Allspring Global Investments Holdings LLC increased its position in shares of Cabot Co. (NYSE:CBT - Free Report) by 34.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 69,819 shares of the specialty chemicals company's stock after purchasing an additional 18,005 shares during the period. Allspring Global Investments Holdings LLC owned 0.13% of Cabot worth $5,830,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its position in shares of Cabot by 0.4% during the third quarter. Wellington Management Group LLP now owns 4,908,495 shares of the specialty chemicals company's stock worth $340,011,000 after buying an additional 20,589 shares in the last quarter. PNC Financial Services Group Inc. raised its position in Cabot by 34.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 3,696 shares of the specialty chemicals company's stock valued at $256,000 after purchasing an additional 939 shares during the last quarter. Gotham Asset Management LLC boosted its stake in shares of Cabot by 603.7% during the third quarter. Gotham Asset Management LLC now owns 23,460 shares of the specialty chemicals company's stock worth $1,625,000 after buying an additional 20,126 shares during the period. New York State Teachers Retirement System grew its stake in shares of Cabot by 5.2% in the 4th quarter. New York State Teachers Retirement System now owns 83,596 shares of the specialty chemicals company's stock valued at $6,980,000 after purchasing an additional 4,104 shares during the last quarter. Finally, Natixis Advisors L.P. increased its stake in shares of Cabot by 41.0% during the third quarter. Natixis Advisors L.P. now owns 62,054 shares of the specialty chemicals company's stock worth $4,298,000 after acquiring an additional 18,040 shares during the period. 93.18% of the stock is currently owned by hedge funds and other institutional investors.
Cabot Price Performance
Shares of CBT stock traded up $1.32 during midday trading on Friday, reaching $92.01. 277,451 shares of the company were exchanged, compared to its average volume of 309,469. Cabot Co. has a 12 month low of $63.73 and a 12 month high of $98.34. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.30 and a current ratio of 2.04. The company has a market cap of $5.10 billion, a P/E ratio of 11.95, a PEG ratio of 0.97 and a beta of 1.28. The company's 50 day moving average price is $88.31 and its two-hundred day moving average price is $79.65.
Cabot (NYSE:CBT - Get Free Report) last issued its quarterly earnings results on Monday, February 5th. The specialty chemicals company reported $1.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.07. The company had revenue of $958.00 million for the quarter, compared to analysts' expectations of $927.28 million. Cabot had a return on equity of 25.52% and a net margin of 11.24%. On average, sell-side analysts expect that Cabot Co. will post 6.58 earnings per share for the current year.
Analyst Ratings Changes
CBT has been the topic of several research reports. UBS Group lowered shares of Cabot from a "buy" rating to a "neutral" rating and lowered their price target for the company from $90.00 to $87.00 in a research report on Monday, January 8th. Deutsche Bank Aktiengesellschaft downgraded Cabot from a "buy" rating to a "hold" rating and upped their price objective for the stock from $88.00 to $95.00 in a report on Thursday. Mizuho assumed coverage on shares of Cabot in a research note on Wednesday, March 27th. They issued a "buy" rating and a $104.00 target price on the stock. Finally, StockNews.com downgraded shares of Cabot from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, February 14th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $90.17.
Read Our Latest Research Report on CBT
Insider Activity
In related news, EVP Jeff Ji Zhu sold 55,233 shares of the firm's stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $79.91, for a total transaction of $4,413,669.03. Following the transaction, the executive vice president now owns 97,201 shares of the company's stock, valued at $7,767,331.91. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 3.07% of the company's stock.
About Cabot
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Free Report)
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.
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