Cabot Corp (NYSE:CBT) announced a quarterly dividend on Monday, July 16th, RTT News reports. Shareholders of record on Friday, August 31st will be given a dividend of 0.33 per share by the specialty chemicals company on Friday, September 14th. This represents a $1.32 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date is Thursday, August 30th.

Cabot has raised its dividend payment by an average of 13.1% per year over the last three years and has raised its dividend every year for the last 6 years. Cabot has a payout ratio of 32.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Cabot to earn $4.73 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 27.9%.

NYSE CBT opened at $65.48 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.51 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $4.05 billion, a price-to-earnings ratio of 19.09, a price-to-earnings-growth ratio of 1.45 and a beta of 1.34. Cabot has a 12-month low of $51.37 and a 12-month high of $68.63.

Cabot (NYSE:CBT) last posted its quarterly earnings data on Monday, August 6th. The specialty chemicals company reported $1.06 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.06. The firm had revenue of $854.00 million during the quarter, compared to the consensus estimate of $831.59 million. Cabot had a negative net margin of 4.46% and a positive return on equity of 17.41%. The business’s revenue for the quarter was up 21.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.81 EPS. research analysts forecast that Cabot will post 4.12 EPS for the current fiscal year.

Cabot announced that its Board of Directors has authorized a share buyback program on Monday, July 16th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the specialty chemicals company to reacquire up to 10.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

A number of brokerages have recently weighed in on CBT. TheStreet raised shares of Cabot from a “c+” rating to a “b+” rating in a report on Tuesday, August 7th. Loop Capital set a $134.00 price target on shares of Cabot and gave the stock a “buy” rating in a report on Saturday, July 28th. Zacks Investment Research downgraded shares of Cabot from a “buy” rating to a “hold” rating in a report on Friday, May 11th. Finally, Robert W. Baird raised shares of Cabot from a “neutral” rating to an “outperform” rating and set a $72.00 price target for the company in a report on Wednesday, May 9th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $83.50.

In related news, Director Patrick M. Prevost sold 40,519 shares of the company’s stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $65.65, for a total transaction of $2,660,072.35. Following the completion of the transaction, the director now directly owns 216,894 shares in the company, valued at approximately $14,239,091.10. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP James Patrick Kelly sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, June 6th. The stock was sold at an average price of $64.08, for a total transaction of $160,200.00. Following the transaction, the vice president now owns 22,685 shares of the company’s stock, valued at $1,453,654.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 169,096 shares of company stock valued at $10,870,992. 2.50% of the stock is owned by corporate insiders.

Cabot Company Profile

Cabot Corporation operates as a specialty chemicals and performance materials company. The company offers carbon black, a form of elemental carbon used to enhance the physical properties of the systems and applications in which it is incorporated; and rubber blacks for use as a rubber reinforcing agent and performance additive in tires, hoses, belts, extruded profiles, and molded goods.

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Dividend History for Cabot (NYSE:CBT)

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