Amalgamated Bank Sells 2,217 Shares of Cabot Co. (NYSE:CBT)

Amalgamated Bank cut its position in Cabot Co. (NYSE:CBT) by 7.6% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 26,815 shares of the specialty chemicals company’s stock after selling 2,217 shares during the period. Amalgamated Bank’s holdings in Cabot were worth $2,464,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in Cabot in the fourth quarter valued at $41,471,000. Sei Investments Co. raised its holdings in shares of Cabot by 33.9% in the 4th quarter. Sei Investments Co. now owns 812,614 shares of the specialty chemicals company’s stock valued at $67,854,000 after purchasing an additional 205,582 shares during the period. Assenagon Asset Management S.A. lifted its stake in Cabot by 571.9% in 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 during the last quarter. Capital Research Global Investors grew its holdings in Cabot by 22.9% during the first quarter. Capital Research Global Investors now owns 521,486 shares of the specialty chemicals company’s stock worth $48,081,000 after purchasing an additional 97,101 shares during the period. Finally, Eventide Asset Management LLC acquired a new position in Cabot during the fourth quarter worth approximately $6,919,000. 93.18% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently commented on CBT. JPMorgan Chase & Co. lifted their target price on Cabot from $95.00 to $105.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. UBS Group decreased 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. Finally, StockNews.com cut shares of Cabot from a “strong-buy” rating to a “buy” rating in a research note on Monday, June 24th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $101.75.

Insiders Place Their Bets

In other news, EVP Hobart Kalkstein sold 5,457 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $100.58, for a total transaction of $548,865.06. Following the sale, the executive vice president now directly owns 61,688 shares of the company’s stock, valued at approximately $6,204,579.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Cabot news, EVP Jeff Ji Zhu sold 1,201 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $106.19, for a total transaction of $127,534.19. Following the completion of the transaction, the executive vice president now owns 96,000 shares of the company’s stock, valued at $10,194,240. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Hobart Kalkstein sold 5,457 shares of the stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $100.58, for a total transaction of $548,865.06. Following the completion of the transaction, the executive vice president now directly owns 61,688 shares of the company’s stock, valued at approximately $6,204,579.04. The disclosure for this sale can be found here. Insiders have sold a total of 71,939 shares of company stock worth $7,308,812 in the last 90 days. Company insiders own 3.07% of the company’s stock.

Cabot Stock Performance

CBT opened at $110.22 on Wednesday. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.22 and a quick ratio of 1.45. The company has a market capitalization of $6.09 billion, a PE ratio of 13.95, a price-to-earnings-growth ratio of 0.94 and a beta of 1.19. The business has a fifty day simple moving average of $100.60 and a 200 day simple moving average of $97.00. Cabot Co. has a 1 year low of $65.10 and a 1 year high of $111.64.

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

Cabot Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were given a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend was Friday, August 30th. Cabot’s dividend payout ratio is currently 21.77%.

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.