Norges Bank Buys New Position in Cabot Corporation $CBT

Key Points

• Norges Bank initiated a new position in Cabot Corporation, buying 749,269 shares valued at about $49.7 million and ending with roughly 1.43% ownership of the company.
• Cabot’s institutional ownership remains very high, with hedge funds and other investors holding about 93.18% of the stock; several firms, including Goldman Sachs and UBS AM, also increased their stakes recently.
• The company reported better-than-expected quarterly earnings of $1.61 per share on revenue of $904 million and also raised its quarterly dividend to $0.4725 per share, implying a 2.3% yield.

Norges Bank purchased a new position in shares of Cabot Corporation (NYSE:CBT - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 749,269 shares of the specialty chemicals company's stock, valued at approximately $49,662,000. Norges Bank owned about 1.43% of Cabot at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. NewEdge Advisors LLC boosted its holdings in shares of Cabot by 2,559.5% during the first quarter. NewEdge Advisors LLC now owns 984 shares of the specialty chemicals company's stock worth $82,000 after purchasing an additional 947 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Cabot by 32.5% in the first quarter. Goldman Sachs Group Inc. now owns 442,646 shares of the specialty chemicals company's stock valued at $36,802,000 after purchasing an additional 108,645 shares during the period. Empowered Funds LLC increased its stake in Cabot by 102.6% in the first quarter. Empowered Funds LLC now owns 28,162 shares of the specialty chemicals company's stock valued at $2,341,000 after purchasing an additional 14,260 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Cabot by 3.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 122,022 shares of the specialty chemicals company's stock worth $10,145,000 after buying an additional 4,048 shares during the period. Finally, Geneos Wealth Management Inc. boosted its stake in Cabot by 409.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 453 shares of the specialty chemicals company's stock worth $38,000 after buying an additional 364 shares during the last quarter. 93.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Mizuho raised their target price on shares of Cabot from $75.00 to $80.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 6th. Wall Street Zen lowered shares of Cabot from a "buy" rating to a "hold" rating in a research report on Saturday. Weiss Ratings reiterated a "hold (c)" rating on shares of Cabot in a report on Tuesday, May 26th. JPMorgan Chase & Co. boosted their price objective on shares of Cabot from $68.00 to $70.00 and gave the company an "underweight" rating in a research note on Wednesday, May 13th. Finally, UBS Group upped their price objective on Cabot from $81.00 to $86.00 and gave the stock a "neutral" rating in a report on Friday, May 8th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $80.25.

Cabot Stock Performance

Shares of NYSE:CBT opened at $80.86 on Monday. The business's 50-day simple moving average is $79.11 and its 200 day simple moving average is $73.09. The company has a market cap of $4.17 billion, a P/E ratio of 15.28, a PEG ratio of 10.67 and a beta of 0.82. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.96 and a current ratio of 1.45. Cabot Corporation has a one year low of $58.33 and a one year high of $89.46.

Cabot (NYSE:CBT - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The specialty chemicals company reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.14. The company had revenue of $904.00 million during the quarter, compared to the consensus estimate of $900.31 million. Cabot had a net margin of 7.97% and a return on equity of 21.33%. Cabot's revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter last year, the company earned $1.90 earnings per share. Cabot has set its FY 2026 guidance at 6.000-6.50 EPS. On average, sell-side analysts forecast that Cabot Corporation will post 6.32 earnings per share for the current fiscal year.

Cabot Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 29th will be given a dividend of $0.4725 per share. The ex-dividend date of this dividend is Friday, May 29th. This is a positive change from Cabot's previous quarterly dividend of $0.45. This represents a $1.89 annualized dividend and a dividend yield of 2.3%. Cabot's dividend payout ratio is 35.73%.

Cabot Company Profile

Cabot Corporation is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts. Founded in 1882 by Godfrey Lowell Cabot, the company has grown into a diversified manufacturer with operations across North America, Europe, Asia and Latin America. Cabot serves a wide range of end markets, including automotive, industrial, energy, and consumer products, supplying essential ingredients that enhance performance, durability and functionality.

The company operates two primary segments: Reinforcement Materials and Performance Materials.

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