Cabot Corp. (CBT) Upgraded at Zacks Investment Research

Cabot Corp. (NYSE:CBT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.

According to Zacks, “Cabot Corporation is a global specialty chemicals and materials company. Cabot’s major products are carbon black, fumed silica, inkjet colorants, and aerogels. Cabot has manufacturing plants located in countries around the world. (Company Press Release) “

Cabot Corp. (NYSE:CBT) traded down 0.33% during mid-day trading on Tuesday, hitting $48.84. 456,722 shares of the stock traded hands. Cabot Corp. has a 12 month low of $30.70 and a 12 month high of $50.68. The company’s 50 day moving average is $46.99 and its 200 day moving average is $45.38. The company’s market cap is $3.05 billion.

Cabot Corp. (NYSE:CBT) last announced its earnings results on Monday, May 2nd. The company reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by $0.07. The business had revenue of $568 million for the quarter, compared to the consensus estimate of $647.48 million. The firm’s revenue was down 18.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.53 earnings per share. On average, analysts expect that Cabot Corp. will post $3.12 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 9th. Stockholders of record on Friday, August 26th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, August 24th. This represents a $1.20 annualized dividend and a dividend yield of 2.46%.

Separately, TheStreet cut shares of Cabot Corp. from a “buy” rating to a “hold” rating in a research note on Friday, June 10th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Cabot Corp. has a consensus rating of “Buy” and an average price target of $51.00.

A number of hedge funds recently modified their holdings of the stock. Bank of Montreal Can bought a new stake in shares of Cabot Corp. during the second quarter valued at about $148,000. LS Investment Advisors LLC raised its stake in shares of Cabot Corp. by 71.9% in the second quarter. LS Investment Advisors LLC now owns 3,746 shares of the company’s stock valued at $171,000 after buying an additional 1,567 shares during the period. Parametrica Management Ltd bought a new stake in shares of Cabot Corp. during the first quarter valued at about $260,000. Oakbrook Investments LLC raised its stake in shares of Cabot Corp. by 9.4% in the second quarter. Oakbrook Investments LLC now owns 5,800 shares of the company’s stock valued at $265,000 after buying an additional 500 shares during the period. Finally, Algert Global LLC bought a new stake in shares of Cabot Corp. during the first quarter valued at about $279,000.

In other news, Director Patrick M. Prevost sold 60,000 shares of Cabot Corp. stock in a transaction on Friday, June 3rd. The stock was sold at an average price of $46.30, for a total transaction of $2,778,000.00. Following the transaction, the director now owns 321,458 shares in the company, valued at approximately $14,883,505.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP James Patrick Kelly sold 2,500 shares of Cabot Corp. stock in a transaction on Tuesday, July 12th. The stock was sold at an average price of $48.95, for a total value of $122,375.00. Following the transaction, the vice president now owns 27,085 shares in the company, valued at approximately $1,325,810.75. The disclosure for this sale can be found here.

Cabot Corporation (Cabot) is a global specialty chemicals and performance materials company. The Company’s principal products are rubber and specialty grade carbon blacks, fumed metal oxides, activated carbon, inkjet colorants, aerogel and cesium formate drilling fluids. The Company operates through four segments: Reinforcement Materials, Performance Chemicals, Purification Solutions and Specialty Fluids.