Cabot (NYSE:CBT) Issues FY24 Earnings Guidance

Cabot (NYSE:CBT) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $6.65-6.85 for the period, compared to the consensus earnings per share estimate of $6.64. Cabot also updated its FY 2024 guidance to 6.650-6.850 EPS.

Cabot Price Performance

Shares of CBT traded up $5.05 during mid-day trading on Tuesday, reaching $100.99. The company had a trading volume of 767,326 shares, compared to its average volume of 308,474. The company’s 50 day simple moving average is $90.82 and its 200 day simple moving average is $81.68. The company has a market capitalization of $5.60 billion, a price-to-earnings ratio of 13.26, a P/E/G ratio of 1.00 and a beta of 1.27. Cabot has a 1-year low of $63.73 and a 1-year high of $103.46. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.30 and a current ratio of 2.04.

Cabot (NYSE:CBT) last posted its quarterly earnings data on Monday, May 6th. The specialty chemicals company reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.12. The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.04 billion. Cabot had a return on equity of 25.52% and a net margin of 11.24%. Cabot’s quarterly revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.33 earnings per share. Analysts expect that Cabot will post 6.58 EPS for the current year.

Cabot Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be paid a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend is Friday, May 31st. This is a positive change from Cabot’s previous quarterly dividend of $0.40. Cabot’s payout ratio is 20.78%.

Analyst Upgrades and Downgrades

CBT has been the topic of several recent research reports. StockNews.com cut shares of Cabot from a strong-buy rating to a buy rating in a research report on Wednesday, February 14th. Mizuho lifted their target price on Cabot from $104.00 to $109.00 and gave the company a buy rating in a research report on Tuesday. UBS Group increased their price target on Cabot from $100.00 to $103.00 and gave the company a neutral rating in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft cut Cabot from a buy rating to a hold rating and raised their price objective for the company from $88.00 to $95.00 in a research note on Thursday, April 18th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Cabot currently has a consensus rating of Moderate Buy and an average target price of $93.67.

Insider Buying and Selling

In related news, EVP Jeff Ji Zhu sold 55,233 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $79.91, for a total value of $4,413,669.03. Following the transaction, the executive vice president now directly owns 97,201 shares of the company’s stock, valued at approximately $7,767,331.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 3.07% of the stock is currently owned by corporate 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.