Cabot (NYSE:CBT) Issues FY 2024 Earnings Guidance

Cabot (NYSE:CBT) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 6.650-6.850 for the period, compared to the consensus earnings per share estimate of 6.650. The company issued revenue guidance of -. Cabot also updated its FY24 guidance to $6.65-6.85 EPS.

Analyst Ratings Changes

Several brokerages have recently weighed in on CBT. Mizuho increased their price target on Cabot from $104.00 to $109.00 and gave the stock a buy rating in a report on Tuesday. StockNews.com upgraded Cabot from a buy rating to a strong-buy rating in a research report on Wednesday. UBS Group upped their price target on shares of Cabot from $100.00 to $103.00 and gave the stock a neutral rating in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Cabot from a buy rating to a hold rating and lifted their price objective for the company from $88.00 to $95.00 in a report on Thursday, April 18th. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $93.67.

Cabot Stock Down 0.3 %

Shares of CBT traded down $0.31 during trading hours on Thursday, hitting $100.76. The company had a trading volume of 56,569 shares, compared to its average volume of 306,892. Cabot has a one year low of $63.73 and a one year high of $103.46. The company’s fifty day moving average price is $91.52 and its two-hundred day moving average price is $82.05. The company has a market capitalization of $5.59 billion, a PE ratio of 13.08, a price-to-earnings-growth ratio of 1.00 and a beta of 1.27. The company has a current ratio of 2.04, a quick ratio of 1.30 and a debt-to-equity ratio of 0.74.

Cabot (NYSE:CBT) last posted its earnings results on Monday, May 6th. The specialty chemicals company reported $1.78 EPS for the quarter, beating analysts’ consensus estimates of $1.66 by $0.12. Cabot had a net margin of 11.24% and a return on equity of 25.52%. The company had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the prior year, the company posted $1.33 earnings per share. Cabot’s revenue for the quarter was down 1.4% compared to the same quarter last year. As a group, equities analysts forecast that Cabot will post 6.58 earnings per share for the current fiscal year.

Cabot Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be issued a $0.43 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.71%. This is a boost from Cabot’s previous quarterly dividend of $0.40. Cabot’s dividend payout ratio (DPR) is currently 20.78%.

Insider Transactions at Cabot

In related news, EVP Jeff Ji Zhu sold 55,233 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $79.91, for a total transaction of $4,413,669.03. Following the completion of the transaction, the executive vice president now directly owns 97,201 shares in the company, valued at $7,767,331.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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.