Cabot (NYSE:CBT) Updates FY 2024 Earnings Guidance

Cabot (NYSE:CBT) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 7.000-7.100 for the period, compared to the consensus earnings per share estimate of 6.740. The company issued revenue guidance of -.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. UBS Group decreased their price objective on shares of Cabot from $103.00 to $98.00 and set a neutral rating on the stock in a research note on Tuesday. StockNews.com cut shares of Cabot from a strong-buy rating to a buy rating in a research note on Monday, June 24th. Deutsche Bank Aktiengesellschaft cut shares of Cabot from a buy rating to a hold rating and upped their price objective for the stock from $88.00 to $95.00 in a research note on Thursday, April 18th. Finally, Mizuho increased their price target on shares of Cabot from $104.00 to $109.00 and gave the company a buy rating in a research note on Tuesday, May 7th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $90.80.

Cabot Price Performance

Shares of CBT traded up $16.00 during mid-day trading on Tuesday, hitting $102.96. 681,128 shares of the company traded hands, compared to its average volume of 328,392. Cabot has a one year low of $64.51 and a one year high of $103.49. The company has a current ratio of 2.24, a quick ratio of 1.47 and a debt-to-equity ratio of 0.72. The business has a 50-day moving average of $95.94 and a 200 day moving average of $91.28. The stock has a market capitalization of $5.69 billion, a price-to-earnings ratio of 12.90, a PEG ratio of 0.96 and a beta of 1.20.

Cabot (NYSE:CBT) last announced its quarterly earnings data on Monday, August 5th. The specialty chemicals company reported $1.92 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.20. Cabot had a net margin of 11.51% and a return on equity of 26.21%. The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1 billion. During the same period in the prior year, the business posted $1.42 earnings per share. Cabot’s revenue was up 5.0% compared to the same quarter last year. As a group, equities analysts expect that Cabot will post 6.78 earnings per share for the current fiscal year.

Cabot Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be issued a $0.43 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.72 annualized dividend and a yield of 1.67%. Cabot’s dividend payout ratio is currently 21.77%.

Insiders Place Their Bets

In other Cabot news, SVP Karen A. Kalita sold 13,764 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $101.73, for a total value of $1,400,211.72. Following the sale, 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 document filed with the SEC, which is available at the SEC website. 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.