M&T Bank Corp Has $4.03 Million Stock Holdings in Cabot Co. (NYSE:CBT)

M&T Bank Corp cut its stake in shares of Cabot Co. (NYSE:CBT) by 12.1% in the 4th quarter, HoldingsChannel.com reports. The firm owned 44,126 shares of the specialty chemicals company’s stock after selling 6,095 shares during the quarter. M&T Bank Corp’s holdings in Cabot were worth $4,029,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. First Horizon Advisors Inc. boosted its position in Cabot by 22.0% during the third quarter. First Horizon Advisors Inc. now owns 650 shares of the specialty chemicals company’s stock valued at $73,000 after purchasing an additional 117 shares during the last quarter. GAMMA Investing LLC boosted its position in Cabot by 10.7% during the fourth quarter. GAMMA Investing LLC now owns 1,348 shares of the specialty chemicals company’s stock valued at $123,000 after purchasing an additional 130 shares during the last quarter. Moran Wealth Management LLC boosted its position in Cabot by 0.3% during the third quarter. Moran Wealth Management LLC now owns 62,116 shares of the specialty chemicals company’s stock valued at $6,943,000 after purchasing an additional 178 shares during the last quarter. Covestor Ltd boosted its position in Cabot by 35.6% during the third quarter. Covestor Ltd now owns 831 shares of the specialty chemicals company’s stock valued at $93,000 after purchasing an additional 218 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its position in Cabot by 197.9% during the third 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 during the last quarter. 93.18% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CBT has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. cut their price objective on Cabot from $105.00 to $85.00 and set an “underweight” rating for the company in a research report on Friday, February 21st. StockNews.com raised Cabot from a “hold” rating to a “buy” rating in a research report on Tuesday, February 18th. Finally, Mizuho cut their price objective on Cabot from $122.00 to $110.00 and set an “outperform” rating for the company in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $97.00.

Cabot Price Performance

Shares of NYSE CBT opened at $84.84 on Friday. The firm has a market cap of $4.60 billion, a P/E ratio of 11.27, a price-to-earnings-growth ratio of 0.74 and a beta of 1.21. The company has a current ratio of 2.00, a quick ratio of 1.29 and a debt-to-equity ratio of 0.72. Cabot Co. has a 1-year low of $79.57 and a 1-year high of $117.46. The business’s 50 day moving average is $87.62 and its 200-day moving average is $100.24.

Cabot (NYSE:CBT) last announced its earnings results on Monday, February 3rd. The specialty chemicals company reported $1.76 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.02. Cabot had a return on equity of 26.79% and a net margin of 10.60%. Equities research analysts predict that Cabot Co. will post 7.57 earnings per share for the current year.

Cabot Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be paid a dividend of $0.43 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.03%. Cabot’s dividend payout ratio (DPR) is currently 22.84%.

Cabot declared that its Board of Directors has authorized a share buyback program on Tuesday, December 3rd that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the specialty chemicals company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

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.