Cresset Asset Management LLC Sells 8,010 Shares of Cabot Co. (NYSE:CBT)

Cresset Asset Management LLC lowered its stake in Cabot Co. (NYSE:CBT) by 32.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 16,815 shares of the specialty chemicals company’s stock after selling 8,010 shares during the quarter. Cresset Asset Management LLC’s holdings in Cabot were worth $1,535,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Barclays PLC grew its stake in shares of Cabot by 103.9% in the third quarter. Barclays PLC now owns 113,614 shares of the specialty chemicals company’s stock worth $12,699,000 after acquiring an additional 57,907 shares during the last quarter. Franklin Resources Inc. bought a new position in shares of Cabot in the third quarter worth approximately $654,000. Wealth Enhancement Advisory Services LLC increased its position in shares of Cabot by 10.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,198 shares of the specialty chemicals company’s stock valued at $749,000 after acquiring an additional 760 shares in the last quarter. Harbor Capital Advisors Inc. raised its holdings in Cabot by 20.8% in the 4th quarter. Harbor Capital Advisors Inc. now owns 40,394 shares of the specialty chemicals company’s stock worth $3,688,000 after acquiring an additional 6,950 shares during the last quarter. Finally, Park Avenue Securities LLC lifted its position in Cabot by 8.4% in the 4th quarter. Park Avenue Securities LLC now owns 4,113 shares of the specialty chemicals company’s stock valued at $376,000 after acquiring an additional 317 shares in the last quarter. Institutional investors own 93.18% of the company’s stock.

Cabot Price Performance

NYSE CBT opened at $73.93 on Friday. The company has a quick ratio of 1.29, a current ratio of 2.00 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $4.01 billion, a P/E ratio of 9.82, a PEG ratio of 0.74 and a beta of 0.91. The company has a 50-day moving average price of $80.15 and a 200-day moving average price of $91.15. Cabot Co. has a 52 week low of $71.64 and a 52 week high of $117.46.

Cabot (NYSE:CBT) last issued its quarterly earnings results on Monday, May 5th. The specialty chemicals company reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.86 by $0.04. Cabot had a net margin of 10.60% and a return on equity of 26.79%. The business had revenue of $936.00 million for the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter last year, the company posted $1.78 EPS. The company’s revenue was down 8.1% compared to the same quarter last year. Equities research analysts anticipate that Cabot Co. will post 7.57 earnings per share for the current year.

Cabot Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be given a dividend of $0.45 per share. This is a boost from Cabot’s previous quarterly dividend of $0.43. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend is Friday, May 30th. Cabot’s payout ratio is presently 23.29%.

Wall Street Analyst Weigh In

A number of research firms have commented on CBT. UBS Group reduced their target price on Cabot from $93.00 to $83.00 and set a “neutral” rating for the company in a report on Monday, April 7th. StockNews.com downgraded shares of Cabot from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. lowered their price objective 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.

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.