Cabot (NYSE:CBT) Releases FY24 Earnings Guidance

Cabot (NYSE:CBT) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $7.00-$7.10 for the period, compared to the consensus earnings per share estimate of $6.79.

Analyst Ratings Changes

A number of research firms recently weighed in on CBT. Mizuho boosted their price target on shares of Cabot from $104.00 to $109.00 and gave the stock a buy rating in a research report on Tuesday, May 7th. Deutsche Bank Aktiengesellschaft cut Cabot from a buy rating to a hold rating and raised their target price for the stock from $88.00 to $95.00 in a research note on Thursday, April 18th. UBS Group dropped their price target on shares of Cabot from $103.00 to $98.00 and set a neutral rating for the company in a research note on Tuesday. Finally, StockNews.com cut Cabot from a strong-buy rating to a buy rating in a research note on Monday, June 24th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cabot currently has an average rating of Moderate Buy and an average price target of $90.80.

Cabot Stock Performance

Shares of CBT stock traded down $2.45 during mid-day trading on Wednesday, hitting $98.75. 246,459 shares of the stock were exchanged, compared to its average volume of 330,698. Cabot has a 12-month low of $64.51 and a 12-month high of $103.49. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.47 and a current ratio of 2.24. The stock has a market capitalization of $5.46 billion, a price-to-earnings ratio of 12.50, a P/E/G ratio of 0.96 and a beta of 1.20. The stock’s fifty day simple moving average is $95.95 and its two-hundred day simple moving average is $91.47.

Cabot (NYSE:CBT) last released its quarterly earnings results on Monday, August 5th. The specialty chemicals company reported $1.92 EPS for the quarter, topping the consensus estimate 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 return on equity of 26.21% and a net margin of 11.51%. The firm’s revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.42 earnings per share. On average, analysts forecast that Cabot will post 6.78 EPS for the current year.

Cabot Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be given a dividend of $0.43 per share. The ex-dividend date is Friday, August 30th. This represents a $1.72 dividend on an annualized basis and a yield of 1.74%. Cabot’s payout ratio is 21.77%.

Insider Buying and Selling at Cabot

In other Cabot news, SVP Karen A. Kalita sold 13,764 shares of the company’s stock in a transaction on 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 transaction, the senior vice president now owns 34,312 shares in the company, valued at approximately $3,490,559.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 3.07% of the company’s stock.

Cabot Company Profile

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.