Icon Advisers Inc. Co. Takes $991,000 Position in Cabot Corp (CBT)

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Icon Advisers Inc. Co. bought a new stake in shares of Cabot Corp (NYSE:CBT) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 15,800 shares of the specialty chemicals company’s stock, valued at approximately $991,000.

A number of other institutional investors have also made changes to their positions in CBT. Virginia Retirement Systems ET AL acquired a new position in shares of Cabot during the 2nd quarter valued at $1,279,000. Natixis increased its position in shares of Cabot by 104.1% during the 2nd quarter. Natixis now owns 212,116 shares of the specialty chemicals company’s stock valued at $13,102,000 after purchasing an additional 108,182 shares during the period. Neuburgh Advisers LLC increased its position in shares of Cabot by 18.7% during the 2nd quarter. Neuburgh Advisers LLC now owns 23,280 shares of the specialty chemicals company’s stock valued at $1,438,000 after purchasing an additional 3,664 shares during the period. GAM Holding AG increased its position in shares of Cabot by 39.5% during the 2nd quarter. GAM Holding AG now owns 7,485 shares of the specialty chemicals company’s stock valued at $462,000 after purchasing an additional 2,118 shares during the period. Finally, Fuller & Thaler Asset Management Inc. increased its position in shares of Cabot by 0.6% during the 2nd quarter. Fuller & Thaler Asset Management Inc. now owns 2,060,907 shares of the specialty chemicals company’s stock valued at $127,302,000 after purchasing an additional 12,452 shares during the period. 85.74% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE CBT opened at $50.00 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.97 and a current ratio of 1.46. The firm has a market capitalization of $3.17 billion, a P/E ratio of 12.41, a P/E/G ratio of 1.01 and a beta of 1.50. Cabot Corp has a 52-week low of $46.63 and a 52-week high of $68.63.

Cabot (NYSE:CBT) last issued its earnings results on Monday, November 5th. The specialty chemicals company reported $1.00 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.09 by ($0.09). The company had revenue of $850.00 million during the quarter, compared to analyst estimates of $856.76 million. Cabot had a positive return on equity of 18.82% and a negative net margin of 3.49%. The business’s revenue was up 17.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.91 earnings per share. As a group, research analysts expect that Cabot Corp will post 4.58 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 30th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.64%. Cabot’s payout ratio is 32.75%.

Cabot declared that its Board of Directors has initiated a share buyback program on Monday, July 16th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the specialty chemicals company to repurchase up to 10.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

CBT has been the topic of several research analyst reports. Loop Capital set a $82.00 price target on Cabot and gave the company a “buy” rating in a research report on Tuesday, July 17th. TheStreet upgraded Cabot from a “c+” rating to a “b+” rating in a research report on Tuesday, August 7th. Barclays initiated coverage on Cabot in a research report on Monday, October 8th. They set an “overweight” rating and a $76.00 price target on the stock. ValuEngine cut Cabot from a “hold” rating to a “sell” rating in a research report on Thursday, October 11th. Finally, Zacks Investment Research cut Cabot from a “buy” rating to a “sell” rating in a research report on Tuesday, October 16th. Two research analysts have rated the stock with a sell rating and six have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $75.00.

In related news, Director Patrick M. Prevost sold 40,519 shares of Cabot stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $65.65, for a total value of $2,660,072.35. Following the transaction, the director now directly owns 216,894 shares in the company, valued at approximately $14,239,091.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Patrick M. Prevost sold 19,481 shares of Cabot stock in a transaction on Monday, August 20th. The stock was sold at an average price of $65.04, for a total value of $1,267,044.24. Following the completion of the transaction, the director now owns 257,413 shares in the company, valued at $16,742,141.52. The disclosure for this sale can be found here. Insiders sold a total of 76,000 shares of company stock worth $4,980,877 over the last 90 days. Insiders own 2.50% of the company’s stock.

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Cabot Company Profile

Cabot Corporation operates as a specialty chemicals and performance materials company. The company offers carbon black, a form of elemental carbon used to enhance the physical properties of the systems and applications in which it is incorporated; and rubber blacks for use as a rubber reinforcing agent and performance additive in tires, hoses, belts, extruded profiles, and molded goods.

Further Reading: Do You Need a Fiduciary?

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Institutional Ownership by Quarter for Cabot (NYSE:CBT)

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