Victory Capital Management Inc. lowered its stake in shares of Cabot Co. (NYSE:CBT – Get Rating) by 44.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 415,796 shares of the specialty chemicals company’s stock after selling 334,118 shares during the period. Victory Capital Management Inc. owned approximately 0.74% of Cabot worth $26,565,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Avantax Advisory Services Inc. bought a new position in shares of Cabot during the 3rd quarter valued at about $219,000. Kestra Advisory Services LLC bought a new position in shares of Cabot during the 3rd quarter valued at about $208,000. US Bancorp DE lifted its holdings in shares of Cabot by 1.1% during the 3rd quarter. US Bancorp DE now owns 27,003 shares of the specialty chemicals company’s stock valued at $1,725,000 after purchasing an additional 287 shares in the last quarter. CWM LLC lifted its holdings in shares of Cabot by 81.0% during the 3rd quarter. CWM LLC now owns 505 shares of the specialty chemicals company’s stock valued at $32,000 after purchasing an additional 226 shares in the last quarter. Finally, Hancock Whitney Corp lifted its holdings in shares of Cabot by 5.0% during the 3rd quarter. Hancock Whitney Corp now owns 59,825 shares of the specialty chemicals company’s stock valued at $3,822,000 after purchasing an additional 2,866 shares in the last quarter. Institutional investors own 94.21% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities analysts have recently weighed in on CBT shares. StockNews.com upgraded Cabot from a “buy” rating to a “strong-buy” rating in a report on Friday. Deutsche Bank Aktiengesellschaft raised Cabot from a “hold” rating to a “buy” rating and lifted their target price for the company from $80.00 to $90.00 in a research report on Wednesday, November 16th.
Cabot Stock Up 1.1 %
Cabot (NYSE:CBT – Get Rating) last announced its earnings results on Monday, November 7th. The specialty chemicals company reported $1.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.48 by $0.07. Cabot had a return on equity of 35.30% and a net margin of 4.84%. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.04 billion. On average, analysts predict that Cabot Co. will post 6.5 earnings per share for the current fiscal year.
Cabot Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, March 10th. Shareholders of record on Friday, February 24th will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend is Thursday, February 23rd. Cabot’s dividend payout ratio (DPR) is 41.11%.
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.
- Get a free copy of the StockNews.com research report on Cabot (CBT)
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