Eastern Bank Increases Stock Position in Cabot Co. (NYSE:CBT)

Eastern Bank boosted its stake in Cabot Co. (NYSE:CBT) by 577.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 269,270 shares of the specialty chemicals company’s stock after acquiring an additional 229,500 shares during the period. Eastern Bank owned about 0.49% of Cabot worth $30,096,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wolff Wiese Magana LLC purchased a new stake in shares of Cabot in the third quarter valued at about $25,000. UMB Bank n.a. raised its holdings in shares of Cabot by 53.9% in the third quarter. UMB Bank n.a. now owns 371 shares of the specialty chemicals company’s stock valued at $41,000 after buying an additional 130 shares during the last quarter. CWM LLC raised its holdings in shares of Cabot by 60.6% in the second quarter. CWM LLC now owns 416 shares of the specialty chemicals company’s stock valued at $38,000 after buying an additional 157 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Cabot by 33.4% in the second quarter. EverSource Wealth Advisors LLC now owns 475 shares of the specialty chemicals company’s stock valued at $48,000 after buying an additional 119 shares during the last quarter. Finally, 1620 Investment Advisors Inc. purchased a new stake in shares of Cabot in the second quarter valued at about $49,000. 93.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CBT. StockNews.com cut shares of Cabot from a “strong-buy” rating to a “buy” rating in a report on Monday, June 24th. JPMorgan Chase & Co. increased their price target on shares of Cabot from $95.00 to $105.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Finally, UBS Group cut their price target on shares of Cabot from $103.00 to $98.00 and set a “neutral” rating for the company in a report on Tuesday, August 6th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $101.75.

Insider Transactions at Cabot

In other news, CEO Sean D. Keohane sold 25,617 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $101.55, for a total transaction of $2,601,406.35. Following the completion of the transaction, the chief executive officer now directly owns 331,174 shares of the company’s stock, valued at $33,630,719.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Cabot news, CFO Erica Mclaughlin sold 23,274 shares of Cabot stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $99.79, for a total value of $2,322,512.46. Following the completion of the sale, the chief financial officer now directly owns 59,814 shares of the company’s stock, valued at approximately $5,968,839.06. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sean D. Keohane sold 25,617 shares of Cabot stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $101.55, for a total transaction of $2,601,406.35. Following the completion of the sale, the chief executive officer now directly owns 331,174 shares of the company’s stock, valued at $33,630,719.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 71,939 shares of company stock valued at $7,308,812 in the last ninety days. Corporate insiders own 3.07% of the company’s stock.

Cabot Price Performance

CBT traded down $1.04 on Tuesday, hitting $111.82. 90,223 shares of the company were exchanged, compared to its average volume of 331,601. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.45 and a current ratio of 2.22. The business’s fifty day moving average is $106.37 and its 200 day moving average is $99.90. Cabot Co. has a fifty-two week low of $65.10 and a fifty-two week high of $117.14. The firm has a market capitalization of $6.18 billion, a P/E ratio of 14.11, a price-to-earnings-growth ratio of 0.93 and a beta of 1.19.

Cabot (NYSE:CBT) last issued its earnings results on Monday, August 5th. The specialty chemicals company reported $1.92 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.20. Cabot had a net margin of 12.05% and a return on equity of 26.99%. The company had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1 billion. During the same period in the prior year, the business posted $1.42 earnings per share. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cabot Co. will post 7.07 EPS for the current year.

About Cabot

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.