Fiduciary Trust Co Sells 2,880 Shares of Cabot Co. (NYSE:CBT)

Fiduciary Trust Co lessened its position in Cabot Co. (NYSE:CBT) by 0.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 554,070 shares of the specialty chemicals company’s stock after selling 2,880 shares during the period. Cabot accounts for 0.9% of Fiduciary Trust Co’s investment portfolio, making the stock its 22nd biggest position. Fiduciary Trust Co owned approximately 1.01% of Cabot worth $61,928,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Bridgewater Associates LP grew its holdings in Cabot by 11.3% in the 3rd quarter. Bridgewater Associates LP now owns 58,063 shares of the specialty chemicals company’s stock worth $6,490,000 after acquiring an additional 5,881 shares during the last quarter. Algert Global LLC grew its holdings in Cabot by 50.9% in the 3rd quarter. Algert Global LLC now owns 43,712 shares of the specialty chemicals company’s stock worth $4,886,000 after acquiring an additional 14,750 shares during the last quarter. Cerity Partners LLC grew its holdings in Cabot by 32.2% in the 3rd quarter. Cerity Partners LLC now owns 3,761 shares of the specialty chemicals company’s stock worth $420,000 after acquiring an additional 915 shares during the last quarter. Citigroup Inc. lifted its position in shares of Cabot by 221.2% in the 3rd quarter. Citigroup Inc. now owns 59,707 shares of the specialty chemicals company’s stock worth $6,673,000 after purchasing an additional 41,121 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Cabot by 2.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 707,433 shares of the specialty chemicals company’s stock worth $79,070,000 after purchasing an additional 19,215 shares during the period. Institutional investors own 93.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Mizuho raised their target price on shares of Cabot from $103.00 to $122.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. UBS Group dropped their target price on shares of Cabot from $103.00 to $98.00 and set a “neutral” rating for the company in a research report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. cut shares of Cabot from a “neutral” rating to an “underweight” rating and set a $105.00 target price for the company. in a research report on Monday, November 11th. 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’s stock. According to data from MarketBeat, Cabot presently has an average rating of “Hold” and an average price target of $105.00.

Cabot Trading Down 1.0 %

Shares of NYSE CBT opened at $109.50 on Thursday. Cabot Co. has a 1 year low of $70.63 and a 1 year high of $117.46. The stock has a market cap of $5.96 billion, a P/E ratio of 16.25, a price-to-earnings-growth ratio of 0.97 and a beta of 1.20. The firm has a 50-day moving average of $111.04 and a 200 day moving average of $102.82. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.08 and a quick ratio of 1.36.

Cabot (NYSE:CBT) last issued 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 net margin of 9.51% and a return on equity of 26.60%. The business had revenue of $1 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same period last year, the business earned $1.65 earnings per share. The company’s revenue was up 3.7% on a year-over-year basis. As a group, sell-side analysts expect that Cabot Co. will post 7.67 EPS for the current fiscal year.

Cabot Dividend Announcement

The firm 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. The ex-dividend date is Friday, November 29th. This represents a $1.72 dividend on an annualized basis and a yield of 1.57%. Cabot’s dividend payout ratio (DPR) is currently 25.52%.

Insider Activity at Cabot

In other Cabot news, CEO Sean D. Keohane sold 25,617 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $101.55, for a total transaction of $2,601,406.35. Following the completion of the sale, the chief executive officer now directly owns 331,174 shares in the company, valued at approximately $33,630,719.70. This trade represents a 7.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jeff Ji Zhu sold 14,566 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $113.25, for a total transaction of $1,649,599.50. Following the sale, the executive vice president now owns 69,449 shares of the company’s stock, valued at approximately $7,865,099.25. This represents a 17.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 75,807 shares of company stock valued at $8,352,941 in the last three months. Company insiders own 3.07% of the company’s stock.

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.