Eastern Bank Acquires 229,500 Shares of Cabot Co. (NYSE:CBT)

Eastern Bank lifted its stake in shares of Cabot Co. (NYSE:CBT - Free Report) by 577.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 269,270 shares of the specialty chemicals company's stock after acquiring an additional 229,500 shares during the quarter. Eastern Bank owned 0.49% of Cabot worth $30,096,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. BNP Paribas Financial Markets grew its holdings in shares of Cabot by 28.8% during the 1st quarter. BNP Paribas Financial Markets now owns 51,271 shares of the specialty chemicals company's stock valued at $4,727,000 after acquiring an additional 11,471 shares in the last quarter. Leeward Investments LLC MA raised its stake in shares of Cabot by 41.1% during the 1st quarter. Leeward Investments LLC MA now owns 163,617 shares of the specialty chemicals company's stock worth $15,085,000 after purchasing an additional 47,682 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Cabot by 125.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 10,911 shares of the specialty chemicals company's stock valued at $1,006,000 after buying an additional 6,070 shares during the last quarter. Sei Investments Co. grew its stake in shares of Cabot by 6.1% in the 1st quarter. Sei Investments Co. now owns 862,081 shares of the specialty chemicals company's stock valued at $79,484,000 after buying an additional 49,467 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in shares of Cabot by 571.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 127,116 shares of the specialty chemicals company's stock valued at $11,681,000 after buying an additional 108,197 shares in the last quarter. 93.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CBT. JPMorgan Chase & Co. lifted their target price on shares of Cabot from $95.00 to $105.00 and gave the company a "neutral" rating in a research note on Wednesday, August 7th. UBS Group decreased their price objective 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. Finally, StockNews.com lowered Cabot from a "strong-buy" rating to a "buy" rating in a report on Monday, June 24th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, Cabot has an average rating of "Hold" and a consensus price target of $101.75.

Insiders Place Their Bets

In other Cabot news, CEO Sean D. Keohane sold 25,617 shares of the company's stock in a transaction that occurred 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 transaction, the chief executive officer now owns 331,174 shares of the company's stock, valued at $33,630,719.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Cabot news, CFO Erica Mclaughlin sold 23,274 shares of the company's stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $99.79, for a total transaction of $2,322,512.46. Following the sale, the chief financial officer now directly owns 59,814 shares of the company's stock, valued at approximately $5,968,839.06. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sean D. Keohane sold 25,617 shares of the firm's stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $101.55, for a total transaction 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 approximately $33,630,719.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 71,939 shares of company stock worth $7,308,812 in the last ninety days. Insiders own 3.07% of the company's stock.

Cabot Stock Performance

Shares of NYSE CBT traded down $1.95 during trading hours on Tuesday, hitting $110.91. 270,545 shares of the stock were exchanged, compared to its average volume of 332,612. Cabot Co. has a one year low of $65.10 and a one year high of $117.14. The company's 50 day moving average is $106.37 and its 200 day moving average is $99.90. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.22 and a quick ratio of 1.45. The firm has a market capitalization of $6.13 billion, a P/E ratio of 14.11, a P/E/G ratio of 0.93 and a beta of 1.19.

Cabot (NYSE:CBT - Get Free Report) last issued its quarterly earnings results on Monday, August 5th. The specialty chemicals company reported $1.92 EPS for the quarter, topping analysts' consensus estimates of $1.72 by $0.20. The company had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1 billion. Cabot had a return on equity of 26.99% and a net margin of 12.05%. The company's quarterly revenue was up 5.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.42 earnings per share. On average, research analysts expect that Cabot Co. will post 7.07 EPS for the current year.

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.