Point72 Asset Management L.P. Buys Shares of 6,695 Cabot Co. (NYSE:CBT)

Point72 Asset Management L.P. purchased a new position in shares of Cabot Co. (NYSE:CBT) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 6,695 shares of the specialty chemicals company’s stock, valued at approximately $748,000.

A number of other large investors have also made changes to their positions in CBT. Wolff Wiese Magana LLC purchased a new stake in Cabot during the third quarter worth about $25,000. UMB Bank n.a. boosted its stake in shares of Cabot by 53.9% during the 3rd quarter. UMB Bank n.a. now owns 371 shares of the specialty chemicals company’s stock worth $41,000 after acquiring an additional 130 shares in the last quarter. CWM LLC grew its holdings in shares of Cabot by 60.6% in the 2nd quarter. CWM LLC now owns 416 shares of the specialty chemicals company’s stock worth $38,000 after acquiring an additional 157 shares during the period. Farther Finance Advisors LLC increased its stake in Cabot by 197.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 417 shares of the specialty chemicals company’s stock valued at $47,000 after purchasing an additional 277 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in Cabot by 33.4% during the second quarter. EverSource Wealth Advisors LLC now owns 475 shares of the specialty chemicals company’s stock worth $48,000 after purchasing an additional 119 shares during the last quarter. Hedge funds and other institutional investors own 93.18% of the company’s stock.

Cabot Stock Performance

NYSE:CBT opened at $105.04 on Thursday. Cabot Co. has a 1-year low of $70.63 and a 1-year high of $117.46. The firm has a 50 day simple moving average of $110.49 and a 200-day simple moving average of $103.27. The firm has a market cap of $5.71 billion, a PE ratio of 15.58, a P/E/G ratio of 0.90 and a beta of 1.18. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.08 and a quick ratio of 1.36.

Cabot (NYSE:CBT) last issued its quarterly earnings results on Monday, November 4th. The specialty chemicals company reported $1.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.81 by ($0.01). The business had revenue of $1 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Cabot had a return on equity of 26.60% and a net margin of 9.51%. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.65 EPS. On average, equities analysts expect that Cabot Co. will post 7.67 EPS for the current year.

Cabot declared that its Board of Directors has authorized a share repurchase plan on Tuesday, December 3rd that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the specialty chemicals company to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Cabot Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a $0.43 dividend. This represents a $1.72 annualized dividend and a yield of 1.64%. The ex-dividend date of this dividend is Friday, November 29th. Cabot’s dividend payout ratio (DPR) is 25.52%.

Insider Activity

In other Cabot news, CAO Lisa M. Dumont sold 865 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $111.74, for a total transaction of $96,655.10. Following the completion of the sale, the chief accounting officer now owns 9,742 shares of the company’s stock, valued at approximately $1,088,571.08. The trade was a 8.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jeff Ji Zhu sold 14,566 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $113.25, for a total value of $1,649,599.50. Following the completion of the transaction, the executive vice president now owns 69,449 shares in the company, valued at approximately $7,865,099.25. This trade represents a 17.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 50,190 shares of company stock valued at $5,751,534 in the last 90 days. 3.07% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

CBT has been the subject of several recent research reports. Mizuho raised their target price on shares of Cabot from $103.00 to $122.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. JPMorgan Chase & Co. lowered Cabot from a “neutral” rating to an “underweight” rating and set a $105.00 target price on the stock. in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, two have given 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 target price of $105.00.

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.