Corebridge Financial Inc. Decreases Holdings in Cabot Co. (NYSE:CBT)

Corebridge Financial Inc. reduced its stake in Cabot Co. (NYSE:CBT) by 5.5% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 88,310 shares of the specialty chemicals company’s stock after selling 5,100 shares during the period. Corebridge Financial Inc.’s holdings in Cabot were worth $8,064,000 as of its most recent filing with the SEC.

Several other institutional investors also recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its position in 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 period. Personal CFO Solutions LLC lifted its stake in Cabot by 3.3% in the fourth quarter. Personal CFO Solutions LLC now owns 4,285 shares of the specialty chemicals company’s stock valued at $391,000 after purchasing an additional 137 shares during the last quarter. Isthmus Partners LLC grew its holdings in Cabot by 4.8% during the fourth quarter. Isthmus Partners LLC now owns 4,072 shares of the specialty chemicals company’s stock valued at $372,000 after purchasing an additional 187 shares during the period. M&T Bank Corp increased its position in Cabot by 0.4% in the third quarter. M&T Bank Corp now owns 50,221 shares of the specialty chemicals company’s stock worth $5,614,000 after buying an additional 213 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in Cabot by 37.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 808 shares of the specialty chemicals company’s stock worth $74,000 after buying an additional 219 shares during the last quarter. Institutional investors own 93.18% of the company’s stock.

Cabot Stock Performance

NYSE:CBT opened at $84.14 on Friday. Cabot Co. has a 52-week low of $79.57 and a 52-week high of $117.46. The business’s fifty day moving average is $85.90 and its 200 day moving average is $98.31. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.29 and a current ratio of 2.00. The firm has a market cap of $4.56 billion, a price-to-earnings ratio of 11.17, a PEG ratio of 0.74 and a beta of 1.21.

Cabot (NYSE:CBT) last announced its quarterly earnings results on Monday, February 3rd. The specialty chemicals company reported $1.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.02. Cabot had a net margin of 10.60% and a return on equity of 26.79%. Research analysts predict that Cabot Co. will post 7.57 EPS for the current year.

Cabot announced that its board has initiated a stock buyback plan on Tuesday, December 3rd that allows the company to buyback 10,000,000 shares. This buyback authorization allows the specialty chemicals company to buy shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Cabot Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were given a dividend of $0.43 per share. The ex-dividend date was Friday, February 28th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.04%. Cabot’s dividend payout ratio (DPR) is currently 22.84%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. StockNews.com downgraded Cabot from a “buy” rating to a “hold” rating in a research note on Tuesday, March 11th. Mizuho cut their target price on shares of Cabot from $122.00 to $110.00 and set an “outperform” rating for the company in a research report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. lowered their price target 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. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Cabot has a consensus rating of “Hold” and an average target price of $97.00.

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.