Bank of New York Mellon Corp Has $48.79 Million Stake in Cabot Corporation (NYSE:CBT)

Bank of New York Mellon Corp reduced its stake in Cabot Corporation (NYSE:CBT - Free Report) by 2.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 586,843 shares of the specialty chemicals company's stock after selling 14,339 shares during the period. Bank of New York Mellon Corp owned about 1.08% of Cabot worth $48,790,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. EverSource Wealth Advisors LLC increased its holdings in Cabot by 37.2% in the 4th quarter. EverSource Wealth Advisors LLC now owns 808 shares of the specialty chemicals company's stock worth $74,000 after purchasing an additional 219 shares in the last quarter. Curat Global LLC bought a new stake in shares of Cabot during the first quarter worth about $83,000. Farther Finance Advisors LLC increased its stake in shares of Cabot by 1,346.4% in the first quarter. Farther Finance Advisors LLC now owns 1,620 shares of the specialty chemicals company's stock valued at $136,000 after buying an additional 1,508 shares during the period. GAMMA Investing LLC raised its holdings in Cabot by 26.1% in the 1st quarter. GAMMA Investing LLC now owns 1,700 shares of the specialty chemicals company's stock valued at $141,000 after buying an additional 352 shares during the last quarter. Finally, KBC Group NV boosted its position in Cabot by 31.5% during the 1st quarter. KBC Group NV now owns 2,690 shares of the specialty chemicals company's stock worth $224,000 after buying an additional 644 shares during the period. 93.18% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CBT shares. Wall Street Zen downgraded shares of Cabot from a "buy" rating to a "hold" rating in a research note on Wednesday, May 7th. UBS Group lowered their target price on Cabot from $93.00 to $83.00 and set a "neutral" rating for the company in a research report on Monday, April 7th.

Cabot Trading Down 0.7%

NYSE CBT traded down $0.55 during mid-day trading on Monday, reaching $77.89. 271,064 shares of the stock were exchanged, compared to its average volume of 431,810. The stock has a market cap of $4.18 billion, a P/E ratio of 10.08, a P/E/G ratio of 0.71 and a beta of 0.85. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.96 and a quick ratio of 1.30. Cabot Corporation has a one year low of $71.64 and a one year high of $117.46. The stock has a 50 day simple moving average of $75.61 and a 200-day simple moving average of $81.34.

Cabot (NYSE:CBT - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The specialty chemicals company reported $1.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.86 by $0.04. Cabot had a return on equity of 26.76% and a net margin of 11.08%. The company had revenue of $936.00 million for the quarter, compared to the consensus estimate of $1.02 billion. During the same period in the previous year, the business earned $1.78 EPS. The firm's revenue was down 8.1% compared to the same quarter last year. On average, analysts anticipate that Cabot Corporation will post 7.57 EPS for the current year.

Cabot Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Friday, August 29th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.31%. Cabot's dividend payout ratio (DPR) is presently 23.29%.

Cabot Company 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.