Cabot (NYSE:CBT) Issues FY 2024 Earnings Guidance

Cabot (NYSE:CBT) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 7.000-7.100 for the period, compared to the consensus earnings per share estimate of 6.740. The company issued revenue guidance of -.

Cabot Price Performance

Shares of CBT stock traded down $4.67 on Wednesday, reaching $96.53. The company had a trading volume of 599,112 shares, compared to its average volume of 333,034. Cabot has a one year low of $64.51 and a one year high of $103.57. The business’s 50-day moving average is $95.88 and its 200 day moving average is $91.51. The company has a quick ratio of 1.47, a current ratio of 2.24 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $5.33 billion, a PE ratio of 12.22, a price-to-earnings-growth ratio of 0.96 and a beta of 1.20.

Cabot (NYSE:CBT) last released its quarterly earnings results on Monday, August 5th. The specialty chemicals company reported $1.92 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.20. The company had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1 billion. Cabot had a net margin of 11.51% and a return on equity of 26.21%. The firm’s revenue was up 5.0% on a year-over-year basis. During the same period last year, the firm earned $1.42 earnings per share. Equities research analysts forecast that Cabot will post 6.78 EPS for the current fiscal year.

Cabot Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be issued 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 dividend payout ratio (DPR) is presently 21.77%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CBT. StockNews.com lowered shares of Cabot from a strong-buy rating to a buy rating in a research note on Monday, June 24th. Mizuho boosted their price target on Cabot from $104.00 to $109.00 and gave the stock a buy rating in a research report on Tuesday, May 7th. UBS Group cut their price target on shares of Cabot from $103.00 to $98.00 and set a neutral rating on the stock in a report on Tuesday. JPMorgan Chase & Co. boosted their target price on shares of Cabot from $95.00 to $105.00 and gave the stock a neutral rating in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft lowered 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. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $97.80.

Insider Activity

In related news, SVP Karen A. Kalita sold 13,764 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $101.73, for a total transaction of $1,400,211.72. Following the completion of the sale, 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 available through this link. Corporate 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.