Cabot Co. (NYSE:CBT) Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC lifted its position in shares of Cabot Co. (NYSE:CBT) by 1.8% in the third quarter, Holdings Channel reports. The institutional investor owned 1,283,686 shares of the specialty chemicals company’s stock after acquiring an additional 22,719 shares during the quarter. Geode Capital Management LLC’s holdings in Cabot were worth $143,504,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Wolff Wiese Magana LLC acquired a new stake in Cabot during the third quarter worth $25,000. CWM LLC increased its position in shares of Cabot by 60.6% during 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 last quarter. UMB Bank n.a. raised its holdings in Cabot by 53.9% in the 3rd quarter. UMB Bank n.a. now owns 371 shares of the specialty chemicals company’s stock valued at $41,000 after buying an additional 130 shares during the period. Farther Finance Advisors LLC lifted its position 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 buying an additional 277 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in Cabot by 33.4% during the second quarter. EverSource Wealth Advisors LLC now owns 475 shares of the specialty chemicals company’s stock worth $48,000 after buying an additional 119 shares during the period. Hedge funds and other institutional investors own 93.18% of the company’s stock.

Cabot Stock Down 1.4 %

Shares of NYSE:CBT opened at $101.97 on Tuesday. The firm has a market capitalization of $5.55 billion, a PE ratio of 15.13, a price-to-earnings-growth ratio of 0.90 and a beta of 1.18. Cabot Co. has a 1 year low of $70.63 and a 1 year high of $117.46. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.08 and a quick ratio of 1.36. The firm’s 50-day moving average is $110.07 and its two-hundred day moving average is $103.33.

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

Cabot Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were issued a $0.43 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.72 dividend on an annualized basis and a yield of 1.69%. Cabot’s dividend payout ratio (DPR) is presently 25.52%.

Cabot announced that its board has initiated a stock buyback program on Tuesday, December 3rd that permits the company to buyback 10,000,000 shares. This buyback authorization permits the specialty chemicals company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Mizuho boosted their price target on shares of Cabot from $103.00 to $122.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. JPMorgan Chase & Co. lowered Cabot from a “neutral” rating to an “underweight” rating and set a $105.00 target price on the stock. in a research report on Monday, November 11th. One research 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. Based on data from MarketBeat.com, Cabot has a consensus rating of “Hold” and a consensus price target of $105.00.

Insider Buying and Selling

In other news, EVP Hobart Kalkstein sold 34,759 shares of Cabot stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $115.23, for a total value of $4,005,279.57. Following the completion of the transaction, the executive vice president now owns 50,627 shares in the company, valued at approximately $5,833,749.21. This trade represents a 40.71 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Lisa M. Dumont sold 865 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $111.74, for a total transaction of $96,655.10. Following the sale, the chief accounting officer now owns 9,742 shares in the company, valued at $1,088,571.08. The trade was a 8.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 50,190 shares of company stock valued at $5,751,534 in the last three months. 3.07% of the stock is owned by corporate insiders.

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.