Cabot (NYSE:CBT) Releases FY 2024 Earnings Guidance

Cabot (NYSE:CBT) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 7.000-7.100 for the period, compared to the consensus estimate of 6.740. The company issued revenue guidance of -.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CBT. StockNews.com downgraded shares of Cabot from a strong-buy rating to a buy rating in a research report on Monday, June 24th. UBS Group reduced their target price on shares of Cabot from $103.00 to $98.00 and set a neutral rating on the stock in a research report on Tuesday. Deutsche Bank Aktiengesellschaft downgraded shares of Cabot from a buy rating to a hold rating and upped their target price for the stock from $88.00 to $95.00 in a research report on Thursday, April 18th. Finally, Mizuho upped their target price on shares of Cabot from $104.00 to $109.00 and gave the stock a buy rating in a research report on Tuesday, May 7th. 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, the stock has an average rating of Moderate Buy and a consensus target price of $90.80.

Cabot Stock Up 18.4 %

Cabot stock traded up $16.00 during mid-day trading on Tuesday, reaching $102.96. The stock had a trading volume of 681,128 shares, compared to its average volume of 328,392. The company has a market capitalization of $5.69 billion, a price-to-earnings ratio of 12.90, a PEG ratio of 0.96 and a beta of 1.20. The company has a 50-day moving average price of $95.94 and a two-hundred day moving average price of $91.28. Cabot has a one year low of $64.51 and a one year high of $103.49. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.24 and a quick ratio of 1.47.

Cabot (NYSE:CBT) last announced its quarterly earnings results on Monday, August 5th. The specialty chemicals company reported $1.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.20. The company had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1 billion. Cabot had a net margin of 11.51% and a return on equity of 26.21%. Cabot’s revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.42 EPS. On average, analysts expect that Cabot will post 6.78 EPS for the current fiscal year.

Cabot Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date is Friday, August 30th. Cabot’s payout ratio is 21.77%.

Insider Buying and Selling

In related news, SVP Karen A. Kalita sold 13,764 shares of the company’s stock in a transaction dated 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 owns 34,312 shares in the company, valued at approximately $3,490,559.76. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 3.07% of the stock is currently owned by company insiders.

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.