Truist Financial Corp Increases Stock Position in Cabot Co. (NYSE:CBT)

Truist Financial Corp grew its position in Cabot Co. (NYSE:CBTGet Rating) by 11.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,575 shares of the specialty chemicals company’s stock after purchasing an additional 593 shares during the period. Truist Financial Corp’s holdings in Cabot were worth $356,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Wipfli Financial Advisors LLC purchased a new stake in shares of Cabot in the third quarter valued at about $36,000. Merriman Wealth Management LLC purchased a new stake in shares of Cabot in the third quarter valued at about $373,000. Fifth Third Bancorp increased its holdings in Cabot by 120.1% during the third quarter. Fifth Third Bancorp now owns 18,922 shares of the specialty chemicals company’s stock worth $1,209,000 after buying an additional 10,324 shares during the last quarter. Raymond James & Associates raised its position in Cabot by 13.6% in the third quarter. Raymond James & Associates now owns 33,326 shares of the specialty chemicals company’s stock worth $2,129,000 after acquiring an additional 3,977 shares during the period. Finally, Raymond James Financial Services Advisors Inc. bought a new stake in Cabot in the third quarter worth about $248,000. Hedge funds and other institutional investors own 94.21% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on CBT shares. StockNews.com raised shares of Cabot from a “buy” rating to a “strong-buy” rating in a research report on Friday, January 20th. Deutsche Bank Aktiengesellschaft raised shares of Cabot from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $80.00 to $90.00 in a research report on Wednesday, November 16th.

Cabot Price Performance

CBT opened at $73.51 on Wednesday. The company has a market capitalization of $4.14 billion, a price-to-earnings ratio of 20.42 and a beta of 1.38. The company has a quick ratio of 1.05, a current ratio of 1.65 and a debt-to-equity ratio of 1.06. The firm has a 50-day moving average price of $70.57 and a 200-day moving average price of $70.40. Cabot Co. has a twelve month low of $53.32 and a twelve month high of $78.62.

Cabot (NYSE:CBTGet Rating) last posted its earnings results on Monday, November 7th. The specialty chemicals company reported $1.55 earnings per share for the quarter, topping the consensus estimate of $1.48 by $0.07. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.04 billion. Cabot had a net margin of 4.84% and a return on equity of 35.30%. Equities analysts expect that Cabot Co. will post 6.5 EPS for the current year.

Cabot Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 10th. Stockholders of record on Friday, February 24th will be paid a $0.37 dividend. The ex-dividend date of this dividend is Thursday, February 23rd. This represents a $1.48 annualized dividend and a dividend yield of 2.01%. Cabot’s payout ratio is 41.11%.

About Cabot

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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.

See Also

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Institutional Ownership by Quarter for Cabot (NYSE:CBT)

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