Loop Capital set a $82.00 price target on Cabot (NYSE:CBT) in a research report report published on Tuesday morning. The brokerage currently has a buy rating on the specialty chemicals company’s stock.
Several other analysts also recently issued reports on CBT. ValuEngine downgraded Cabot from a sell rating to a strong sell rating in a research note on Thursday, November 1st. TheStreet upgraded Cabot from a c+ rating to a b+ rating in a research note on Tuesday, August 7th. Zacks Investment Research downgraded Cabot from a buy rating to a sell rating in a research note on Tuesday, October 16th. Finally, Barclays assumed coverage on Cabot in a research note on Monday, October 8th. They set an overweight rating and a $76.00 price target for the company. Two research analysts have rated the stock with a sell rating and six have given a buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $75.00.
Shares of CBT traded down $1.20 during trading hours on Tuesday, hitting $50.00. 261,365 shares of the company were exchanged, compared to its average volume of 490,352. The company has a market cap of $3.17 billion, a PE ratio of 12.41, a price-to-earnings-growth ratio of 1.01 and a beta of 1.50. Cabot has a 52 week low of $46.63 and a 52 week high of $68.63. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.97 and a current ratio of 1.46.
Cabot announced that its Board of Directors has authorized a stock repurchase plan on Monday, July 16th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the specialty chemicals company to reacquire up to 10.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 30th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.64%. Cabot’s payout ratio is 32.75%.
In related news, Director Patrick M. Prevost sold 19,481 shares of the stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $65.04, for a total transaction of $1,267,044.24. Following the completion of the sale, the director now owns 257,413 shares in the company, valued at approximately $16,742,141.52. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Patrick M. Prevost sold 40,519 shares of the stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $65.65, for a total value of $2,660,072.35. Following the sale, the director now owns 216,894 shares of the company’s stock, valued at approximately $14,239,091.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 76,000 shares of company stock valued at $4,980,877. 2.50% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in CBT. Millennium Management LLC boosted its stake in Cabot by 26.7% during the 1st quarter. Millennium Management LLC now owns 202,022 shares of the specialty chemicals company’s stock valued at $11,257,000 after purchasing an additional 42,547 shares during the period. Principal Financial Group Inc. boosted its stake in Cabot by 80.2% during the 1st quarter. Principal Financial Group Inc. now owns 481,555 shares of the specialty chemicals company’s stock valued at $26,832,000 after purchasing an additional 214,334 shares during the period. State of Alaska Department of Revenue boosted its stake in Cabot by 38.5% during the 2nd quarter. State of Alaska Department of Revenue now owns 6,650 shares of the specialty chemicals company’s stock valued at $410,000 after purchasing an additional 1,850 shares during the period. Xact Kapitalforvaltning AB boosted its stake in Cabot by 33.7% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 11,109 shares of the specialty chemicals company’s stock valued at $686,000 after purchasing an additional 2,800 shares during the period. Finally, Peregrine Capital Management LLC boosted its stake in Cabot by 2.2% during the 2nd quarter. Peregrine Capital Management LLC now owns 127,431 shares of the specialty chemicals company’s stock valued at $7,871,000 after purchasing an additional 2,755 shares during the period. Hedge funds and other institutional investors own 85.74% of the company’s stock.
Cabot Corporation operates as a specialty chemicals and performance materials company. 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.
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