Cabot Corporation (NYSE:CBT) Stake Lessened by M&T Bank Corp

M&T Bank Corp decreased its position in Cabot Corporation (NYSE:CBT - Free Report) by 62.6% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 16,488 shares of the specialty chemicals company's stock after selling 27,638 shares during the period. M&T Bank Corp's holdings in Cabot were worth $1,370,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in CBT. Victory Capital Management Inc. lifted its stake in Cabot by 57.1% in the fourth quarter. Victory Capital Management Inc. now owns 24,759 shares of the specialty chemicals company's stock valued at $2,261,000 after acquiring an additional 8,995 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Cabot in the fourth quarter worth about $5,057,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Cabot by 15.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,614 shares of the specialty chemicals company's stock worth $1,334,000 after purchasing an additional 1,961 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of Cabot by 37.2% in the 4th quarter. EverSource Wealth Advisors LLC now owns 808 shares of the specialty chemicals company's stock valued at $74,000 after acquiring an additional 219 shares during the last quarter. Finally, Erste Asset Management GmbH purchased a new stake in Cabot in the fourth quarter worth $500,000. 93.18% of the stock is currently owned by institutional investors and hedge funds.

Cabot Trading Down 0.7%

Shares of CBT stock traded down $0.55 during trading hours on Monday, reaching $77.89. The company had a trading volume of 271,064 shares, compared to its average volume of 431,810. Cabot Corporation has a 1-year low of $71.64 and a 1-year high of $117.46. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.96 and a quick ratio of 1.30. The company has a 50 day moving average of $75.61 and a 200 day moving average of $81.34. The firm has a market cap of $4.18 billion, a price-to-earnings ratio of 10.08, a P/E/G ratio of 0.71 and a beta of 0.85.

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

Cabot Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.31%. Cabot's payout ratio is presently 23.29%.

Analyst Upgrades and Downgrades

CBT has been the topic of several recent research reports. Wall Street Zen cut Cabot from a "buy" rating to a "hold" rating in a report on Wednesday, May 7th. UBS Group decreased their target price on Cabot from $93.00 to $83.00 and set a "neutral" rating for the company in a report on Monday, April 7th.

About Cabot

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.