Bank of New York Mellon Corp Decreases Stake in Cabot Co. (NYSE:CBT)

Bank of New York Mellon Corp lowered its stake in shares of Cabot Co. (NYSE:CBT - Free Report) by 1.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 601,182 shares of the specialty chemicals company's stock after selling 6,842 shares during the quarter. Bank of New York Mellon Corp owned about 1.11% of Cabot worth $54,894,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. First Horizon Advisors Inc. increased its holdings in shares of Cabot by 22.0% during the third quarter. First Horizon Advisors Inc. now owns 650 shares of the specialty chemicals company's stock valued at $73,000 after acquiring an additional 117 shares in the last quarter. GAMMA Investing LLC increased its holdings in Cabot by 10.7% in the 4th quarter. GAMMA Investing LLC now owns 1,348 shares of the specialty chemicals company's stock worth $123,000 after buying an additional 130 shares during the period. Moran Wealth Management LLC increased its holdings in Cabot by 0.3% in the 3rd quarter. Moran Wealth Management LLC now owns 62,116 shares of the specialty chemicals company's stock worth $6,943,000 after buying an additional 178 shares during the period. M&T Bank Corp increased its holdings in Cabot by 0.4% in the 3rd quarter. M&T Bank Corp now owns 50,221 shares of the specialty chemicals company's stock worth $5,614,000 after buying an additional 213 shares during the period. Finally, Covestor Ltd increased its holdings in Cabot by 35.6% in the 3rd quarter. Covestor Ltd now owns 831 shares of the specialty chemicals company's stock worth $93,000 after buying an additional 218 shares during the period. Institutional investors and hedge funds own 93.18% of the company's stock.

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Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Mizuho cut their price target on shares of Cabot from $122.00 to $110.00 and set an "outperform" rating on the stock in a report on Tuesday, January 7th. StockNews.com upgraded shares of Cabot from a "hold" rating to a "buy" rating in a report on Tuesday, February 18th. Finally, JPMorgan Chase & Co. cut their price target on shares of Cabot from $105.00 to $85.00 and set an "underweight" rating on the stock in a report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $97.00.

Cabot Stock Performance

Cabot stock traded up $0.77 during mid-day trading on Friday, hitting $84.84. The company had a trading volume of 540,064 shares, compared to its average volume of 425,772. The company has a current ratio of 2.00, a quick ratio of 1.29 and a debt-to-equity ratio of 0.72. Cabot Co. has a 12-month low of $79.57 and a 12-month high of $117.46. The company's fifty day moving average is $87.62 and its 200-day moving average is $100.24. The company has a market capitalization of $4.60 billion, a price-to-earnings ratio of 11.27, a P/E/G ratio of 0.74 and a beta of 1.21.

Cabot (NYSE:CBT - Get Free Report) last released its quarterly earnings data on Monday, February 3rd. The specialty chemicals company reported $1.76 EPS for the quarter, topping the consensus estimate of $1.74 by $0.02. Cabot had a return on equity of 26.79% and a net margin of 10.60%. Equities research analysts predict that Cabot Co. will post 7.57 EPS for the current year.

Cabot declared that its Board of Directors has initiated a share repurchase plan on Tuesday, December 3rd that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the specialty chemicals company to buy shares of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Cabot Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be given a dividend of $0.43 per share. The ex-dividend date is Friday, February 28th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.03%. Cabot's dividend payout ratio (DPR) is 22.84%.

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.