Patten & Patten Inc. TN Sells 1,500 Shares of Cabot Co. (NYSE:CBT)

Patten & Patten Inc. TN cut its stake in shares of Cabot Co. (NYSE:CBT) by 44.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,880 shares of the specialty chemicals company’s stock after selling 1,500 shares during the quarter. Patten & Patten Inc. TN’s holdings in Cabot were worth $210,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Wolff Wiese Magana LLC acquired a new position in shares of Cabot in the 3rd quarter worth approximately $25,000. UMB Bank n.a. lifted its holdings in Cabot by 53.9% in the third quarter. UMB Bank n.a. now owns 371 shares of the specialty chemicals company’s stock valued at $41,000 after buying an additional 130 shares during the period. CWM LLC grew its holdings in Cabot by 60.6% during the 2nd quarter. CWM LLC now owns 416 shares of the specialty chemicals company’s stock worth $38,000 after acquiring an additional 157 shares during the period. Farther Finance Advisors LLC raised its position in shares of Cabot by 197.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 417 shares of the specialty chemicals company’s stock worth $47,000 after acquiring an additional 277 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in shares of Cabot by 33.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 475 shares of the specialty chemicals company’s stock worth $48,000 after acquiring an additional 119 shares in the last quarter. 93.18% of the stock is currently owned by institutional investors.

Insider Activity at Cabot

In other news, EVP Hobart Kalkstein sold 5,457 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $100.58, for a total value of $548,865.06. Following the completion of the sale, the executive vice president now directly owns 61,688 shares of the company’s stock, valued at $6,204,579.04. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Cabot news, CEO Sean D. Keohane sold 25,617 shares of Cabot stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $101.55, for a total transaction of $2,601,406.35. Following the transaction, the chief executive officer now directly owns 331,174 shares of the company’s stock, valued at $33,630,719.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Hobart Kalkstein sold 5,457 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $100.58, for a total transaction of $548,865.06. Following the completion of the sale, the executive vice president now owns 61,688 shares of the company’s stock, valued at approximately $6,204,579.04. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 48,665 shares of company stock valued at $4,986,299. 3.07% of the stock is owned by corporate insiders.

Cabot Stock Up 1.3 %

Shares of NYSE:CBT opened at $116.51 on Tuesday. The firm has a market cap of $6.39 billion, a P/E ratio of 17.29, a PEG ratio of 0.98 and a beta of 1.20. Cabot Co. has a 52-week low of $70.63 and a 52-week high of $117.46. The business’s 50 day simple moving average is $109.36 and its two-hundred day simple moving average is $101.78. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.45 and a current ratio of 2.08.

Cabot (NYSE:CBT) last posted its quarterly earnings results on Monday, November 4th. The specialty chemicals company reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.81 by ($0.01). Cabot had a net margin of 9.51% and a return on equity of 26.60%. The business had revenue of $1 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period in the previous year, the business posted $1.65 EPS. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. As a group, research analysts forecast that Cabot Co. will post 7.7 EPS for the current fiscal year.

Cabot Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.48%. Cabot’s dividend payout ratio is presently 25.52%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CBT. UBS Group lowered their target price on Cabot from $103.00 to $98.00 and set a “neutral” rating for the company in a report on Tuesday, August 6th. Mizuho lifted their price objective on shares of Cabot from $103.00 to $122.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Finally, JPMorgan Chase & Co. lowered shares of Cabot from a “neutral” rating to an “underweight” rating and set a $105.00 target price on the stock. in a research note on Monday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Cabot has an average rating of “Hold” and a consensus target price of $105.00.

Cabot 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.