Cabot (NYSE:CBT) Price Target Cut to $68.00 by Analysts at JPMorgan Chase & Co.

Cabot (NYSE:CBT) had its target price dropped by stock analysts at JPMorgan Chase & Co. from $78.00 to $68.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “underweight” rating on the specialty chemicals company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential downside of 5.84% from the company’s current price.

Several other research firms have also issued reports on CBT. Wall Street Zen lowered shares of Cabot from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cabot in a research report on Friday, August 21st. Zacks Research downgraded shares of Cabot from a “hold” rating to a “strong sell” rating in a report on Thursday, November 5th. Truist Financial reduced their target price on Cabot from $100.00 to $95.00 and set a “buy” rating for the company in a report on Wednesday, November 4th. Finally, UBS Group lowered their price target on shares of Cabot from $86.00 to $80.00 and set a “neutral” rating on the stock in a report on Wednesday, November 4th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $83.60.

Cabot Stock Up 0.5%

Shares of NYSE CBT traded up $0.37 during midday trading on Tuesday, hitting $72.22. 89,406 shares of the stock traded hands, compared to its average volume of 453,914. The company has a market cap of $3.73 billion, a PE ratio of 18.01, a P/E/G ratio of 9.70 and a beta of 0.83. Cabot has a one year low of $58.33 and a one year high of $94.53. The business has a 50 day moving average price of $76.64 and a two-hundred day moving average price of $79.54. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.97 and a current ratio of 2.16.

Cabot (NYSE:CBT) last issued its earnings results on Monday, November 2nd. The specialty chemicals company reported $1.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.06. The company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $927.29 million. Cabot had a return on equity of 19.64% and a net margin of 5.69%. Cabot’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same period last year, the business earned $1.70 EPS. On average, equities analysts predict that Cabot will post 6.55 EPS for the current year.

Insider Activity at Cabot

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 transaction, the chief executive officer directly owned 404,134 shares of the company’s stock, valued at approximately $34,351,390. This trade represents a 25.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 3.08% of the company’s stock.

Hedge Funds Weigh In On Cabot

Large investors have recently added to or reduced their stakes in the business. First Eagle Investment Management LLC lifted its stake in shares of Cabot by 5.7% in the 3rd quarter. First Eagle Investment Management LLC now owns 220,250 shares of the specialty chemicals company’s stock valued at $16,939,000 after acquiring an additional 11,800 shares during the last quarter. Royce & Associates LP purchased a new position in Cabot during the 3rd quarter valued at $225,000. William Blair Investment Management LLC raised its holdings in Cabot by 19.4% in the 3rd quarter. William Blair Investment Management LLC now owns 220,897 shares of the specialty chemicals company’s stock worth $16,989,000 after purchasing an additional 35,820 shares in the last quarter. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Cabot in the 3rd quarter worth about $229,000. Finally, Ritholtz Wealth Management purchased a new stake in Cabot in the third quarter worth about $307,000. Hedge funds and other institutional investors own 93.18% of the company’s stock.

Cabot Company Profile

Cabot Corporation is a specialty chemicals and performance materials company that develops and manufactures materials used in products across transportation, energy, infrastructure, electronics and consumer markets. Its offerings include reinforcing carbon blacks for tires and other rubber products, specialty carbons and battery materials, fumed silica and other specialty compounds. Founded in 1882, Cabot has expanded from its early carbon black business into a broader portfolio of performance materials.