Cabot Corporation $CBT Shares Sold by Neuberger Berman Group LLC

Key Points

• Neuberger Berman Group LLC reduced its position in Cabot Corporation by 18.5%, resulting in ownership of 14,858 shares valued at approximately $1.24 million post-sale.
• Cabot Corporation reported $1.90 EPS for the last quarter, exceeding analysts' expectations of $1.80, despite revenue coming in lower than predicted at $923 million.
• The company announced a quarterly dividend of $0.45 per share, translating to an annualized dividend of $1.80 and a dividend yield of 2.3%, to be paid on September 11th.

Neuberger Berman Group LLC reduced its position in Cabot Corporation (NYSE:CBT - Free Report) by 18.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,858 shares of the specialty chemicals company's stock after selling 3,380 shares during the quarter. Neuberger Berman Group LLC's holdings in Cabot were worth $1,235,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Copeland Capital Management LLC increased its position in shares of Cabot by 5.8% during the first quarter. Copeland Capital Management LLC now owns 805,504 shares of the specialty chemicals company's stock worth $66,970,000 after acquiring an additional 44,132 shares during the period. Northern Trust Corp increased its position in shares of Cabot by 12.4% during the fourth quarter. Northern Trust Corp now owns 794,477 shares of the specialty chemicals company's stock worth $72,544,000 after acquiring an additional 87,881 shares during the period. LSV Asset Management increased its position in shares of Cabot by 318.0% during the first quarter. LSV Asset Management now owns 571,034 shares of the specialty chemicals company's stock worth $47,476,000 after acquiring an additional 434,434 shares during the period. Millennium Management LLC increased its position in shares of Cabot by 67.7% during the fourth quarter. Millennium Management LLC now owns 349,369 shares of the specialty chemicals company's stock worth $31,901,000 after acquiring an additional 141,050 shares during the period. Finally, Ameriprise Financial Inc. increased its position in shares of Cabot by 1.5% during the fourth quarter. Ameriprise Financial Inc. now owns 214,135 shares of the specialty chemicals company's stock worth $19,553,000 after acquiring an additional 3,240 shares during the period. 93.18% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Cabot Stock Down 0.1%

CBT traded down $0.04 during trading on Wednesday, hitting $79.36. The stock had a trading volume of 92,730 shares, compared to its average volume of 426,739. The company has a market capitalization of $4.22 billion, a PE ratio of 10.35 and a beta of 0.87. Cabot Corporation has a twelve month low of $70.40 and a twelve month high of $117.46. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.41 and a current ratio of 2.13. The stock has a 50 day simple moving average of $76.43 and a two-hundred day simple moving average of $79.00.

Cabot (NYSE:CBT - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The specialty chemicals company reported $1.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.80 by $0.10. The business had revenue of $923.00 million during the quarter, compared to analysts' expectations 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, research analysts predict that Cabot Corporation will post 7.57 earnings per share for the current year.

Cabot Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Friday, August 29th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.3%. Cabot's payout ratio is 23.53%.

Analyst Ratings Changes

CBT has been the topic of a number of recent research reports. 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 set a $82.00 price objective on shares of Cabot and gave the company a "neutral" rating in a research note on Tuesday, August 5th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $92.33.

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.