Cabot Corporation $CBT Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its stake in Cabot Corporation by 1.2%, selling 9,387 shares during the first quarter, leaving it with 785,090 shares valued at approximately $65.3 million.
• Cabot Corporation reported a quarterly EPS of $1.90, surpassing estimates, with revenues of $923 million, below the forecast of $957.3 million.
• The company announced a quarterly dividend of $0.45, representing an annualized dividend of $1.80 and a yield of 2.2%, to be paid on September 11th.

Northern Trust Corp lowered its holdings in shares of Cabot Corporation (NYSE:CBT - Free Report) by 1.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 785,090 shares of the specialty chemicals company's stock after selling 9,387 shares during the quarter. Northern Trust Corp owned approximately 1.45% of Cabot worth $65,272,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. American Century Companies Inc. boosted its position in Cabot by 13.2% during the first quarter. American Century Companies Inc. now owns 1,498,268 shares of the specialty chemicals company's stock worth $124,566,000 after purchasing an additional 174,921 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Cabot by 8.2% during the first quarter. Dimensional Fund Advisors LP now owns 1,426,693 shares of the specialty chemicals company's stock worth $118,606,000 after purchasing an additional 108,397 shares in the last quarter. Copeland Capital Management LLC boosted its position in 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 purchasing an additional 44,132 shares in the last quarter. LSV Asset Management boosted its position in 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 purchasing an additional 434,434 shares in the last quarter. Finally, Millennium Management LLC boosted its position in 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 purchasing an additional 141,050 shares in the last quarter. Hedge funds and other institutional investors own 93.18% of the company's stock.

Cabot Price Performance

Shares of NYSE:CBT traded down $0.12 during midday trading on Thursday, hitting $81.83. The company had a trading volume of 251,478 shares, compared to its average volume of 419,775. 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 current ratio of 2.13 and a quick ratio of 1.41. The stock has a market cap of $4.35 billion, a price-to-earnings ratio of 10.70 and a beta of 0.87. The business's 50-day simple moving average is $77.36 and its 200-day simple moving average is $78.79.

Cabot (NYSE:CBT - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The specialty chemicals company reported $1.90 EPS for the quarter, beating the consensus estimate of $1.80 by $0.10. Cabot had a return on equity of 25.68% and a net margin of 11.14%.The firm had revenue of $923.00 million during the quarter, compared to analysts' expectations of $957.29 million. 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 Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.80 annualized dividend and a yield of 2.2%. Cabot's dividend payout ratio (DPR) is 23.53%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CBT shares. Wall Street Zen downgraded Cabot from a "buy" rating to a "hold" rating in a research report on Wednesday, May 7th. UBS Group set a $82.00 target price on Cabot and gave the company a "neutral" rating in a report on Tuesday, August 5th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $92.33.

Insider Transactions at Cabot

In other Cabot news, CEO Sean D. Keohane sold 114,436 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $79.28, for a total transaction of $9,072,486.08. Following the completion of the sale, the chief executive officer owned 361,518 shares of the company's stock, valued at $28,661,147.04. This trade represents a 24.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.03% of the stock is currently owned by company insiders.

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.