Cabot (NYSE:CBT) Releases FY 2024 Earnings Guidance

Cabot (NYSE:CBT) issued an update on its FY 2024 earnings guidance on Monday morning. 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.

Cabot Price Performance

Shares of CBT stock traded up $5.05 during trading on Tuesday, hitting $100.99. The company had a trading volume of 767,326 shares, compared to its average volume of 308,474. Cabot has a 52 week low of $63.73 and a 52 week high of $103.46. The stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of 13.26, a price-to-earnings-growth ratio of 1.00 and a beta of 1.27. The company has a quick ratio of 1.30, a current ratio of 2.04 and a debt-to-equity ratio of 0.74. The stock’s 50-day moving average is $90.82 and its two-hundred day moving average is $81.68.

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

Cabot Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be paid a $0.43 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.72 annualized dividend and a yield of 1.70%. This is a positive change from Cabot’s previous quarterly dividend of $0.40. Cabot’s dividend payout ratio is currently 20.78%.

Wall Street Analysts Forecast Growth

CBT has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft lowered shares of Cabot from a buy rating to a hold rating and boosted their price objective for the stock from $88.00 to $95.00 in a report on Thursday, April 18th. Mizuho lifted their price objective on Cabot from $104.00 to $109.00 and gave the stock a buy rating in a report on Tuesday. StockNews.com lowered Cabot from a strong-buy rating to a buy rating in a research report on Wednesday, February 14th. Finally, UBS Group boosted their price objective on Cabot from $100.00 to $103.00 and gave the company a neutral rating in a research report on Tuesday. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Cabot has an average rating of Moderate Buy and an average price target of $93.67.

Insider Activity at Cabot

In related news, EVP Jeff Ji Zhu sold 55,233 shares of the firm’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $79.91, for a total value of $4,413,669.03. Following the completion of the sale, the executive vice president now owns 97,201 shares of the company’s stock, valued at $7,767,331.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.07% of the stock is owned by company insiders.

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.