Cabot Corporation $CBT Stock Position Reduced by ProShare Advisors LLC

ProShare Advisors LLC lowered its holdings in shares of Cabot Corporation (NYSE:CBT) by 14.4% during the 3rd quarter, Holdings Channel reports. The fund owned 319,507 shares of the specialty chemicals company’s stock after selling 53,668 shares during the period. ProShare Advisors LLC’s holdings in Cabot were worth $24,573,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in CBT. BlackRock Inc. acquired a new position in Cabot during the 2nd quarter worth $633,302,000. State Street Corp increased its holdings in shares of Cabot by 6.8% during the second quarter. State Street Corp now owns 2,165,434 shares of the specialty chemicals company’s stock valued at $196,665,000 after purchasing an additional 138,098 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Cabot by 4.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,742,782 shares of the specialty chemicals company’s stock valued at $131,253,000 after purchasing an additional 79,499 shares during the period. Bank of America Corp DE bought a new stake in shares of Cabot during the second quarter valued at about $150,772,000. Finally, Sei Investments Co. raised its stake in shares of Cabot by 6.5% during the first quarter. Sei Investments Co. now owns 1,051,578 shares of the specialty chemicals company’s stock valued at $79,194,000 after purchasing an additional 64,122 shares in the last quarter. Institutional investors and hedge funds own 93.18% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Sean Keohane sold 134,895 shares of the firm’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $85.00, for a total transaction of $11,466,075.00. Following the completion of the transaction, the chief executive officer owned 404,134 shares of the company’s stock, valued at $34,351,390. This trade represents a 25.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold a total of 229,597 shares of company stock worth $19,646,746 over the last ninety days. Company insiders own 3.08% of the company’s stock.

Cabot Stock Performance

Shares of NYSE CBT opened at $75.64 on Tuesday. The stock has a fifty day moving average price of $77.79 and a two-hundred day moving average price of $79.52. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.97 and a current ratio of 1.47. The firm has a market cap of $3.90 billion, a P/E ratio of 21.31, a PEG ratio of 8.68 and a beta of 0.83. Cabot Corporation has a 1 year low of $58.33 and a 1 year high of $94.53.

Cabot (NYSE:CBT) last issued its quarterly earnings results on Monday, November 2nd. The specialty chemicals company reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.06. Cabot had a return on equity of 20.29% and a net margin of 5.23%. The company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $927.29 million. During the same period last year, the firm earned $1.70 EPS. The firm’s revenue for the quarter was up 12.2% on a year-over-year basis. Research analysts forecast that Cabot Corporation will post 6.35 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CBT. JPMorgan Chase & Co. upped their price objective on shares of Cabot from $70.00 to $78.00 and gave the stock an “underweight” rating in a report on Friday, August 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Cabot in a research note on Friday, August 21st. UBS Group dropped their price target on shares of Cabot from $92.00 to $86.00 and set a “neutral” rating on the stock in a research report on Monday, October 5th. Truist Financial set a $100.00 price target on shares of Cabot in a research report on Wednesday, August 5th. Finally, Wall Street Zen raised shares of Cabot from a “hold” rating to a “buy” rating in a research note on Sunday, October 11th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $87.80.

About Cabot

Cabot Corporation (NYSE: CBT) is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts. The company develops and manufactures materials used to improve the performance, durability, conductivity, color and purity of products across a range of industries.

Cabot’s products include carbon black used in tires, rubber goods, coatings, plastics and printing inks; specialty carbons and conductive materials for batteries and other applications; and specialty compounds and masterbatches.