Cabot (NYSE:CBT) Updates FY24 Earnings Guidance

Cabot (NYSE:CBT) updated its FY24 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $7.00-$7.10 for the period, compared to the consensus estimate of $6.79.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Mizuho increased their price target on shares of Cabot from $104.00 to $109.00 and gave the company a buy rating in a research report on Tuesday, May 7th. Deutsche Bank Aktiengesellschaft cut shares of Cabot from a buy rating to a hold rating and boosted their price target for the company from $88.00 to $95.00 in a research report on Thursday, April 18th. StockNews.com lowered shares of Cabot from a strong-buy rating to a buy rating in a research note on Monday, June 24th. Finally, UBS Group lifted their price objective on Cabot from $100.00 to $103.00 and gave the company a neutral rating in a research note on Tuesday, May 7th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $91.80.

Cabot Stock Down 3.3 %

Shares of CBT traded down $2.93 on Monday, hitting $86.98. 1,003,011 shares of the stock traded hands, compared to its average volume of 326,024. Cabot has a one year low of $64.51 and a one year high of $103.49. The company has a market capitalization of $4.81 billion, a PE ratio of 10.83, a P/E/G ratio of 0.96 and a beta of 1.20. The business has a 50 day simple moving average of $96.25 and a 200 day simple moving average of $91.20. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.47 and a current ratio of 2.24.

Cabot (NYSE:CBT) last posted its quarterly earnings results on Monday, May 6th. The specialty chemicals company reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.12. Cabot had a return on equity of 26.21% and a net margin of 11.51%. The firm had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the previous year, the business earned $1.33 earnings per share. The company’s revenue was down 1.4% on a year-over-year basis. As a group, equities analysts forecast that Cabot will post 6.78 earnings per share for the current fiscal year.

Cabot Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be issued a $0.43 dividend. This represents a $1.72 annualized dividend and a yield of 1.98%. The ex-dividend date is Friday, August 30th. Cabot’s dividend payout ratio is currently 21.77%.

Insider Transactions at Cabot

In other Cabot news, SVP Karen A. Kalita sold 13,764 shares of the 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 transaction, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.07% of the company’s stock.

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.