New Mexico Educational Retirement Board increased its stake in shares of Cabot Corp (NYSE:CBT) by 32.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,600 shares of the specialty chemicals company’s stock after purchasing an additional 3,300 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Cabot were worth $355,000 as of its most recent filing with the SEC.
Other hedge funds also recently bought and sold shares of the company. Citigroup Inc. boosted its holdings in shares of Cabot by 244.4% during the fourth quarter. Citigroup Inc. now owns 5,938 shares of the specialty chemicals company’s stock worth $282,000 after purchasing an additional 4,214 shares during the period. Bank of Montreal Can lifted its stake in Cabot by 42.2% in the fourth quarter. Bank of Montreal Can now owns 10,826 shares of the specialty chemicals company’s stock valued at $515,000 after acquiring an additional 3,215 shares during the last quarter. Federated Hermes Inc. lifted its stake in Cabot by 147.3% in the first quarter. Federated Hermes Inc. now owns 43,200 shares of the specialty chemicals company’s stock valued at $1,129,000 after acquiring an additional 25,731 shares during the last quarter. FDx Advisors Inc. acquired a new stake in Cabot in the first quarter valued at approximately $859,000. Finally, Victory Capital Management Inc. lifted its stake in Cabot by 18.3% in the first quarter. Victory Capital Management Inc. now owns 1,721,648 shares of the specialty chemicals company’s stock valued at $44,969,000 after acquiring an additional 266,298 shares during the last quarter. Institutional investors and hedge funds own 84.96% of the company’s stock.
A number of analysts have issued reports on CBT shares. Loop Capital reduced their target price on shares of Cabot from $48.00 to $31.00 and set a “hold” rating for the company in a research note on Wednesday, March 18th. Northcoast Research cut shares of Cabot from a “buy” rating to a “neutral” rating in a research note on Friday, May 1st. Deutsche Bank lifted their target price on shares of Cabot from $23.00 to $32.00 and gave the company a “hold” rating in a research note on Thursday, April 16th. UBS Group lifted their price target on shares of Cabot from $38.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, June 19th. Finally, Bank of America raised shares of Cabot from an “underperform” rating to a “neutral” rating in a research report on Monday, March 9th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. Cabot has an average rating of “Hold” and an average price target of $41.67.
Cabot (NYSE:CBT) last announced its earnings results on Monday, May 11th. The specialty chemicals company reported $0.77 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.08. Cabot had a net margin of 3.38% and a return on equity of 17.88%. The business had revenue of $710.00 million for the quarter, compared to analyst estimates of $752.33 million. During the same quarter in the previous year, the firm posted $0.99 earnings per share. Cabot’s revenue was down 15.9% compared to the same quarter last year. Equities research analysts anticipate that Cabot Corp will post 1.97 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Friday, May 29th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date was Thursday, May 28th. Cabot’s dividend payout ratio (DPR) is currently 35.81%.
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.