Cabot Corp (CBT) Expected to Post Earnings of $1.09 Per Share

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Brokerages expect that Cabot Corp (NYSE:CBT) will post earnings of $1.09 per share for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Cabot’s earnings, with estimates ranging from $1.05 to $1.13. Cabot reported earnings per share of $0.91 during the same quarter last year, which suggests a positive year over year growth rate of 19.8%. The company is scheduled to announce its next quarterly earnings report after the market closes on Monday, November 5th.

According to Zacks, analysts expect that Cabot will report full year earnings of $4.12 per share for the current financial year, with EPS estimates ranging from $4.10 to $4.15. For the next year, analysts anticipate that the business will post earnings of $4.73 per share, with EPS estimates ranging from $4.60 to $4.95. Zacks’ EPS averages are a mean average based on a survey of sell-side research firms that that provide coverage for Cabot.

Cabot (NYSE:CBT) last issued its earnings results on Monday, August 6th. The specialty chemicals company reported $1.06 earnings per share for the quarter, hitting the consensus estimate of $1.06. Cabot had a positive return on equity of 17.41% and a negative net margin of 4.46%. The company had revenue of $854.00 million for the quarter, compared to analyst estimates of $831.59 million. During the same period in the prior year, the firm posted $0.81 EPS. The business’s revenue was up 21.1% compared to the same quarter last year.

Several brokerages have weighed in on CBT. ValuEngine lowered Cabot from a “hold” rating to a “sell” rating in a research report on Thursday. Barclays began coverage on Cabot in a research report on Monday, October 8th. They issued an “overweight” rating and a $76.00 target price on the stock. TheStreet raised Cabot from a “c+” rating to a “b+” rating in a research report on Tuesday, August 7th. Finally, Loop Capital set a $134.00 target price on Cabot and gave the stock a “buy” rating in a research report on Saturday, July 28th. One analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $82.43.

CBT stock traded down $1.03 during mid-day trading on Friday, hitting $53.41. The stock had a trading volume of 454,094 shares, compared to its average volume of 447,880. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.51 and a quick ratio of 0.97. Cabot has a 1-year low of $53.12 and a 1-year high of $68.63. The firm has a market cap of $3.86 billion, a P/E ratio of 15.57, a PEG ratio of 1.38 and a beta of 1.32.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 14th. Stockholders of record on Friday, August 31st were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend was Thursday, August 30th. Cabot’s dividend payout ratio is 38.48%.

Cabot declared that its Board of Directors has approved a share buyback plan on Monday, July 16th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the specialty chemicals company to buy up to 10.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

In other news, insider Nicholas S. Cross sold 16,000 shares of the stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $65.86, for a total transaction of $1,053,760.00. Following the transaction, the insider now owns 48,597 shares of the company’s stock, valued at approximately $3,200,598.42. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Patrick M. Prevost sold 19,481 shares of the stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $65.04, for a total value of $1,267,044.24. Following the transaction, the director now directly owns 257,413 shares in the company, valued at approximately $16,742,141.52. The disclosure for this sale can be found here. In the last three months, insiders have sold 89,448 shares of company stock worth $5,860,779. 2.20% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. increased its holdings in shares of Cabot by 3.1% during the 1st quarter. BlackRock Inc. now owns 6,002,820 shares of the specialty chemicals company’s stock valued at $334,477,000 after acquiring an additional 180,790 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Cabot by 13.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,663,255 shares of the specialty chemicals company’s stock valued at $164,509,000 after acquiring an additional 322,998 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its holdings in shares of Cabot by 0.6% during the 2nd quarter. Fuller & Thaler Asset Management Inc. now owns 2,060,907 shares of the specialty chemicals company’s stock valued at $127,302,000 after acquiring an additional 12,452 shares during the last quarter. Earnest Partners LLC increased its holdings in shares of Cabot by 3.0% during the 1st quarter. Earnest Partners LLC now owns 1,541,284 shares of the specialty chemicals company’s stock valued at $85,880,000 after acquiring an additional 44,501 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Cabot by 17.4% during the 2nd quarter. Victory Capital Management Inc. now owns 1,174,521 shares of the specialty chemicals company’s stock valued at $72,550,000 after acquiring an additional 174,295 shares during the last quarter. 85.53% of the stock is currently owned by institutional investors and hedge funds.

Cabot Company Profile

Cabot Corporation operates as a specialty chemicals and performance materials company. The company offers carbon black, a form of elemental carbon used to enhance the physical properties of the systems and applications in which it is incorporated; and rubber blacks for use as a rubber reinforcing agent and performance additive in tires, hoses, belts, extruded profiles, and molded goods.

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