Cabot (NYSE:CBT) Issues Earnings Results

Cabot (NYSE:CBT) announced its quarterly earnings data on Monday. The specialty chemicals company reported $1.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.20, Briefing.com reports. Cabot had a return on equity of 26.21% and a net margin of 11.51%. The business had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period last year, the firm earned $1.42 earnings per share. The company’s revenue for the quarter was up 5.0% compared to the same quarter last year. Cabot updated its FY24 guidance to $7.00-$7.10 EPS.

Cabot Trading Up 16.5 %

Shares of NYSE:CBT traded up $14.34 during midday trading on Tuesday, reaching $101.30. The company’s stock had a trading volume of 389,400 shares, compared to its average volume of 326,147. The business has a 50 day moving average price of $95.94 and a 200 day moving average price of $91.28. Cabot has a 1 year low of $64.51 and a 1 year high of $103.49. The firm has a market cap of $5.60 billion, a price-to-earnings ratio of 12.90, a price-to-earnings-growth ratio of 0.96 and a beta of 1.20. The company has a quick ratio of 1.47, a current ratio of 2.24 and a debt-to-equity ratio of 0.72.

Cabot Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be given a dividend of $0.43 per share. The ex-dividend date is Friday, August 30th. This represents a $1.72 dividend on an annualized basis and a yield of 1.70%. Cabot’s dividend payout ratio (DPR) is currently 21.77%.

Analyst Upgrades and Downgrades

Several research firms have commented on CBT. Deutsche Bank Aktiengesellschaft cut shares of Cabot from a “buy” rating to a “hold” rating and boosted their price target for the stock from $88.00 to $95.00 in a report on Thursday, April 18th. StockNews.com cut shares of Cabot from a “strong-buy” rating to a “buy” rating in a report on Monday, June 24th. Mizuho raised their price target on Cabot from $104.00 to $109.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Finally, UBS Group decreased their price objective on Cabot from $103.00 to $98.00 and set a “neutral” rating for the company in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $90.80.

Insider Buying and Selling at Cabot

In related news, SVP Karen A. Kalita sold 13,764 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $101.73, for a total value of $1,400,211.72. Following the completion of the sale, the senior vice president now directly owns 34,312 shares in the company, valued at $3,490,559.76. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.07% of the stock is owned by company insiders.

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.