Nuveen Asset Management LLC Makes New $10.89 Million Investment in Cabot Corp (NYSE:CBT)

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Nuveen Asset Management LLC bought a new position in Cabot Corp (NYSE:CBT) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 228,190 shares of the specialty chemicals company’s stock, valued at approximately $10,887,000. Nuveen Asset Management LLC owned 0.39% of Cabot at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Jane Street Group LLC acquired a new stake in Cabot in the second quarter worth approximately $318,000. Morgan Stanley lifted its position in Cabot by 119.6% in the second quarter. Morgan Stanley now owns 50,950 shares of the specialty chemicals company’s stock worth $2,430,000 after purchasing an additional 27,747 shares during the period. Paloma Partners Management Co acquired a new stake in Cabot in the second quarter worth approximately $1,115,000. Bank of America Corp DE lifted its position in shares of Cabot by 17.6% during the 2nd quarter. Bank of America Corp DE now owns 1,196,424 shares of the specialty chemicals company’s stock valued at $57,082,000 after acquiring an additional 178,945 shares during the last quarter. Finally, Zebra Capital Management LLC lifted its position in shares of Cabot by 4.4% during the 2nd quarter. Zebra Capital Management LLC now owns 9,695 shares of the specialty chemicals company’s stock valued at $463,000 after acquiring an additional 409 shares during the last quarter. Hedge funds and other institutional investors own 85.83% of the company’s stock.

Shares of NYSE:CBT opened at $44.49 on Friday. Cabot Corp has a one year low of $37.11 and a one year high of $55.36. The stock has a fifty day moving average of $42.94 and a 200-day moving average of $43.89. The company has a market capitalization of $2.47 billion, a PE ratio of 11.06, a price-to-earnings-growth ratio of 0.99 and a beta of 1.51. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.27 and a current ratio of 2.07.

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 consensus estimate of $1.00. Cabot had a net margin of 6.49% and a return on equity of 18.60%. The company had revenue of $845.00 million for the quarter, compared to the consensus estimate of $858.86 million. During the same period in the previous year, the business earned $1.06 EPS. The company’s revenue was down 1.1% on a year-over-year basis. As a group, research analysts forecast that Cabot Corp will post 3.98 EPS for the current fiscal year.

CBT has been the subject of a number of recent research reports. JPMorgan Chase & Co. cut their price objective on Cabot from $50.00 to $40.00 and set an “overweight” rating for the company in a research report on Tuesday, August 13th. Zacks Investment Research downgraded Cabot from a “hold” rating to a “sell” rating and set a $42.00 price objective for the company. in a research report on Friday, August 9th. Northcoast Research set a $45.00 price objective on Cabot and gave the company a “buy” rating in a research report on Wednesday, August 7th. ValuEngine upgraded Cabot from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Loop Capital downgraded Cabot from a “buy” rating to a “hold” rating and cut their price objective for the company from $69.00 to $41.00 in a research report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $42.60.

About Cabot

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.

Read More: Certificate of Deposit (CD) For Risk Adverse Investors?

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Institutional Ownership by Quarter for Cabot (NYSE:CBT)

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