Mirae Asset Global Investments Co. Ltd. Reduces Stock Position in Cabot Corporation (NYSE:CBT)

Mirae Asset Global Investments Co. Ltd. cut its holdings in Cabot Corporation (NYSE:CBT) by 2.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,434 shares of the specialty chemicals company’s stock after selling 189 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Cabot were worth $612,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in CBT. EverSource Wealth Advisors LLC boosted 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 valued at $74,000 after buying an additional 219 shares during the last quarter. Curat Global LLC purchased a new position in Cabot in the first quarter valued at about $83,000. Farther Finance Advisors LLC increased its position in Cabot by 1,346.4% during the 1st quarter. Farther Finance Advisors LLC now owns 1,620 shares of the specialty chemicals company’s stock valued at $136,000 after buying an additional 1,508 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Cabot by 26.1% during the first quarter. GAMMA Investing LLC now owns 1,700 shares of the specialty chemicals company’s stock worth $141,000 after buying an additional 352 shares during the period. Finally, GeoWealth Management LLC increased its holdings in Cabot by 4,553.6% in the 4th quarter. GeoWealth Management LLC now owns 2,606 shares of the specialty chemicals company’s stock worth $238,000 after buying an additional 2,550 shares during the period. 93.18% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on CBT shares. Wall Street Zen lowered Cabot from a “buy” rating to a “hold” rating in a report on Wednesday, May 7th. UBS Group cut their price target on shares of Cabot from $93.00 to $83.00 and set a “neutral” rating on the stock in a research note on Monday, April 7th.

Cabot Trading Down 0.7%

Shares of Cabot stock opened at $78.37 on Friday. Cabot Corporation has a 12-month low of $71.64 and a 12-month high of $117.46. The stock has a market cap of $4.21 billion, a price-to-earnings ratio of 10.14, a PEG ratio of 0.71 and a beta of 0.85. The company has a current ratio of 1.96, a quick ratio of 1.30 and a debt-to-equity ratio of 0.69. The company has a fifty day simple moving average of $75.62 and a 200-day simple moving average of $81.91.

Cabot (NYSE:CBT) last announced its earnings results on Monday, May 5th. The specialty chemicals company reported $1.90 EPS for the quarter, beating analysts’ consensus estimates 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 net margin of 11.08% and a return on equity of 26.76%. The business’s revenue was down 8.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.78 earnings per share. On average, equities analysts forecast that Cabot Corporation will post 7.57 EPS for the current fiscal year.

Cabot Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were paid a $0.45 dividend. This is a boost from Cabot’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.80 annualized dividend and a dividend yield of 2.30%. 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.