Allianz Asset Management GmbH has significantly increased its stake in Cabot Corporation, raising its holdings by 317.7% during the second quarter of 2023. According to its latest 13F filing with the Securities and Exchange Commission, Allianz now owns 63,195 shares of Cabot, having acquired an additional 48,064 shares in this period. This investment brings Allianz’s total stake in the specialty chemicals company to approximately 0.12%, valued at around $4.74 million.
A number of other institutional investors have also adjusted their positions in Cabot recently. GAMMA Investing LLC raised its stake by 26.1% in the first quarter, bringing its total to 1,700 shares worth $141,000. Similarly, KBC Group NV increased its holdings by 31.5%, now owning 2,690 shares valued at $224,000. Janney Montgomery Scott LLC and Park Avenue Securities LLC entered new positions in Cabot, valued at approximately $975,000 and $312,000, respectively. PNC Financial Services Group Inc. increased its stake by 12.8%, now holding 4,356 shares worth $362,000. Overall, institutional investors and hedge funds own 93.18% of Cabot’s stock.
Analyst Ratings and Market Performance
Recent reports from analysts indicate a mixed outlook for Cabot Corporation. Mizuho reduced its price target for Cabot from $90.00 to $88.00, maintaining an “outperform” rating. UBS Group set a price target of $82.00 with a “neutral” rating. Weiss Ratings reaffirmed a “hold (c)” rating. Currently, the consensus rating for Cabot is “Hold,” with a target price of $85.00, according to MarketBeat.com.
As of the market opening on Friday, shares of Cabot traded at $71.26. The company has a market capitalization of $3.79 billion and a P/E ratio of 9.31. Its stock performance shows a 50-day moving average of $76.65 and a 200-day moving average of $76.49. The company has experienced a range over the past year, with a low of $66.50 and a high of $117.46.
Cabot Corporation recently announced its quarterly earnings, reporting earnings per share (EPS) of $1.90, exceeding analysts’ expectations of $1.80. The company recorded revenue of $923 million, falling short of the estimated $957.29 million. The firm also provided guidance for the fiscal year 2025, forecasting EPS between $7.150 and $7.500.
Insider Transactions and Company Overview
In related news, CEO Sean D. Keohane sold 114,436 shares of Cabot on August 14, 2023, at an average price of $79.28, totaling approximately $9.07 million. Following this transaction, Keohane retains 361,518 shares, valued at around $28.66 million, marking a 24.04% decrease in his holdings. Company insiders currently own 3.03% of Cabot’s stock.
Cabot Corporation operates as a specialty chemicals and performance materials company, focusing on two segments: Reinforcement Materials and Performance Chemicals. It provides reinforcing carbons used in tires and various industrial products, as well as engineered elastomer composites.
For more insights on Cabot Corporation and its institutional holdings, visit HoldingsChannel.com for the latest 13F filings and insider trades.
