revenue of $936.00 million for the quarter, compared to analyst estimates of $1.02 billion. Cabot had a net margin of 10.60% and a return on equity of 26.79%. Cabot’s revenue for the quarter was down 8.1% compared to the same quarter last year. During the same period last year, the firm earned $1.78 earnings per share. On average, equities analysts expect that Cabot Co. will post 7.57 EPS for the current year.

Cabot Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.32%. This is an increase from Cabot’s previous quarterly dividend of $0.43. The ex-dividend date is Friday, May 30th. Cabot’s payout ratio is presently 23.29%.

Cabot Profile

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.