Cabot (NYSE:CBT) Posts Earnings Results

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

Cabot Stock Performance

Shares of NYSE:CBT traded down $2.49 during trading on Wednesday, hitting $98.71. The stock had a trading volume of 226,144 shares, compared to its average volume of 330,564. The stock has a 50-day simple moving average of $95.95 and a two-hundred day simple moving average of $91.47. The stock has a market capitalization of $5.45 billion, a price-to-earnings ratio of 12.81, a price-to-earnings-growth ratio of 0.96 and a beta of 1.20. Cabot has a 12-month low of $64.51 and a 12-month high of $103.49. 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 company also recently declared 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 of this dividend is Friday, August 30th. This represents a $1.72 dividend on an annualized basis and a yield of 1.74%. Cabot’s dividend payout ratio is currently 21.77%.

Insider Buying and Selling

In related news, SVP Karen A. Kalita sold 13,764 shares of the business’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 directly owns 34,312 shares in the company, valued at $3,490,559.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.07% of the stock is owned by corporate insiders.

Analyst Ratings Changes

CBT has been the subject of several analyst reports. UBS Group decreased their price objective on shares of Cabot from $103.00 to $98.00 and set a “neutral” rating for the company in a research note on Tuesday. 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. StockNews.com lowered shares of Cabot from a “strong-buy” rating to a “buy” rating in a research report on Monday, June 24th. Finally, Mizuho increased their price objective on Cabot from $104.00 to $109.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $90.80.

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.