Ontario Teachers Pension Plan Board Sells 44,716 Shares of Cabot Co. (NYSE:CBT)

Ontario Teachers Pension Plan Board lessened its stake in shares of Cabot Co. (NYSE:CBT) by 80.9% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 10,539 shares of the specialty chemicals company’s stock after selling 44,716 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Cabot were worth $1,178,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of CBT. Wolff Wiese Magana LLC bought a new stake in Cabot during the third quarter worth about $25,000. CWM LLC raised its holdings 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 acquiring an additional 157 shares in the last quarter. UMB Bank n.a. raised its stake in 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 buying an additional 130 shares during the period. Farther Finance Advisors LLC raised its stake in Cabot by 197.9% in the third quarter. Farther Finance Advisors LLC now owns 417 shares of the specialty chemicals company’s stock valued at $47,000 after buying an additional 277 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in 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 buying an additional 119 shares during the period. Institutional investors own 93.18% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. JPMorgan Chase & Co. lowered Cabot from a “neutral” rating to an “underweight” rating and set a $105.00 price objective on the stock. in a research note on Monday, November 11th. UBS Group dropped their price objective on Cabot from $103.00 to $98.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 6th. Finally, Mizuho upped their price objective on Cabot from $103.00 to $122.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Cabot presently has an average rating of “Hold” and an average price target of $105.00.

Insider Buying and Selling

In other Cabot news, CFO Erica Mclaughlin sold 16,390 shares of the firm’s stock in a transaction 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 sale, the chief financial officer now owns 59,814 shares of the company’s stock, valued at approximately $6,235,011.36. This trade represents a 21.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Jeff Ji Zhu sold 14,566 shares of the firm’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $113.25, for a total value of $1,649,599.50. Following the completion of the sale, the executive vice president now directly owns 69,449 shares in the company, valued at approximately $7,865,099.25. This represents a 17.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 93,398 shares of company stock valued at $10,188,968 over the last 90 days. 3.07% of the stock is owned by corporate insiders.

Cabot Price Performance

Shares of NYSE CBT opened at $107.20 on Thursday. The firm has a market cap of $5.88 billion, a P/E ratio of 15.90, a price-to-earnings-growth ratio of 0.93 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 Co. has a 1-year low of $70.63 and a 1-year high of $117.46. The business’s 50 day moving average is $110.58 and its 200-day moving average is $102.51.

Cabot (NYSE:CBT) last announced its 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 firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $1.01 billion. Cabot had a return on equity of 26.60% and a net margin of 9.51%. Cabot’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter last year, the business posted $1.65 EPS. Equities research analysts predict that Cabot Co. will post 7.68 earnings per share for the current year.

Cabot Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors 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 yield of 1.60%. The ex-dividend date of this dividend is Friday, November 29th. Cabot’s dividend payout ratio is currently 25.52%.

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.