PNC Financial Services Group Inc. Acquires 494 Shares of Cabot Corporation (NYSE:CBT)

PNC Financial Services Group Inc. increased its holdings in Cabot Corporation (NYSE:CBT) by 12.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,356 shares of the specialty chemicals company’s stock after acquiring an additional 494 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Cabot were worth $362,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Banque Cantonale Vaudoise purchased a new stake in Cabot during the 1st quarter valued at about $43,000. CWM LLC grew its position in Cabot by 55.0% during the 1st quarter. CWM LLC now owns 600 shares of the specialty chemicals company’s stock valued at $50,000 after purchasing an additional 213 shares during the last quarter. Curat Global LLC purchased a new stake in Cabot during the 1st quarter valued at about $83,000. Farther Finance Advisors LLC grew 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 purchasing an additional 1,508 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Cabot by 26.1% during the 1st quarter. GAMMA Investing LLC now owns 1,700 shares of the specialty chemicals company’s stock valued at $141,000 after purchasing an additional 352 shares during the last quarter. 93.18% of the stock is currently owned by institutional investors.

Cabot Stock Performance

Shares of NYSE CBT opened at $78.20 on Friday. The firm’s 50-day moving average price is $76.36 and its 200-day moving average price is $79.17. The company has a quick ratio of 1.41, a current ratio of 2.13 and a debt-to-equity ratio of 0.66. The company has a market cap of $4.16 billion, a PE ratio of 10.22 and a beta of 0.87. Cabot Corporation has a 52-week low of $70.40 and a 52-week high of $117.46.

Cabot (NYSE:CBT) last announced its quarterly earnings results on Monday, August 4th. The specialty chemicals company reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. The firm had revenue of $923.00 million for the quarter, compared to the consensus estimate of $957.29 million. Cabot had a net margin of 11.14% and a return on equity of 25.68%. As a group, analysts anticipate that Cabot Corporation will post 7.57 EPS for the current year.

Cabot Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Friday, August 29th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. Cabot’s payout ratio is 23.53%.

Wall Street Analyst Weigh In

Several brokerages recently commented on CBT. Wall Street Zen downgraded shares of Cabot from a “buy” rating to a “hold” rating in a research report on Wednesday, May 7th. UBS Group set a $82.00 price objective on shares of Cabot and gave the company a “neutral” rating in a research report on Tuesday, August 5th.

Insider Activity

In related news, CEO Sean D. Keohane sold 114,436 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $79.28, for a total value of $9,072,486.08. Following the transaction, the chief executive officer owned 361,518 shares of the company’s stock, valued at approximately $28,661,147.04. This trade represents a 24.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 3.03% of the company’s stock.

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.