Corebridge Financial Inc. Sells 5,100 Shares of Cabot Co. (NYSE:CBT)

Corebridge Financial Inc. cut its stake in shares of Cabot Co. (NYSE:CBT - Free Report) by 5.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 88,310 shares of the specialty chemicals company's stock after selling 5,100 shares during the quarter. Corebridge Financial Inc. owned 0.16% of Cabot worth $8,064,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Copeland Capital Management LLC lifted its holdings in shares of Cabot by 21.6% during the 4th quarter. Copeland Capital Management LLC now owns 761,372 shares of the specialty chemicals company's stock worth $69,521,000 after acquiring an additional 135,119 shares during the last quarter. American Century Companies Inc. lifted its stake in Cabot by 8.5% during the fourth quarter. American Century Companies Inc. now owns 1,323,347 shares of the specialty chemicals company's stock worth $120,835,000 after purchasing an additional 103,380 shares during the last quarter. Lightrock Netherlands B.V. purchased a new position in shares of Cabot in the 4th quarter worth about $6,228,000. Barclays PLC increased its position in shares of Cabot by 103.9% during the 3rd quarter. Barclays PLC now owns 113,614 shares of the specialty chemicals company's stock valued at $12,699,000 after purchasing an additional 57,907 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Cabot during the 4th quarter valued at about $5,057,000. Hedge funds and other institutional investors own 93.18% of the company's stock.

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Analysts Set New Price Targets

Several analysts have issued reports on the company. StockNews.com raised Cabot from a "hold" rating to a "buy" rating in a research note on Tuesday. Mizuho cut their price objective on shares of Cabot from $122.00 to $110.00 and set an "outperform" rating for the company in a research note on Tuesday, January 7th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Cabot from $105.00 to $85.00 and set an "underweight" rating on the stock in a research report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $97.00.

Cabot Trading Up 1.1 %

Cabot stock traded up $0.87 during trading hours on Tuesday, reaching $84.01. The company had a trading volume of 343,830 shares, compared to its average volume of 378,186. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.00 and a quick ratio of 1.29. Cabot Co. has a 12-month low of $79.57 and a 12-month high of $117.46. The company has a 50-day moving average price of $85.38 and a 200 day moving average price of $97.86. The firm has a market cap of $4.56 billion, a price-to-earnings ratio of 11.16, a P/E/G ratio of 0.74 and a beta of 1.21.

Cabot (NYSE:CBT - Get Free Report) last issued its earnings results 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 net margin of 10.60% and a return on equity of 26.79%. Equities analysts forecast that Cabot Co. will post 7.57 earnings per share for the current year.

Cabot Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were paid a $0.43 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.72 annualized dividend and a dividend yield of 2.05%. Cabot's payout ratio is presently 22.84%.

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

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.