Deerfield Management Company L.P. Series C Buys New Shares in Cabot Co. (NYSE:CBT)

Deerfield Management Company L.P. Series C purchased a new position in shares of Cabot Co. (NYSE:CBT - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 8,914 shares of the specialty chemicals company's stock, valued at approximately $819,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Eventide Asset Management LLC acquired a new position in shares of Cabot during the fourth quarter valued at approximately $6,919,000. BNP Paribas Financial Markets raised its stake in shares of Cabot by 28.8% in the 1st quarter. BNP Paribas Financial Markets now owns 51,271 shares of the specialty chemicals company's stock worth $4,727,000 after buying an additional 11,471 shares in the last quarter. Leeward Investments LLC MA lifted its holdings in shares of Cabot by 41.1% in the first quarter. Leeward Investments LLC MA now owns 163,617 shares of the specialty chemicals company's stock valued at $15,085,000 after buying an additional 47,682 shares during the period. Sei Investments Co. lifted its holdings in shares of Cabot by 33.9% in the fourth quarter. Sei Investments Co. now owns 812,614 shares of the specialty chemicals company's stock valued at $67,854,000 after buying an additional 205,582 shares during the period. Finally, Quadrature Capital Ltd grew its holdings in Cabot by 267.3% during the fourth quarter. Quadrature Capital Ltd now owns 11,380 shares of the specialty chemicals company's stock worth $950,000 after acquiring an additional 8,282 shares during the period. Institutional investors own 93.18% of the company's stock.

Cabot Trading Down 0.7 %

Shares of CBT traded down $0.77 during midday trading on Friday, hitting $110.85. The stock had a trading volume of 1,941,848 shares, compared to its average volume of 343,549. The business has a 50-day simple moving average of $101.05 and a two-hundred day simple moving average of $97.18. The firm has a market cap of $6.08 billion, a P/E ratio of 14.03, a price-to-earnings-growth ratio of 1.01 and a beta of 1.19. The company has a current ratio of 2.22, a quick ratio of 1.45 and a debt-to-equity ratio of 0.72. Cabot Co. has a fifty-two week low of $65.10 and a fifty-two week high of $113.12.

Cabot (NYSE:CBT - Get Free Report) last released its quarterly earnings data on Monday, August 5th. The specialty chemicals company reported $1.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.72 by $0.20. Cabot had a return on equity of 26.99% and a net margin of 12.05%. The firm had revenue of $1.02 billion during the quarter, compared to analysts' expectations of $1 billion. During the same quarter last year, the firm earned $1.42 earnings per share. The business's revenue for the quarter was up 5.0% on a year-over-year basis. As a group, equities analysts forecast that Cabot Co. will post 7.07 EPS for the current year.

Cabot Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were paid a $0.43 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.72 annualized dividend and a dividend yield of 1.55%. Cabot's dividend payout ratio (DPR) is currently 21.77%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. UBS Group cut their price target on shares of Cabot from $103.00 to $98.00 and set a "neutral" rating for the company in a report on Tuesday, August 6th. StockNews.com cut shares of Cabot from a "strong-buy" rating to a "buy" rating in a report on Monday, June 24th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Cabot from $95.00 to $105.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 7th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Cabot has an average rating of "Hold" and an average target price of $101.75.

Insider Activity

In other news, CEO Sean D. Keohane sold 25,617 shares of Cabot stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $101.55, for a total value of $2,601,406.35. Following the completion of the sale, the chief executive officer now directly owns 331,174 shares of the company's stock, valued at approximately $33,630,719.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Erica Mclaughlin sold 23,274 shares of Cabot stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $99.79, for a total transaction of $2,322,512.46. Following the completion of the sale, the chief financial officer now directly owns 59,814 shares of the company's stock, valued at $5,968,839.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Sean D. Keohane sold 25,617 shares of Cabot stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $101.55, for a total value of $2,601,406.35. Following the sale, the chief executive officer now directly owns 331,174 shares of the company's stock, valued at $33,630,719.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 71,939 shares of company stock valued at $7,308,812. Company insiders own 3.07% of the company's stock.

Cabot Company Profile

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.