Eventide Asset Management LLC Buys 20,273 Shares of Cabot Co. (NYSE:CBT)

Eventide Asset Management LLC increased its stake in Cabot Co. (NYSE:CBT) by 19.8% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 122,820 shares of the specialty chemicals company’s stock after acquiring an additional 20,273 shares during the quarter. Eventide Asset Management LLC’s holdings in Cabot were worth $13,728,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of CBT. Eastern Bank increased its stake in shares of Cabot by 577.1% in the 3rd quarter. Eastern Bank now owns 269,270 shares of the specialty chemicals company’s stock valued at $30,096,000 after acquiring an additional 229,500 shares in the last quarter. Fiera Capital Corp bought a new stake in Cabot during the 3rd quarter valued at $19,643,000. Copeland Capital Management LLC increased its stake in Cabot by 30.4% during the 3rd quarter. Copeland Capital Management LLC now owns 626,253 shares of the specialty chemicals company’s stock valued at $69,996,000 after purchasing an additional 146,179 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in Cabot by 571.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 127,116 shares of the specialty chemicals company’s stock valued at $11,681,000 after purchasing an additional 108,197 shares in the last quarter. Finally, Earnest Partners LLC increased its stake in Cabot by 2.4% during the 2nd quarter. Earnest Partners LLC now owns 3,363,398 shares of the specialty chemicals company’s stock valued at $309,063,000 after purchasing an additional 80,096 shares in the last quarter. Institutional investors own 93.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CBT shares. Mizuho boosted their price target on shares of Cabot from $103.00 to $122.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. JPMorgan Chase & Co. lowered shares of Cabot from a “neutral” rating to an “underweight” rating and set a $105.00 price target for the company. in a research note on Monday, November 11th. Finally, UBS Group reduced their target price on shares of Cabot from $103.00 to $98.00 and set a “neutral” rating for the company in a research note on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $105.00.

Insider Buying and Selling

In related news, EVP Hobart Kalkstein sold 34,759 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $115.23, for a total value of $4,005,279.57. Following the transaction, the executive vice president now directly owns 50,627 shares of the company’s stock, valued at approximately $5,833,749.21. The trade was a 40.71 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sean D. Keohane sold 25,617 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $101.55, for a total transaction of $2,601,406.35. Following the sale, the chief executive officer now directly owns 331,174 shares in the company, valued at approximately $33,630,719.70. This trade represents a 7.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 75,807 shares of company stock valued at $8,352,941. 3.07% of the stock is owned by insiders.

Cabot Stock Performance

NYSE CBT opened at $109.50 on Friday. Cabot Co. has a 1 year low of $70.63 and a 1 year high of $117.46. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.08 and a quick ratio of 1.36. The firm has a market cap of $5.96 billion, a price-to-earnings ratio of 16.25, a PEG ratio of 0.94 and a beta of 1.20. The company has a fifty day moving average price of $111.03 and a 200-day moving average price of $102.91.

Cabot (NYSE:CBT) last posted its earnings results on Monday, November 4th. The specialty chemicals company reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.81 by ($0.01). The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $1.01 billion. Cabot had a return on equity of 26.60% and a net margin of 9.51%. The business’s revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.65 EPS. As a group, equities research analysts predict that Cabot Co. will post 7.67 EPS for the current fiscal year.

Cabot Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date of this dividend is Friday, November 29th. Cabot’s dividend payout ratio (DPR) is currently 25.52%.

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.