Point72 Asset Management L.P. Acquires New Holdings in Cabot Corp (CBT)

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Point72 Asset Management L.P. acquired a new stake in shares of Cabot Corp (NYSE:CBT) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 168,509 shares of the specialty chemicals company’s stock, valued at approximately $10,409,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CBT. Trexquant Investment LP grew its holdings in Cabot by 196.9% during the first quarter. Trexquant Investment LP now owns 9,962 shares of the specialty chemicals company’s stock valued at $555,000 after purchasing an additional 6,607 shares during the period. Swiss National Bank grew its holdings in Cabot by 2.2% during the first quarter. Swiss National Bank now owns 108,300 shares of the specialty chemicals company’s stock valued at $6,034,000 after purchasing an additional 2,300 shares during the period. M&T Bank Corp grew its holdings in Cabot by 11.5% during the first quarter. M&T Bank Corp now owns 12,930 shares of the specialty chemicals company’s stock valued at $720,000 after purchasing an additional 1,336 shares during the period. Stevens Capital Management LP grew its holdings in Cabot by 4.3% during the first quarter. Stevens Capital Management LP now owns 43,327 shares of the specialty chemicals company’s stock valued at $2,414,000 after purchasing an additional 1,786 shares during the period. Finally, State of New Jersey Common Pension Fund D acquired a new position in Cabot during the first quarter valued at approximately $4,458,000. Hedge funds and other institutional investors own 85.55% of the company’s stock.

A number of research analysts recently issued reports on the stock. Loop Capital set a $82.00 price objective on shares of Cabot and gave the company a “buy” rating in a report on Tuesday, July 17th. TheStreet upgraded shares of Cabot from a “c+” rating to a “b+” rating in a report on Tuesday, August 7th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $83.50.

In other news, SVP Brian A. Berube sold 13,448 shares of the company’s stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $65.43, for a total value of $879,902.64. Following the completion of the transaction, the senior vice president now owns 52,127 shares in the company, valued at $3,410,669.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Patrick M. Prevost sold 40,519 shares of the company’s stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $65.65, for a total transaction of $2,660,072.35. Following the completion of the transaction, the director now owns 216,894 shares of the company’s stock, valued at approximately $14,239,091.10. The disclosure for this sale can be found here. Insiders sold 89,448 shares of company stock valued at $5,860,779 in the last quarter. Corporate insiders own 2.50% of the company’s stock.

Cabot stock opened at $62.96 on Friday. The company has a market capitalization of $3.82 billion, a PE ratio of 18.36, a P/E/G ratio of 1.37 and a beta of 1.33. Cabot Corp has a twelve month low of $53.04 and a twelve month high of $68.63. The company has a quick ratio of 0.97, a current ratio of 1.51 and a debt-to-equity ratio of 0.49.

Cabot (NYSE:CBT) last released its quarterly earnings results on Monday, August 6th. The specialty chemicals company reported $1.06 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.06. The company had revenue of $854.00 million during the quarter, compared to analysts’ expectations of $831.59 million. Cabot had a negative net margin of 4.46% and a positive return on equity of 17.41%. The business’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.81 earnings per share. equities research analysts predict that Cabot Corp will post 4.12 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 14th. Stockholders of record on Friday, August 31st were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend was Thursday, August 30th. Cabot’s dividend payout ratio (DPR) is presently 38.48%.

Cabot declared that its board has authorized a stock buyback plan on Monday, July 16th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the specialty chemicals company to buy up to 10.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Cabot Profile

Cabot Corporation operates as a specialty chemicals and performance materials company. The company offers carbon black, a form of elemental carbon used to enhance the physical properties of the systems and applications in which it is incorporated; and rubber blacks for use as a rubber reinforcing agent and performance additive in tires, hoses, belts, extruded profiles, and molded goods.

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Institutional Ownership by Quarter for Cabot (NYSE:CBT)

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