Cabot Corporation (CBT) Reported Weaker-Than-Expected Results in Q2

Liberty Park Capital Management, LLC, a financial management company, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. Liberty Park Fund rose 14.60%, net of fees, in the second quarter compared to the Russell 2000 Index’s 5.18% return. Both the Liberty Park funds delivered excellent results in the quarter. The increase in the fund’s long positions contributed 15.28% on a weight-adjusted basis, while the increase in shorts detracted 0.96% on a weight-adjusted basis. Liberty Park Select Opportunities, LP’s value returned 19.46% net of fees in the second quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Liberty Park Capital highlighted stocks like Cabot Corporation (NYSE:CBT) in the second quarter 2023 investor letter. Headquartered in Boston, Massachusetts, Cabot Corporation (NYSE:CBT) is a specialty chemicals and performance materials company. On October 2, 2023, Cabot Corporation (NYSE:CBT) stock closed at $68.04 per share. One-month return of Cabot Corporation (NYSE:CBT) was -5.66%, and its shares gained 1.75% of their value over the last 52 weeks. Cabot Corporation (NYSE:CBT) has a market capitalization of $3.806 billion.

Liberty Park Capital made the following comment about Cabot Corporation (NYSE:CBT) in its Q2 2023 investor letter:

“Cabot Corporation (NYSE:CBT) and other commodity chemical producers reported much weaker-than- expected results as a result of inventory destocking at retailers and slowing demand for goods.”

Cabot Corporation (NYSE:CBT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held Cabot Corporation (NYSE:CBT) at the end of second quarter which was 22 in the previous quarter.

We discussed Cabot Corporation (NYSE:CBT) in another article and shared the list of stocks recently downgraded by analysts. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.