Canada Pension Plan Investment Board Sells 101,500 Shares of Cabot Corporation (CBT)

Canada Pension Plan Investment Board cut its position in shares of Cabot Corporation (NYSE:CBT) by 75.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,500 shares of the specialty chemicals company’s stock after selling 101,500 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.05% of Cabot Corporation worth $1,814,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. First Citizens Bank & Trust Co. purchased a new stake in shares of Cabot Corporation during the second quarter worth about $432,000. Victory Capital Management Inc. grew its holdings in shares of Cabot Corporation by 42.2% during the second quarter. Victory Capital Management Inc. now owns 799,592 shares of the specialty chemicals company’s stock worth $42,722,000 after buying an additional 237,421 shares in the last quarter. Kennedy Capital Management Inc. purchased a new stake in shares of Cabot Corporation during the second quarter worth about $1,846,000. Keybank National Association OH grew its holdings in shares of Cabot Corporation by 35.5% during the second quarter. Keybank National Association OH now owns 20,900 shares of the specialty chemicals company’s stock worth $1,117,000 after buying an additional 5,475 shares in the last quarter. Finally, Riverhead Capital Management LLC grew its holdings in shares of Cabot Corporation by 18.3% during the second quarter. Riverhead Capital Management LLC now owns 21,912 shares of the specialty chemicals company’s stock worth $1,171,000 after buying an additional 3,383 shares in the last quarter. Institutional investors and hedge funds own 84.28% of the company’s stock.

CBT has been the subject of a number of recent research reports. Zacks Investment Research downgraded shares of Cabot Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. KeyCorp reiterated a “hold” rating on shares of Cabot Corporation in a report on Wednesday, November 1st. ValuEngine downgraded shares of Cabot Corporation from a “buy” rating to a “hold” rating in a report on Friday, July 28th. J P Morgan Chase & Co upgraded shares of Cabot Corporation from a “neutral” rating to an “overweight” rating and set a $57.00 price target for the company in a report on Tuesday, August 15th. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $74.00 price target on shares of Cabot Corporation in a report on Friday, November 3rd. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $61.14.

Shares of Cabot Corporation (NYSE:CBT) opened at $60.54 on Friday. Cabot Corporation has a twelve month low of $50.21 and a twelve month high of $64.66. The stock has a market cap of $3,746.46, a P/E ratio of 17.65, a P/E/G ratio of 1.60 and a beta of 1.11. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.70 and a quick ratio of 1.17.

Cabot Corporation (NYSE:CBT) last released its earnings results on Tuesday, October 31st. The specialty chemicals company reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). Cabot Corporation had a net margin of 8.87% and a return on equity of 15.11%. The company had revenue of $723.00 million during the quarter, compared to analysts’ expectations of $683.30 million. During the same quarter in the previous year, the firm posted $1.00 earnings per share. Cabot Corporation’s revenue for the quarter was up 16.8% compared to the same quarter last year. equities analysts anticipate that Cabot Corporation will post 3.78 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Friday, November 24th will be issued a $0.315 dividend. The ex-dividend date is Wednesday, November 22nd. This represents a $1.26 dividend on an annualized basis and a yield of 2.08%. Cabot Corporation’s payout ratio is 33.07%.

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In related news, insider Hobart Kalkstein sold 3,881 shares of the business’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $53.39, for a total value of $207,206.59. Following the completion of the sale, the insider now directly owns 27,736 shares in the company, valued at $1,480,825.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.50% of the stock is currently owned by insiders.

About Cabot Corporation

Cabot Corporation is a global specialty chemicals and performance materials company. The Company operates through four business segments: reinforcement materials, performance chemicals, purification solutions and specialty fluids. Reinforcement materials’ rubber grade carbon blacks are used to enhance the physical properties of the systems and applications in which they are incorporated.

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Institutional Ownership by Quarter for Cabot Corporation (NYSE:CBT)

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