Wedge Capital Management L L P NC lowered its holdings in Cabot Corp (NYSE:CBT) by 4.0% in the third quarter, HoldingsChannel reports. The firm owned 210,994 shares of the specialty chemicals company’s stock after selling 8,811 shares during the period. Wedge Capital Management L L P NC’s holdings in Cabot were worth $13,234,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Signition LP purchased a new stake in shares of Cabot in the second quarter valued at $234,000. Advisory Services Network LLC lifted its holdings in shares of Cabot by 943.5% in the second quarter. Advisory Services Network LLC now owns 3,882 shares of the specialty chemicals company’s stock valued at $255,000 after purchasing an additional 3,510 shares in the last quarter. Strs Ohio purchased a new stake in shares of Cabot in the second quarter valued at $349,000. Oakbrook Investments LLC lifted its holdings in shares of Cabot by 17.2% in the second quarter. Oakbrook Investments LLC now owns 5,790 shares of the specialty chemicals company’s stock valued at $358,000 after purchasing an additional 850 shares in the last quarter. Finally, Seven Eight Capital LP purchased a new stake in shares of Cabot in the third quarter valued at $370,000. Institutional investors own 85.74% of the company’s stock.
Shares of NYSE:CBT opened at $50.11 on Wednesday. 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 Corp has a 1 year low of $46.63 and a 1 year high of $68.63. The firm has a market cap of $3.21 billion, a P/E ratio of 12.43, a PEG ratio of 1.01 and a beta of 1.50.
Cabot announced that its Board of Directors has initiated a stock buyback program on Monday, July 16th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the specialty chemicals company to purchase up to 10.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.
In related news, SVP Brian A. Berube sold 13,448 shares of the stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $65.43, for a total transaction of $879,902.64. Following the completion of the sale, the senior vice president now directly owns 52,127 shares in the company, valued at $3,410,669.61. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Nicholas S. Cross sold 16,000 shares of the stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $65.86, for a total value of $1,053,760.00. Following the sale, the insider now owns 48,597 shares of the company’s stock, valued at $3,200,598.42. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 89,448 shares of company stock valued at $5,860,779. 2.20% of the stock is owned by corporate insiders.
A number of analysts have recently issued reports on the company. ValuEngine lowered Cabot from a “sell” rating to a “strong sell” rating in a report on Thursday, November 1st. Loop Capital set a $82.00 target price on Cabot and gave the company a “buy” rating in a report on Tuesday, July 17th. TheStreet lowered Cabot from a “b” rating to a “c+” rating in a report on Friday, October 19th. Zacks Investment Research lowered Cabot from a “buy” rating to a “sell” rating in a report on Tuesday, October 16th. Finally, Barclays assumed coverage on Cabot in a report on Monday, October 8th. They issued an “overweight” rating and a $76.00 target price for the company. Two equities research analysts have rated the stock with a sell rating and six have given a buy rating to the stock. Cabot has an average rating of “Buy” and a consensus target price of $75.00.
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Cabot Company 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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