Earnest Partners LLC lifted its position in shares of Cabot Corp (NYSE:CBT) by 57.9% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 2,382,366 shares of the specialty chemicals company’s stock after purchasing an additional 873,528 shares during the quarter. Cabot comprises approximately 1.0% of Earnest Partners LLC’s holdings, making the stock its 23rd largest holding. Earnest Partners LLC owned approximately 4.07% of Cabot worth $113,663,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of the company. Bbva USA Bancshares Inc. grew its holdings in shares of Cabot by 5.4% during the 2nd quarter. Bbva USA Bancshares Inc. now owns 6,375 shares of the specialty chemicals company’s stock worth $304,000 after purchasing an additional 326 shares during the period. 1ST Source Bank lifted its position in Cabot by 2.0% during the 2nd quarter. 1ST Source Bank now owns 17,130 shares of the specialty chemicals company’s stock worth $817,000 after acquiring an additional 330 shares in the last quarter. Connable Office Inc. lifted its position in Cabot by 5.0% during the 1st quarter. Connable Office Inc. now owns 7,938 shares of the specialty chemicals company’s stock worth $330,000 after acquiring an additional 376 shares in the last quarter. Keybank National Association OH lifted its position in Cabot by 2.5% during the 1st quarter. Keybank National Association OH now owns 20,808 shares of the specialty chemicals company’s stock worth $866,000 after acquiring an additional 508 shares in the last quarter. Finally, Twin Tree Management LP acquired a new position in Cabot during the 1st quarter worth approximately $30,000. Institutional investors and hedge funds own 85.87% of the company’s stock.
Several equities analysts recently commented on CBT shares. Northcoast Research set a $45.00 price target on Cabot and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Zacks Investment Research lowered Cabot from a “hold” rating to a “sell” rating and set a $42.00 price target on the stock. in a research report on Friday, August 9th. TheStreet lowered Cabot from a “b-” rating to a “c+” rating in a research report on Wednesday, August 14th. Loop Capital lowered Cabot from a “buy” rating to a “hold” rating and reduced their price target for the stock from $69.00 to $41.00 in a research report on Monday, August 5th. Finally, JPMorgan Chase & Co. reduced their price target on Cabot from $50.00 to $40.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $48.80.
Cabot (NYSE:CBT) last announced its earnings results on Monday, August 5th. The specialty chemicals company reported $1.00 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.00. Cabot had a return on equity of 18.60% and a net margin of 6.49%. The company had revenue of $845.00 million for the quarter, compared to analyst estimates of $858.86 million. During the same period in the prior year, the company posted $1.06 EPS. Cabot’s quarterly revenue was down 1.1% on a year-over-year basis. On average, equities analysts expect that Cabot Corp will post 3.98 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date is Thursday, August 29th. 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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