Zacks Investment Research downgraded shares of Cabot (NYSE:CBT) from a buy rating to a hold rating in a research note published on Thursday morning.
According to Zacks, “Cabot Corporation is a leading global specialty chemicals and performance materials company serving key industries including transportation, infrastructure, environment and consumer. Their people are empowered to share ideas, compare new findings, and collaborate to ensure they capture the best thinking across their global network. The company offers carbon black, a form of elemental carbon used to enhance the physical properties of the systems and applications in which it is incorporated; and rubber blacks for use as a rubber reinforcing agent and performance additive in tires, hoses, belts, extruded profiles, and molded goods. It also provides compounds of carbon black and rubber primarily for tire applications; and cesium formate, a drilling and completion fluid for use in high pressure and high temperature oil and gas well construction. “
CBT has been the topic of several other research reports. Loop Capital started coverage on Cabot in a research report on Thursday, September 28th. They issued a hold rating and a $59.00 price objective on the stock. ValuEngine raised Cabot from a hold rating to a buy rating in a research report on Sunday, December 31st. SunTrust Banks raised Cabot to a buy rating and set a $73.00 price objective on the stock in a research report on Tuesday, January 16th. Jefferies Group reissued a buy rating and issued a $74.00 price objective on shares of Cabot in a research report on Friday, November 3rd. Finally, KeyCorp restated a hold rating on shares of Cabot in a research note on Wednesday, November 1st. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Cabot currently has a consensus rating of Buy and a consensus target price of $70.67.
Cabot (NYSE:CBT) last posted its quarterly earnings data on Tuesday, October 31st. The specialty chemicals company reported $0.91 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.93 by ($0.02). Cabot had a return on equity of 15.11% and a net margin of 8.87%. The business had revenue of $723.00 million during the quarter, compared to analysts’ expectations of $683.30 million. During the same period in the prior year, the firm posted $1.00 EPS. The firm’s revenue for the quarter was up 16.8% on a year-over-year basis. equities analysts expect that Cabot will post 3.8 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 9th. Shareholders of record on Friday, February 23rd will be paid a $0.315 dividend. The ex-dividend date of this dividend is Thursday, February 22nd. This represents a $1.26 annualized dividend and a dividend yield of 1.86%. Cabot’s payout ratio is presently 33.07%.
Several institutional investors and hedge funds have recently modified their holdings of the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of Cabot by 0.4% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,118 shares of the specialty chemicals company’s stock valued at $487,000 after buying an additional 33 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Cabot by 9.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,469 shares of the specialty chemicals company’s stock valued at $132,000 after buying an additional 209 shares during the period. Ameritas Investment Partners Inc. raised its stake in shares of Cabot by 2.0% in the second quarter. Ameritas Investment Partners Inc. now owns 18,696 shares of the specialty chemicals company’s stock valued at $999,000 after buying an additional 363 shares during the period. Gratus Capital LLC raised its stake in shares of Cabot by 9.9% in the third quarter. Gratus Capital LLC now owns 8,853 shares of the specialty chemicals company’s stock valued at $494,000 after buying an additional 800 shares during the period. Finally, Pacer Advisors Inc. raised its stake in shares of Cabot by 11.5% in the third quarter. Pacer Advisors Inc. now owns 9,232 shares of the specialty chemicals company’s stock valued at $515,000 after buying an additional 950 shares during the period. Hedge funds and other institutional investors own 84.79% of the company’s stock.
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Cabot Company Profile
Cabot Corporation is a global specialty chemicals and performance materials company. The Company operates through four business segments: reinforcement materials, performance chemicals, purification solutions and specialty fluids. Reinforcement materials’ rubber grade carbon blacks are used to enhance the physical properties of the systems and applications in which they are incorporated.
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