Cabot Corp. (CBT) Posts Earnings Results, Hits Estimates

Cabot Corp. (NYSE:CBT) released its quarterly earnings results on Wednesday. The company reported $0.93 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.93. The firm had revenue of $621 million for the quarter, compared to the consensus estimate of $611.73 million.

Cabot Corp. (NYSE:CBT) traded down 0.76% during trading on Wednesday, hitting $48.47. 601,334 shares of the stock traded hands. Cabot Corp. has a 52-week low of $30.70 and a 52-week high of $50.68. The company’s market cap is $3.02 billion. The firm has a 50-day moving average price of $47.04 and a 200 day moving average price of $45.46.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 9th. Stockholders of record on Friday, August 26th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, August 24th. This represents a $1.20 annualized dividend and a dividend yield of 2.48%.

CBT has been the subject of a number of research analyst reports. Zacks Investment Research upgraded shares of Cabot Corp. from a “hold” rating to a “buy” rating and set a $54.00 price objective for the company in a report on Tuesday, April 5th. TheStreet upgraded shares of Cabot Corp. from a “hold” rating to a “buy” rating in a report on Monday, May 2nd. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $51.00.

In related news, Director Patrick M. Prevost sold 60,000 shares of the company’s stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $46.30, for a total value of $2,778,000.00. Following the transaction, the director now owns 321,458 shares in the company, valued at approximately $14,883,505.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP James Patrick Kelly sold 2,500 shares of the company’s stock in a transaction dated Tuesday, July 12th. The stock was sold at an average price of $48.95, for a total transaction of $122,375.00. Following the completion of the transaction, the vice president now owns 27,085 shares in the company, valued at approximately $1,325,810.75. The disclosure for this sale can be found here.

Cabot Corporation (Cabot) is a global specialty chemicals and performance materials company. The Company’s principal products are rubber and specialty grade carbon blacks, fumed metal oxides, activated carbon, inkjet colorants, aerogel and cesium formate drilling fluids. The Company operates through four segments: Reinforcement Materials, Performance Chemicals, Purification Solutions and Specialty Fluids.