State of New Jersey Common Pension Fund D Trims Stock Holdings in Cabot Co. (NYSE:CBT)

State of New Jersey Common Pension Fund D lessened its position in shares of Cabot Co. (NYSE:CBTGet Rating) by 23.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 36,470 shares of the specialty chemicals company’s stock after selling 10,925 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.06% of Cabot worth $2,495,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. State of Michigan Retirement System lifted its holdings in shares of Cabot by 1.4% during the fourth quarter. State of Michigan Retirement System now owns 14,409 shares of the specialty chemicals company’s stock worth $810,000 after purchasing an additional 200 shares during the period. Louisiana State Employees Retirement System lifted its stake in Cabot by 1.4% during the 1st quarter. Louisiana State Employees Retirement System now owns 14,800 shares of the specialty chemicals company’s stock valued at $1,047,000 after acquiring an additional 200 shares during the period. HighTower Advisors LLC boosted its holdings in shares of Cabot by 2.6% in the 4th quarter. HighTower Advisors LLC now owns 8,619 shares of the specialty chemicals company’s stock valued at $488,000 after acquiring an additional 216 shares during the last quarter. Profund Advisors LLC increased its stake in shares of Cabot by 5.3% in the fourth quarter. Profund Advisors LLC now owns 4,386 shares of the specialty chemicals company’s stock worth $246,000 after acquiring an additional 219 shares during the period. Finally, Jackson Square Capital LLC raised its holdings in shares of Cabot by 4.6% during the first quarter. Jackson Square Capital LLC now owns 5,435 shares of the specialty chemicals company’s stock worth $372,000 after purchasing an additional 237 shares during the last quarter. Hedge funds and other institutional investors own 89.50% of the company’s stock.

Insider Buying and Selling

In other news, SVP Hobart Kalkstein sold 17,235 shares of Cabot stock in a transaction dated Thursday, June 2nd. The shares were sold at an average price of $77.86, for a total value of $1,341,917.10. Following the sale, the senior vice president now owns 52,785 shares in the company, valued at $4,109,840.10. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Sean D. Keohane sold 14,297 shares of Cabot stock in a transaction that occurred on Tuesday, May 24th. The stock was sold at an average price of $69.15, for a total value of $988,637.55. Following the sale, the chief executive officer now directly owns 265,718 shares of the company’s stock, valued at $18,374,399.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Hobart Kalkstein sold 17,235 shares of the stock in a transaction on Thursday, June 2nd. The shares were sold at an average price of $77.86, for a total value of $1,341,917.10. Following the completion of the transaction, the senior vice president now directly owns 52,785 shares of the company’s stock, valued at $4,109,840.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 36,107 shares of company stock valued at $2,687,999. 2.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CBT has been the topic of several recent research reports. StockNews.com lowered shares of Cabot from a “buy” rating to a “hold” rating in a report on Wednesday, June 15th. Deutsche Bank Aktiengesellschaft upped their target price on Cabot from $65.00 to $74.00 in a research note on Tuesday, May 17th. Finally, TheStreet upgraded Cabot from a “c+” rating to a “b” rating in a research report on Monday, May 2nd. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $78.40.

Cabot Trading Up 0.3 %

CBT stock opened at $74.48 on Tuesday. Cabot Co. has a 52-week low of $47.59 and a 52-week high of $78.62. The company has a quick ratio of 0.81, a current ratio of 1.26 and a debt-to-equity ratio of 0.67. The firm has a market cap of $4.20 billion, a P/E ratio of 33.10 and a beta of 1.41. The company’s 50-day simple moving average is $68.62 and its 200-day simple moving average is $67.87.

Cabot (NYSE:CBTGet Rating) last issued its quarterly earnings results on Monday, May 2nd. The specialty chemicals company reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.29. The company had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $918.99 million. Cabot had a return on equity of 29.91% and a net margin of 3.43%. During the same quarter in the prior year, the business posted $1.38 earnings per share. As a group, equities analysts forecast that Cabot Co. will post 6.15 EPS for the current fiscal year.

Cabot Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 9th. Investors of record on Friday, August 26th will be paid a $0.37 dividend. The ex-dividend date is Thursday, August 25th. This represents a $1.48 dividend on an annualized basis and a yield of 1.99%. Cabot’s dividend payout ratio is currently 65.78%.

About Cabot

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Cabot Corporation operates as a specialty chemicals and performance materials company. It operates through three segments: Reinforcement Materials, Performance Chemicals, and Purification Solutions. The company offers reinforcing carbons 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.

Further Reading

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Institutional Ownership by Quarter for Cabot (NYSE:CBT)

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