HighTower Advisors LLC Decreases Stake in Cabot Corporation $CBT

Key Points

• HighTower Advisors LLC has reduced its stake in Cabot Corporation by 52.2% in the first quarter, now holding 9,911 shares valued at approximately $824,000.
• Cabot Corporation reported earnings of $1.90 EPS for the quarter, surpassing estimates of $1.80, but with revenues of $923 million falling short of the $957.29 million expected by analysts.
• The company announced a quarterly dividend of $0.45 per share, representing an annualized dividend of $1.80 and a dividend yield of 2.2%.

HighTower Advisors LLC reduced its stake in Cabot Corporation (NYSE:CBT - Free Report) by 52.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,911 shares of the specialty chemicals company's stock after selling 10,822 shares during the period. HighTower Advisors LLC's holdings in Cabot were worth $824,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Nuveen LLC purchased a new position in Cabot in the first quarter valued at approximately $12,365,000. Aigen Investment Management LP purchased a new position in shares of Cabot during the first quarter worth approximately $350,000. Entropy Technologies LP grew its position in shares of Cabot by 225.4% during the first quarter. Entropy Technologies LP now owns 8,444 shares of the specialty chemicals company's stock worth $702,000 after acquiring an additional 5,849 shares during the last quarter. Citigroup Inc. grew its position in shares of Cabot by 44.7% during the first quarter. Citigroup Inc. now owns 112,025 shares of the specialty chemicals company's stock worth $9,314,000 after acquiring an additional 34,582 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board grew its position in shares of Cabot by 180.8% during the first quarter. Ontario Teachers Pension Plan Board now owns 60,712 shares of the specialty chemicals company's stock worth $5,048,000 after acquiring an additional 39,089 shares during the last quarter. 93.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. UBS Group set a $82.00 target price on shares of Cabot and gave the stock a "neutral" rating in a research report on Tuesday, August 5th. Wall Street Zen lowered shares of Cabot from a "buy" rating to a "hold" rating in a research report on Wednesday, May 7th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $92.33.

Insider Activity at Cabot

In other Cabot news, CEO Sean D. Keohane sold 114,436 shares of the business's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $79.28, for a total transaction of $9,072,486.08. Following the sale, the chief executive officer directly owned 361,518 shares in the company, valued at approximately $28,661,147.04. The trade was a 24.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.03% of the company's stock.

Cabot Price Performance

Shares of NYSE CBT traded down $0.75 during trading on Tuesday, hitting $80.81. 297,055 shares of the company were exchanged, compared to its average volume of 357,622. The company has a market cap of $4.30 billion, a price-to-earnings ratio of 10.56 and a beta of 0.90. Cabot Corporation has a 1 year low of $70.40 and a 1 year high of $117.46. The firm's fifty day moving average price is $77.77 and its 200 day moving average price is $78.64. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.13 and a quick ratio of 1.41.

Cabot (NYSE:CBT - Get Free Report) last issued its earnings results on Monday, August 4th. The specialty chemicals company reported $1.90 EPS for the quarter, topping the consensus estimate of $1.80 by $0.10. The company had revenue of $923.00 million for the quarter, compared to analyst estimates of $957.29 million. Cabot had a net margin of 11.14% and a return on equity of 25.68%. Cabot has set its FY 2025 guidance at 7.150-7.500 EPS. On average, sell-side analysts expect that Cabot Corporation will post 7.57 earnings per share for the current fiscal year.

Cabot Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Friday, August 29th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, August 29th. Cabot's payout ratio is presently 23.53%.

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.