Oppenheimer Asset Management Inc. Increases Holdings in Cabot Co. (NYSE:CBT)

Oppenheimer Asset Management Inc. grew its stake in shares of Cabot Co. (NYSE:CBT) by 2.9% during the third quarter, HoldingsChannel reports. The firm owned 43,484 shares of the specialty chemicals company’s stock after buying an additional 1,244 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Cabot were worth $4,860,000 as of its most recent SEC filing.

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

Insider Buying and Selling

In other news, EVP Hobart Kalkstein sold 5,457 shares of Cabot stock in a transaction that occurred 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 owns 61,688 shares of the company’s stock, valued at approximately $6,204,579.04. The trade was a 8.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Erica Mclaughlin sold 16,390 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $104.24, for a total value of $1,708,493.60. Following the completion of the transaction, the chief financial officer now directly owns 59,814 shares of the company’s stock, valued at $6,235,011.36. This trade represents a 21.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 98,855 shares of company stock valued at $10,737,833. Insiders own 3.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. UBS Group reduced their price target on Cabot from $103.00 to $98.00 and set a “neutral” rating for the company in a report on Tuesday, August 6th. JPMorgan Chase & Co. cut Cabot from a “neutral” rating to an “underweight” rating and set a $105.00 target price for the company. in a research note on Monday. Finally, Mizuho upped their price target on shares of Cabot from $103.00 to $122.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. 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 company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $105.00.

Cabot Stock Performance

CBT stock opened at $109.20 on Friday. The stock’s 50 day simple moving average is $109.97 and its 200 day simple moving average is $102.03. Cabot Co. has a 12-month low of $70.63 and a 12-month high of $117.46. The firm has a market cap of $5.99 billion, a P/E ratio of 16.20, a P/E/G ratio of 0.96 and a beta of 1.20. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.68.

Cabot (NYSE:CBT) last posted its quarterly earnings results on Monday, November 4th. The specialty chemicals company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.81 by ($0.01). Cabot had a return on equity of 26.60% and a net margin of 9.51%. The business had revenue of $1 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the previous year, the business posted $1.65 earnings per share. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. As a group, equities research analysts predict that Cabot Co. will post 7.7 EPS for the current year.

Cabot Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend is Friday, November 29th. Cabot’s payout ratio is 25.52%.

Cabot Company 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.