Cabot Co. (NYSE:CBT) Shares Sold by Truist Financial Corp

Truist Financial Corp trimmed its holdings in Cabot Co. (NYSE:CBT) by 4.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,875 shares of the specialty chemicals company’s stock after selling 209 shares during the period. Truist Financial Corp’s holdings in Cabot were worth $448,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. CWM LLC boosted its stake in Cabot by 60.6% during the second quarter. CWM LLC now owns 416 shares of the specialty chemicals company’s stock worth $38,000 after buying an additional 157 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of Cabot by 33.4% in the second quarter. EverSource Wealth Advisors LLC now owns 475 shares of the specialty chemicals company’s stock valued at $48,000 after purchasing an additional 119 shares during the period. 1620 Investment Advisors Inc. purchased a new position in shares of Cabot in the second quarter valued at approximately $49,000. Mather Group LLC. purchased a new position in shares of Cabot in the second quarter valued at approximately $58,000. Finally, nVerses Capital LLC purchased a new position in Cabot in the second quarter worth approximately $64,000. 93.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Erica Mclaughlin sold 23,274 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $99.79, for a total transaction of $2,322,512.46. Following the completion of the transaction, the chief financial officer now owns 59,814 shares of the company’s stock, valued at $5,968,839.06. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Cabot news, CFO Erica Mclaughlin sold 23,274 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $99.79, for a total transaction of $2,322,512.46. Following the completion of the sale, the chief financial officer now directly owns 59,814 shares in the company, valued at approximately $5,968,839.06. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Sean D. Keohane sold 25,617 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $101.55, for a total value of $2,601,406.35. Following the sale, the chief executive officer now directly owns 331,174 shares of the company’s stock, valued at $33,630,719.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 71,939 shares of company stock valued at $7,308,812. Company insiders own 3.07% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on CBT shares. UBS Group cut their price objective on shares of Cabot from $103.00 to $98.00 and set a “neutral” rating on the stock in a report on Tuesday, August 6th. StockNews.com lowered shares of Cabot from a “strong-buy” rating to a “buy” rating in a research report on Monday, June 24th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Cabot from $95.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $101.75.

Cabot Stock Performance

Cabot stock opened at $116.05 on Thursday. The stock has a market cap of $6.41 billion, a P/E ratio of 14.69, a price-to-earnings-growth ratio of 0.93 and a beta of 1.19. The company has a current ratio of 2.22, a quick ratio of 1.45 and a debt-to-equity ratio of 0.72. The stock has a 50 day moving average of $105.29 and a 200-day moving average of $99.41. Cabot Co. has a 52 week low of $65.10 and a 52 week high of $117.14.

Cabot (NYSE:CBT) last announced its quarterly earnings data on Monday, August 5th. The specialty chemicals company reported $1.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.20. Cabot had a return on equity of 26.99% and a net margin of 12.05%. The firm had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period last year, the business posted $1.42 earnings per share. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. On average, analysts expect that Cabot Co. will post 7.07 EPS for the current fiscal year.

Cabot Profile

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.