New York State Teachers Retirement System Sells 9,144 Shares of Cabot Corporation (NYSE:CBT)

New York State Teachers Retirement System reduced its position in shares of Cabot Corporation (NYSE:CBT) by 12.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 66,799 shares of the specialty chemicals company’s stock after selling 9,144 shares during the quarter. New York State Teachers Retirement System owned about 0.12% of Cabot worth $5,554,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank bought a new position in shares of Cabot during the 4th quarter worth $37,961,000. Millennium Management LLC lifted its stake in Cabot by 67.7% in the fourth quarter. Millennium Management LLC now owns 349,369 shares of the specialty chemicals company’s stock worth $31,901,000 after acquiring an additional 141,050 shares during the period. GAMMA Investing LLC grew its holdings in Cabot by 10,385.0% during the 1st quarter. GAMMA Investing LLC now owns 141,338 shares of the specialty chemicals company’s stock worth $11,751,000 after acquiring an additional 139,990 shares in the last quarter. American Century Companies Inc. increased its position in Cabot by 8.5% during the 4th quarter. American Century Companies Inc. now owns 1,323,347 shares of the specialty chemicals company’s stock valued at $120,835,000 after purchasing an additional 103,380 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Cabot by 27.1% during the 4th quarter. JPMorgan Chase & Co. now owns 451,513 shares of the specialty chemicals company’s stock valued at $41,228,000 after purchasing an additional 96,179 shares during the period. 93.18% of the stock is owned by institutional investors.

Cabot Price Performance

Shares of CBT stock opened at $78.37 on Friday. The stock’s 50-day moving average is $75.62 and its 200 day moving average is $81.91. Cabot Corporation has a 1-year low of $71.64 and a 1-year high of $117.46. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.96 and a quick ratio of 1.30. The company has a market cap of $4.21 billion, a P/E ratio of 10.14, a PEG ratio of 0.71 and a beta of 0.85.

Cabot (NYSE:CBT) last released its quarterly earnings results on Monday, May 5th. The specialty chemicals company reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.86 by $0.04. Cabot had a net margin of 11.08% and a return on equity of 26.76%. The business had revenue of $936.00 million for the quarter, compared to analysts’ expectations of $1.02 billion. During the same period last year, the business earned $1.78 EPS. The company’s revenue was down 8.1% compared to the same quarter last year. Research analysts predict that Cabot Corporation will post 7.57 earnings per share for the current fiscal year.

Cabot Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were issued a $0.45 dividend. This is a positive change from Cabot’s previous quarterly dividend of $0.43. This represents a $1.80 annualized dividend and a yield of 2.30%. The ex-dividend date was Friday, May 30th. Cabot’s payout ratio is currently 23.29%.

Analysts Set New Price Targets

CBT has been the topic of a number of recent research reports. Wall Street Zen downgraded shares of Cabot from a “buy” rating to a “hold” rating in a research note on Wednesday, May 7th. UBS Group reduced their price objective on shares of Cabot from $93.00 to $83.00 and set a “neutral” rating for the company in a research note on Monday, April 7th.

Cabot Company 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.