Victory Capital Management Inc. Lowers Position in Cabot Co. (NYSE:CBT)

Victory Capital Management Inc. trimmed its position in shares of Cabot Co. (NYSE:CBT) by 5.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,764 shares of the specialty chemicals company’s stock after selling 821 shares during the quarter. Victory Capital Management Inc.’s holdings in Cabot were worth $1,762,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in CBT. Wolff Wiese Magana LLC acquired a new position in shares of Cabot in the third quarter worth about $25,000. CWM LLC raised its holdings in Cabot by 60.6% in the 2nd quarter. CWM LLC now owns 416 shares of the specialty chemicals company’s stock worth $38,000 after purchasing an additional 157 shares during the period. UMB Bank n.a. boosted its position in Cabot by 53.9% during the third quarter. UMB Bank n.a. now owns 371 shares of the specialty chemicals company’s stock worth $41,000 after purchasing an additional 130 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in Cabot by 197.9% in the third quarter. Farther Finance Advisors LLC now owns 417 shares of the specialty chemicals company’s stock valued at $47,000 after purchasing an additional 277 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in shares of Cabot by 33.4% in the second quarter. EverSource Wealth Advisors LLC now owns 475 shares of the specialty chemicals company’s stock valued at $48,000 after buying an additional 119 shares in the last quarter. 93.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Mizuho boosted their price target on shares of Cabot from $103.00 to $122.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. JPMorgan Chase & Co. downgraded shares of Cabot from a “neutral” rating to an “underweight” rating and set a $105.00 price target for the company. in a research report on Monday, November 11th. Finally, UBS Group cut their price objective on Cabot from $103.00 to $98.00 and set a “neutral” rating for the company in a research note on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $105.00.

Cabot Trading Up 1.6 %

Shares of Cabot stock opened at $110.36 on Monday. Cabot Co. has a fifty-two week low of $70.63 and a fifty-two week high of $117.46. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.36 and a current ratio of 2.08. The stock has a 50 day moving average of $110.81 and a 200 day moving average of $102.68. The firm has a market capitalization of $6.00 billion, a price-to-earnings ratio of 16.37, a PEG ratio of 0.93 and a beta of 1.20.

Cabot (NYSE:CBT) last released its earnings results on Monday, November 4th. The specialty chemicals company reported $1.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.81 by ($0.01). Cabot had a return on equity of 26.60% and a net margin of 9.51%. The firm had revenue of $1 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the previous year, the company posted $1.65 earnings per share. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. As a group, research analysts predict that Cabot Co. will post 7.67 earnings per share for the current year.

Cabot Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date of this dividend is Friday, November 29th. Cabot’s payout ratio is currently 25.52%.

Insider Transactions at Cabot

In other news, CEO Sean D. Keohane sold 25,617 shares of Cabot stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $101.55, for a total transaction of $2,601,406.35. Following the completion of the sale, the chief executive officer now directly owns 331,174 shares in the company, valued at approximately $33,630,719.70. This trade represents a 7.18 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Erica Mclaughlin sold 16,390 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $104.24, for a total transaction of $1,708,493.60. Following the completion of the sale, the chief financial officer now directly owns 59,814 shares in the company, valued at approximately $6,235,011.36. The trade was a 21.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 92,197 shares of company stock worth $10,061,434 over the last 90 days. 3.07% of the stock is currently owned by insiders.

Cabot 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.