Cabot Co. (NYSE:CBT) Shares Sold by Centiva Capital LP

Centiva Capital LP trimmed its stake in Cabot Co. (NYSE:CBT) by 58.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,887 shares of the specialty chemicals company’s stock after selling 5,414 shares during the quarter. Centiva Capital LP’s holdings in Cabot were worth $434,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. First Citizens Bank & Trust Co. raised its holdings in Cabot by 2.1% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 5,426 shares of the specialty chemicals company’s stock worth $606,000 after buying an additional 109 shares during the period. First Horizon Advisors Inc. raised its holdings in shares of Cabot by 22.0% during the third quarter. First Horizon Advisors Inc. now owns 650 shares of the specialty chemicals company’s stock valued at $73,000 after acquiring an additional 117 shares during the period. EverSource Wealth Advisors LLC raised its stake in Cabot by 33.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 475 shares of the specialty chemicals company’s stock valued at $48,000 after purchasing an additional 119 shares during the last quarter. UMB Bank n.a. increased its stake in Cabot by 53.9% during the third quarter. UMB Bank n.a. now owns 371 shares of the specialty chemicals company’s stock valued at $41,000 after acquiring an additional 130 shares during the period. Finally, Miller Howard Investments Inc. NY boosted its stake in Cabot by 4.4% during the second quarter. Miller Howard Investments Inc. NY now owns 3,162 shares of the specialty chemicals company’s stock worth $291,000 after buying an additional 132 shares in the last quarter. 93.18% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Cabot news, CAO Lisa M. Dumont sold 865 shares of the business’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 value of $96,655.10. Following the sale, the chief accounting officer now owns 9,742 shares in the company, valued at approximately $1,088,571.08. The trade was a 8.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Jeff Ji Zhu sold 14,566 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $113.25, for a total value of $1,649,599.50. Following the transaction, the executive vice president now directly owns 69,449 shares of the company’s stock, valued at approximately $7,865,099.25. This trade represents a 17.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 50,190 shares of company stock worth $5,751,534 over the last quarter. 3.07% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CBT shares. Mizuho raised their target price on 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 for the company. in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $105.00.

Cabot Price Performance

Shares of CBT stock opened at $105.03 on Monday. The firm has a market capitalization of $5.71 billion, a price-to-earnings ratio of 15.58, a price-to-earnings-growth ratio of 0.92 and a beta of 1.18. Cabot Co. has a 12-month low of $70.63 and a 12-month high of $117.46. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.68. The firm has a fifty day moving average of $110.80 and a 200-day moving average of $103.19.

Cabot (NYSE:CBT) last announced its quarterly earnings results on Monday, November 4th. The specialty chemicals company reported $1.80 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter last year, the company earned $1.65 earnings per share. The firm’s revenue was up 3.7% compared to the same quarter last year. On average, equities research analysts forecast that Cabot Co. will post 7.67 earnings per share for the current year.

Cabot declared that its Board of Directors has approved a stock buyback program on Tuesday, December 3rd that allows the company to buyback 10,000,000 shares. This buyback authorization allows the specialty chemicals company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Cabot Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date is Friday, November 29th. Cabot’s payout ratio is currently 25.52%.

Cabot Profile

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.