Cabot (NYSE:CBT) Posts Quarterly Earnings Results

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

Cabot Trading Down 4.6 %

Shares of CBT traded down $4.67 during mid-day trading on Wednesday, hitting $96.53. The company had a trading volume of 599,112 shares, compared to its average volume of 333,034. Cabot has a 1-year low of $64.51 and a 1-year high of $103.57. The business’s 50-day simple moving average is $95.95 and its 200-day simple moving average is $91.47. The stock has a market cap of $5.33 billion, a PE ratio of 12.41, a P/E/G ratio of 0.96 and a beta of 1.20. 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 Announces Dividend

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 paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend is Friday, August 30th. Cabot’s payout ratio is 21.77%.

Insider Transactions at Cabot

In other news, SVP Karen A. Kalita sold 13,764 shares of the firm’s stock in a transaction 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 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 legal filing with the SEC, which is accessible through this hyperlink. Insiders own 3.07% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CBT. Deutsche Bank Aktiengesellschaft lowered Cabot from a “buy” rating to a “hold” rating and boosted their price target for the stock from $88.00 to $95.00 in a research note on Thursday, April 18th. JPMorgan Chase & Co. upped their target price on Cabot from $95.00 to $105.00 and gave the company a “neutral” rating in a report on Wednesday. Mizuho lifted their price target on Cabot from $104.00 to $109.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. StockNews.com cut shares of Cabot from a “strong-buy” rating to a “buy” rating in a research note on Monday, June 24th. Finally, UBS Group cut their target price 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 assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $97.80.

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.