Corebridge Financial Inc. Has $8.06 Million Position in Cabot Co. (NYSE:CBT)

Corebridge Financial Inc. cut its holdings in Cabot Co. (NYSE:CBT) by 5.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 88,310 shares of the specialty chemicals company’s stock after selling 5,100 shares during the period. Corebridge Financial Inc. owned approximately 0.16% of Cabot worth $8,064,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in CBT. American Century Companies Inc. lifted its stake in Cabot by 8.5% in the fourth quarter. American Century Companies Inc. now owns 1,323,347 shares of the specialty chemicals company’s stock valued at $120,835,000 after buying an additional 103,380 shares during the period. Geode Capital Management LLC lifted its position in shares of Cabot by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,283,686 shares of the specialty chemicals company’s stock valued at $143,504,000 after acquiring an additional 22,719 shares during the period. Sei Investments Co. boosted its stake in Cabot by 6.0% during the fourth quarter. Sei Investments Co. now owns 942,273 shares of the specialty chemicals company’s stock worth $86,039,000 after acquiring an additional 53,090 shares in the last quarter. Copeland Capital Management LLC grew its holdings in Cabot by 21.6% in the fourth quarter. Copeland Capital Management LLC now owns 761,372 shares of the specialty chemicals company’s stock worth $69,521,000 after purchasing an additional 135,119 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Cabot by 0.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 710,608 shares of the specialty chemicals company’s stock valued at $64,886,000 after purchasing an additional 3,175 shares in the last quarter. Institutional investors own 93.18% of the company’s stock.

Analyst Upgrades and Downgrades

CBT has been the topic of a number of research analyst reports. StockNews.com cut shares of Cabot from a “buy” rating to a “hold” rating in a research report on Tuesday, March 11th. Mizuho cut their price target on Cabot from $122.00 to $110.00 and set an “outperform” rating on the stock in a report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. decreased their price objective on Cabot from $105.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $97.00.

Cabot Price Performance

Shares of NYSE CBT opened at $84.14 on Friday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.29 and a current ratio of 2.00. The firm’s 50-day simple moving average is $85.90 and its 200 day simple moving average is $98.31. The stock has a market cap of $4.56 billion, a price-to-earnings ratio of 11.17, a PEG ratio of 0.74 and a beta of 1.21. Cabot Co. has a fifty-two week low of $79.57 and a fifty-two week high of $117.46.

Cabot (NYSE:CBT) last announced its earnings results on Monday, February 3rd. The specialty chemicals company reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.02. Cabot had a return on equity of 26.79% and a net margin of 10.60%. As a group, research analysts anticipate that Cabot Co. will post 7.57 earnings per share for the current fiscal year.

Cabot declared that its board has approved a stock buyback program on Tuesday, December 3rd that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the specialty chemicals company to reacquire shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Cabot Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were issued a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 2.04%. The ex-dividend date was Friday, February 28th. Cabot’s dividend payout ratio (DPR) is presently 22.84%.

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.