Cabot (NYSE:CBT) Announces Earnings Results

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

Cabot Stock Performance

Shares of CBT stock opened at $101.20 on Wednesday. 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 has a 52 week low of $64.51 and a 52 week high of $103.49. The stock has a market capitalization of $5.59 billion, a PE ratio of 12.81, a P/E/G ratio of 0.96 and a beta of 1.20. The firm has a 50 day moving average of $95.95 and a two-hundred day moving average of $91.47.

Cabot Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be given a $0.43 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.72 annualized dividend and a yield of 1.70%. Cabot’s dividend payout ratio is presently 21.77%.

Analysts Set New Price Targets

A number of research firms have commented on CBT. Mizuho increased their price objective on shares of Cabot from $104.00 to $109.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. StockNews.com cut shares of Cabot from a “strong-buy” rating to a “buy” rating in a research report on Monday, June 24th. Deutsche Bank Aktiengesellschaft cut shares of Cabot from a “buy” rating to a “hold” rating and increased their price objective for the stock from $88.00 to $95.00 in a research report on Thursday, April 18th. Finally, UBS Group lowered their price objective on shares of 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. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $90.80.

Insider Buying and Selling at Cabot

In other Cabot news, SVP Karen A. Kalita sold 13,764 shares of the firm’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 transaction, the senior vice president now owns 34,312 shares of the company’s stock, valued at approximately $3,490,559.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 3.07% of the stock is currently owned by corporate 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.