Mizuho Cuts Cabot (NYSE:CBT) Price Target to $110.00

Cabot (NYSE:CBT) had its target price decreased by research analysts at Mizuho from $122.00 to $110.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the specialty chemicals company’s stock. Mizuho’s price objective would indicate a potential upside of 23.55% from the company’s previous close.

Separately, JPMorgan Chase & Co. cut Cabot from a “neutral” rating to an “underweight” rating and set a $105.00 target price on the stock. in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $102.00.

Cabot Price Performance

NYSE CBT traded up $0.30 on Tuesday, reaching $89.03. The company’s stock had a trading volume of 27,847 shares, compared to its average volume of 210,049. The firm’s 50 day moving average is $104.09 and its two-hundred day moving average is $102.65. The stock has a market cap of $4.84 billion, a PE ratio of 13.21, a PEG ratio of 0.90 and a beta of 1.21. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.36 and a current ratio of 2.08. Cabot has a twelve month low of $70.63 and a twelve month high of $117.46.

Cabot (NYSE:CBT) last issued its earnings results on Monday, November 4th. The specialty chemicals company reported $1.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.81 by ($0.01). The business had revenue of $1 billion for the quarter, compared to the consensus estimate of $1.01 billion. Cabot had a return on equity of 26.60% and a net margin of 9.51%. The company’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.65 earnings per share. As a group, sell-side analysts predict that Cabot will post 7.67 EPS for the current year.

Cabot announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, December 3rd that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the specialty chemicals company to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, EVP Jeff Ji Zhu sold 14,566 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $113.25, for a total value of $1,649,599.50. Following the completion of the sale, the executive vice president now directly owns 69,449 shares of the company’s stock, valued at $7,865,099.25. This represents a 17.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Lisa M. Dumont sold 865 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $111.74, for a total transaction of $96,655.10. Following the transaction, the chief accounting officer now directly owns 9,742 shares in the company, valued at $1,088,571.08. The trade was a 8.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 50,190 shares of company stock worth $5,751,534 over the last quarter. Corporate insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Cabot

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its stake in shares of Cabot by 10.7% in the fourth quarter. GAMMA Investing LLC now owns 1,348 shares of the specialty chemicals company’s stock worth $123,000 after acquiring an additional 130 shares during the last quarter. JPMorgan Chase & Co. increased its position in Cabot by 13.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 355,334 shares of the specialty chemicals company’s stock worth $39,716,000 after purchasing an additional 41,554 shares during the last quarter. Franklin Resources Inc. purchased a new stake in shares of Cabot during the 3rd quarter worth about $654,000. Tidal Investments LLC lifted its holdings in shares of Cabot by 2.9% during the 3rd quarter. Tidal Investments LLC now owns 11,917 shares of the specialty chemicals company’s stock valued at $1,332,000 after buying an additional 340 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Cabot in the 3rd quarter valued at approximately $1,651,000. Hedge funds and other institutional investors own 93.18% of the company’s stock.

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.