Cabot (NYSE:CBT) Releases FY 2024 Earnings Guidance

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

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Mizuho upped their price objective on shares of Cabot from $104.00 to $109.00 and gave the company a buy rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft cut Cabot from a buy rating to a hold rating and lifted their price objective for the stock from $88.00 to $95.00 in a report on Thursday, April 18th. StockNews.com raised Cabot from a buy rating to a strong-buy rating in a report on Wednesday. Finally, UBS Group raised their price objective on Cabot from $100.00 to $103.00 and gave the stock a neutral rating in a research report on Tuesday. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $93.67.

Cabot Stock Up 0.0 %

Cabot stock traded up $0.01 during mid-day trading on Wednesday, hitting $101.08. The company’s stock had a trading volume of 425,901 shares, compared to its average volume of 309,793. The company has a market cap of $5.60 billion, a PE ratio of 13.13, a price-to-earnings-growth ratio of 1.00 and a beta of 1.27. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.04 and a quick ratio of 1.30. Cabot has a 52-week low of $63.73 and a 52-week high of $103.46. The firm’s 50 day moving average is $91.52 and its 200 day moving average is $82.05.

Cabot (NYSE:CBT) last posted its quarterly earnings data on Monday, May 6th. The specialty chemicals company reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.12. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.04 billion. Cabot had a net margin of 11.24% and a return on equity of 25.52%. The business’s revenue was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.33 EPS. On average, analysts anticipate that Cabot will post 6.58 earnings per share for the current year.

Cabot Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be given a dividend of $0.43 per share. This is a boost from Cabot’s previous quarterly dividend of $0.40. The ex-dividend date is Friday, May 31st. This represents a $1.72 annualized dividend and a dividend yield of 1.70%. Cabot’s payout ratio is currently 20.78%.

Insider Buying and Selling at Cabot

In related news, EVP Jeff Ji Zhu sold 55,233 shares of Cabot stock in a transaction that occurred 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 transaction, the executive vice president now owns 97,201 shares of the company’s stock, valued at approximately $7,767,331.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.