Wedge Capital Management L L P NC Sells 3,343 Shares of Cabot Co. (NYSE:CBT)

Wedge Capital Management L L P NC trimmed its position in shares of Cabot Co. (NYSE:CBTGet Rating) by 3.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 97,977 shares of the specialty chemicals company’s stock after selling 3,343 shares during the quarter. Wedge Capital Management L L P NC owned 0.17% of Cabot worth $6,250,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of CBT. Cibc World Market Inc. raised its holdings in Cabot by 2.1% during the first quarter. Cibc World Market Inc. now owns 8,944 shares of the specialty chemicals company’s stock worth $612,000 after buying an additional 181 shares during the last quarter. Louisiana State Employees Retirement System raised its holdings in shares of Cabot by 1.4% in the 1st quarter. Louisiana State Employees Retirement System now owns 14,800 shares of the specialty chemicals company’s stock worth $1,047,000 after acquiring an additional 200 shares during the last quarter. HighTower Advisors LLC lifted its position in Cabot by 2.6% in the 4th quarter. HighTower Advisors LLC now owns 8,619 shares of the specialty chemicals company’s stock valued at $488,000 after acquiring an additional 216 shares in the last quarter. Jackson Square Capital LLC boosted its stake in Cabot by 4.6% during the 1st quarter. Jackson Square Capital LLC now owns 5,435 shares of the specialty chemicals company’s stock valued at $372,000 after purchasing an additional 237 shares during the last quarter. Finally, Parkside Financial Bank & Trust increased its holdings in Cabot by 176.0% during the 1st quarter. Parkside Financial Bank & Trust now owns 414 shares of the specialty chemicals company’s stock worth $28,000 after purchasing an additional 264 shares in the last quarter. 96.48% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Cabot from a “hold” rating to a “buy” rating in a report on Tuesday, August 9th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $79.25.

Cabot Price Performance

CBT opened at $69.69 on Wednesday. Cabot Co. has a fifty-two week low of $47.82 and a fifty-two week high of $78.62. The firm has a 50-day moving average of $72.06 and a 200 day moving average of $69.70. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.10 and a current ratio of 1.70. The firm has a market cap of $3.92 billion, a P/E ratio of 28.33 and a beta of 1.39.

Cabot (NYSE:CBTGet Rating) last released its earnings results on Monday, August 8th. The specialty chemicals company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of $1.53 by $0.20. Cabot had a net margin of 3.50% and a return on equity of 32.30%. The firm had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.05 billion. During the same period in the prior year, the firm earned $1.35 EPS. The company’s revenue was up 25.3% compared to the same quarter last year. On average, research analysts expect that Cabot Co. will post 6.2 EPS for the current year.

Cabot Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Friday, August 26th were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Thursday, August 25th. This represents a $1.48 annualized dividend and a dividend yield of 2.12%. Cabot’s payout ratio is 60.16%.

Cabot Profile

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Cabot Corporation operates as a specialty chemicals and performance materials company. It operates through three segments: Reinforcement Materials, Performance Chemicals, and Purification Solutions. The company offers reinforcing carbons 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.

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Institutional Ownership by Quarter for Cabot (NYSE:CBT)

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