Renaissance Technologies LLC Acquires 43,700 Shares of Cabot Co. (NYSE:CBT)

Renaissance Technologies LLC lifted its stake in Cabot Co. (NYSE:CBT) by 197.7% in the fourth quarter, Holdings Channel.com reports. The fund owned 65,800 shares of the specialty chemicals company’s stock after purchasing an additional 43,700 shares during the period. Renaissance Technologies LLC’s holdings in Cabot were worth $6,008,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in CBT. R Squared Ltd purchased a new position in Cabot during the 4th quarter valued at about $26,000. EverSource Wealth Advisors LLC increased its holdings in Cabot by 37.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 808 shares of the specialty chemicals company’s stock worth $74,000 after acquiring an additional 219 shares during the period. GAMMA Investing LLC lifted its stake in Cabot by 10.7% in the 4th quarter. GAMMA Investing LLC now owns 1,348 shares of the specialty chemicals company’s stock worth $123,000 after purchasing an additional 130 shares in the last quarter. Manchester Capital Management LLC boosted its holdings in Cabot by 1,685.1% in the 4th quarter. Manchester Capital Management LLC now owns 1,678 shares of the specialty chemicals company’s stock valued at $153,000 after purchasing an additional 1,584 shares during the period. Finally, KBC Group NV grew its position in shares of Cabot by 43.1% during the 4th quarter. KBC Group NV now owns 2,046 shares of the specialty chemicals company’s stock valued at $187,000 after purchasing an additional 616 shares in the last quarter. 93.18% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Mizuho reduced their target price on Cabot from $122.00 to $110.00 and set an “outperform” rating for the company in a research report on Tuesday, January 7th. UBS Group decreased their price objective on shares of Cabot from $93.00 to $83.00 and set a “neutral” rating on the stock in a research report on Monday, April 7th. StockNews.com upgraded shares of Cabot from a “hold” rating to a “buy” rating in a research report on Thursday. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Cabot from $105.00 to $85.00 and set an “underweight” rating on the stock in a research report on Friday, February 21st.

Cabot Price Performance

Shares of Cabot stock opened at $78.40 on Friday. The stock has a market capitalization of $4.25 billion, a price-to-earnings ratio of 10.41, a price-to-earnings-growth ratio of 0.74 and a beta of 1.04. The company has a fifty day moving average of $82.71 and a 200-day moving average of $94.79. Cabot Co. has a 52-week low of $73.63 and a 52-week high of $117.46. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.29 and a current ratio of 2.00.

Cabot (NYSE:CBT) last released its quarterly earnings data on Monday, February 3rd. The specialty chemicals company reported $1.76 EPS for the quarter, topping 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%. Equities research analysts expect that Cabot Co. will post 7.57 EPS for the current year.

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.