Engineers Gate Manager LP Takes Position in Cabot Co. (NYSE:CBT)

Engineers Gate Manager LP purchased a new position in shares of Cabot Co. (NYSE:CBT – Get Rating) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,635 shares of the specialty chemicals company’s stock, valued at approximately $360,000.

Other hedge funds also recently bought and sold shares of the company. First Trust Advisors LP boosted its position in shares of Cabot by 36.3% in the 3rd quarter. First Trust Advisors LP now owns 13,157 shares of the specialty chemicals company’s stock valued at $841,000 after purchasing an additional 3,507 shares during the period. Bank of New York Mellon Corp boosted its holdings in Cabot by 2.1% during the third quarter. Bank of New York Mellon Corp now owns 872,100 shares of the specialty chemicals company’s stock worth $55,720,000 after buying an additional 18,271 shares in the last quarter. Bayesian Capital Management LP acquired a new position in Cabot during the third quarter worth about $335,000. Commonwealth Equity Services LLC increased its holdings in Cabot by 3.3% in the third quarter. Commonwealth Equity Services LLC now owns 5,099 shares of the specialty chemicals company’s stock valued at $325,000 after buying an additional 165 shares in the last quarter. Finally, Royal Bank of Canada lifted its position in shares of Cabot by 8.1% during the 3rd quarter. Royal Bank of Canada now owns 9,027 shares of the specialty chemicals company’s stock valued at $577,000 after acquiring an additional 678 shares during the period. Institutional investors and hedge funds own 94.21% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on CBT shares. Deutsche Bank Aktiengesellschaft raised Cabot from a “hold” rating to a “buy” rating and raised their price objective for the company from $80.00 to $90.00 in a research note on Wednesday, November 16th. Credit Suisse Group assumed coverage on shares of Cabot in a research note on Monday. They issued an “outperform” rating and a $94.00 price objective on the stock. Loop Capital upped their price target on shares of Cabot from $98.00 to $113.00 and gave the company a “buy” rating in a report on Monday, February 13th. JPMorgan Chase & Co. raised their price objective on shares of Cabot from $80.00 to $87.00 and gave the stock an “overweight” rating in a research note on Monday, February 13th. Finally, StockNews.com lowered shares of Cabot from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 17th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Cabot currently has an average rating of “Buy” and an average price target of $96.00.

Cabot Stock Performance

Shares of CBT stock opened at $73.59 on Tuesday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.11 and a current ratio of 1.83. The firm has a market capitalization of $4.14 billion, a price-to-earnings ratio of 12.06 and a beta of 1.36. Cabot Co. has a one year low of $59.65 and a one year high of $83.74. The company has a 50 day moving average price of $75.07 and a 200 day moving average price of $71.77.

Cabot (NYSE:CBT – Get Rating) last released its quarterly earnings data on Friday, February 10th. The specialty chemicals company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.02. The business had revenue of $965.00 million for the quarter, compared to analyst estimates of $955.24 million. Cabot had a return on equity of 32.03% and a net margin of 8.15%. The company’s revenue was down .3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.29 EPS. Sell-side analysts anticipate that Cabot Co. will post 6.41 EPS for the current year.

Cabot Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Friday, February 24th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Thursday, February 23rd. This represents a $1.48 annualized dividend and a dividend yield of 2.01%. Cabot’s payout ratio is 24.26%.

Cabot Profile

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Cabot Corp. is a global specialty chemicals and performance materials company. Its products are rubber and specialty grade carbon blacks, specialty compounds, fumed metal oxides, activated carbons, inkjet colorants, and aerogel. The company operates through the following segments: Reinforcement Materials, Performance Chemicals, and Purification Solutions.