Louisiana State Employees Retirement System lowered its position in Cabot Corp. (NYSE:CBT) by 4.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,600 shares of the company’s stock after selling 700 shares during the period. Louisiana State Employees Retirement System’s holdings in Cabot Corp. were worth $758,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Bank of Montreal Can acquired a new stake in Cabot Corp. during the second quarter worth about $148,000. LS Investment Advisors LLC increased its stake in Cabot Corp. by 71.9% in the second quarter. LS Investment Advisors LLC now owns 3,746 shares of the company’s stock worth $171,000 after buying an additional 1,567 shares during the period. Oakbrook Investments LLC increased its stake in Cabot Corp. by 9.4% in the second quarter. Oakbrook Investments LLC now owns 5,800 shares of the company’s stock worth $265,000 after buying an additional 500 shares during the period. Algert Global LLC acquired a new stake in Cabot Corp. during the first quarter worth about $279,000. Finally, Springbok Capital Management LLC increased its stake in Cabot Corp. by 5,860.0% in the first quarter. Springbok Capital Management LLC now owns 5,960 shares of the company’s stock worth $288,000 after buying an additional 5,860 shares during the period. 85.62% of the stock is owned by hedge funds and other institutional investors.
Cabot Corp. (NYSE:CBT) traded down 3.00% during trading on Friday, hitting $51.70. The stock had a trading volume of 384,944 shares. Cabot Corp. has a 52 week low of $35.46 and a 52 week high of $53.88. The company’s 50-day moving average is $50.91 and its 200 day moving average is $48.23. The firm has a market cap of $3.22 billion, a PE ratio of 23.74 and a beta of 1.39.
Cabot Corp. (NYSE:CBT) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.93 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.93. The company had revenue of $621 million for the quarter, compared to the consensus estimate of $611.73 million. Cabot Corp. had a return on equity of 13.91% and a net margin of 5.68%. The company’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.64 EPS. Equities analysts expect that Cabot Corp. will post $3.08 EPS for the current fiscal year.
Several brokerages have issued reports on CBT. TheStreet raised shares of Cabot Corp. from a “hold” rating to a “buy” rating in a research report on Wednesday, July 27th. Deutsche Bank AG increased their price objective on shares of Cabot Corp. from $48.00 to $52.00 and gave the company a “hold” rating in a research report on Friday, August 12th. Zacks Investment Research raised shares of Cabot Corp. from a “sell” rating to a “hold” rating in a research report on Wednesday, June 22nd. SunTrust Banks Inc. downgraded shares of Cabot Corp. from a “buy” rating to a “neutral” rating and set a $51.00 price objective for the company. in a research report on Tuesday, August 2nd. They noted that the move was a valuation call. Finally, Jefferies Group reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Cabot Corp. in a research report on Tuesday, September 13th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Cabot Corp. has a consensus rating of “Hold” and a consensus target price of $53.17.
In other news, Director Patrick M. Prevost sold 2,200 shares of Cabot Corp. stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $50.21, for a total transaction of $110,462.00. Following the sale, the director now owns 280,508 shares of the company’s stock, valued at approximately $14,084,306.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP James Patrick Kelly sold 2,500 shares of Cabot Corp. stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $50.95, for a total value of $127,375.00. Following the sale, the vice president now directly owns 24,585 shares in the company, valued at approximately $1,252,605.75. The disclosure for this sale can be found here. Insiders own 2.48% of the company’s stock.
About Cabot Corp.
Cabot Corporation (Cabot) is a global specialty chemicals and performance materials company. The Company’s principal products are rubber and specialty grade carbon blacks, fumed metal oxides, activated carbon, inkjet colorants, aerogel and cesium formate drilling fluids. The Company operates through four segments: Reinforcement Materials, Performance Chemicals, Purification Solutions and Specialty Fluids.
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