Panagora Asset Management Inc. increased its stake in Cabot Corp (NYSE:CBT) by 35.6% in the second quarter, Holdings Channel.com reports. The firm owned 5,712 shares of the specialty chemicals company’s stock after purchasing an additional 1,500 shares during the quarter. Panagora Asset Management Inc.’s holdings in Cabot were worth $273,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. LSV Asset Management boosted its stake in Cabot by 0.9% in the 2nd quarter. LSV Asset Management now owns 2,793,804 shares of the specialty chemicals company’s stock worth $133,292,000 after purchasing an additional 26,137 shares during the period. Ceredex Value Advisors LLC boosted its stake in Cabot by 19.0% in the 1st quarter. Ceredex Value Advisors LLC now owns 1,121,857 shares of the specialty chemicals company’s stock worth $46,703,000 after purchasing an additional 179,090 shares during the period. First Pacific Advisors LP acquired a new position in Cabot in the 1st quarter worth $22,028,000. Royce & Associates LP boosted its stake in Cabot by 48.4% in the 1st quarter. Royce & Associates LP now owns 441,993 shares of the specialty chemicals company’s stock worth $18,400,000 after purchasing an additional 144,084 shares during the period. Finally, Parametric Portfolio Associates LLC boosted its stake in Cabot by 3.1% in the 1st quarter. Parametric Portfolio Associates LLC now owns 342,524 shares of the specialty chemicals company’s stock worth $14,259,000 after purchasing an additional 10,432 shares during the period. 85.87% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have commented on CBT shares. Northcoast Research set a $45.00 price target on shares of Cabot and gave the stock a “buy” rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. cut their price target on shares of Cabot from $50.00 to $40.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th. Zacks Investment Research cut shares of Cabot from a “hold” rating to a “sell” rating and set a $42.00 price target on the stock. in a research report on Friday, August 9th. Loop Capital cut shares of Cabot from a “buy” rating to a “hold” rating and cut their price target for the stock from $69.00 to $41.00 in a research report on Monday, August 5th. Finally, TheStreet cut shares of Cabot from a “b-” rating to a “c+” rating in a research report on Wednesday, August 14th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $48.80.
Cabot (NYSE:CBT) last issued its earnings results on Monday, August 5th. The specialty chemicals company reported $1.00 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.00. The company had revenue of $845.00 million for the quarter, compared to analysts’ expectations of $858.86 million. Cabot had a net margin of 6.49% and a return on equity of 18.60%. Cabot’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.06 EPS. On average, sell-side analysts forecast that Cabot Corp will post 3.98 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Friday, August 30th will be issued a $0.35 dividend. The ex-dividend date is Thursday, August 29th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.94%. Cabot’s payout ratio is 34.74%.
Cabot Corporation operates as a specialty chemicals and performance materials company. The company offers rubber grade carbon blacks 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 compounds of carbon black and rubber.
Want to see what other hedge funds are holding CBT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cabot Corp (NYSE:CBT).
Receive News & Ratings for Cabot Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cabot and related companies with MarketBeat.com's FREE daily email newsletter.