Nordea Investment Management AB acquired a new position in Cabot Corp (NYSE:CBT) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 91,632 shares of the specialty chemicals company’s stock, valued at approximately $3,814,000. Nordea Investment Management AB owned 0.16% of Cabot as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Cabot in the 4th quarter worth approximately $34,313,000. First Pacific Advisors LP bought a new stake in Cabot during the 1st quarter valued at $22,028,000. LSV Asset Management raised its position in Cabot by 15.1% during the 1st quarter. LSV Asset Management now owns 2,767,667 shares of the specialty chemicals company’s stock valued at $115,217,000 after purchasing an additional 364,078 shares in the last quarter. Deprince Race & Zollo Inc. raised its position in Cabot by 78.6% during the 1st quarter. Deprince Race & Zollo Inc. now owns 714,511 shares of the specialty chemicals company’s stock valued at $29,745,000 after purchasing an additional 314,523 shares in the last quarter. Finally, Deutsche Bank AG raised its position in Cabot by 108.0% during the 4th quarter. Deutsche Bank AG now owns 360,629 shares of the specialty chemicals company’s stock valued at $15,484,000 after purchasing an additional 187,222 shares in the last quarter. 86.48% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts have recently commented on CBT shares. Zacks Investment Research lowered GALP ENERGIA SG/ADR from a “hold” rating to a “sell” rating in a research report on Monday, May 6th. Loop Capital dropped their target price on Cabot to $69.00 and set a “buy” rating on the stock in a research note on Thursday, May 23rd. TheStreet downgraded Primeenergy Resources from a “b-” rating to a “c” rating in a research note on Friday, July 5th. Finally, ValuEngine downgraded Acceleron Pharma from a “strong-buy” rating to a “buy” rating in a research note on Thursday, April 18th. Two research analysts have rated the stock with a sell rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $73.33.
Cabot (NYSE:CBT) last announced its earnings results on Monday, May 6th. The specialty chemicals company reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.02. The business had revenue of $844.00 million during the quarter, compared to analysts’ expectations of $868.00 million. Cabot had a return on equity of 19.06% and a net margin of 8.13%. The business’s revenue was up 3.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.04 earnings per share. As a group, sell-side analysts expect that Cabot Corp will post 4.13 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be given a $0.35 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.40 annualized dividend and a yield of 3.14%. 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.
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