Cabot (NYSE:CBT) Releases FY24 Earnings Guidance

Cabot (NYSE:CBT) updated its FY24 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $6.65-6.85 for the period, compared to the consensus estimate of $6.64. Cabot also updated its FY 2024 guidance to 6.650-6.850 EPS.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. StockNews.com raised Cabot from a buy rating to a strong-buy rating in a research report on Wednesday. Mizuho raised their target price on Cabot from $104.00 to $109.00 and gave the company a buy rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft downgraded Cabot from a buy rating to a hold rating and raised their target price for the company from $88.00 to $95.00 in a report on Thursday, April 18th. Finally, UBS Group raised their target price on Cabot from $100.00 to $103.00 and gave the company a neutral rating in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $93.67.

Cabot Trading Down 0.2 %

NYSE:CBT traded down $0.20 during trading hours on Thursday, hitting $100.87. 47,334 shares of the company were exchanged, compared to its average volume of 306,861. The stock has a market capitalization of $5.59 billion, a price-to-earnings ratio of 13.08, a price-to-earnings-growth ratio of 1.00 and a beta of 1.27. The company has a current ratio of 2.04, a quick ratio of 1.30 and a debt-to-equity ratio of 0.74. Cabot has a one year low of $63.73 and a one year high of $103.46. The company has a fifty day simple moving average of $91.52 and a 200 day simple moving average of $82.05.

Cabot (NYSE:CBT) last announced its earnings results 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 business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.04 billion. Cabot had a return on equity of 25.52% and a net margin of 11.24%. Cabot’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period last year, the company earned $1.33 EPS. Sell-side analysts expect that Cabot will post 6.58 EPS for the current fiscal year.

Cabot Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be given a dividend of $0.43 per share. This is a positive change from Cabot’s previous quarterly dividend of $0.40. This represents a $1.72 annualized dividend and a yield of 1.71%. The ex-dividend date is Friday, May 31st. Cabot’s dividend payout ratio (DPR) is currently 20.78%.

Insider Buying and Selling

In other news, EVP Jeff Ji Zhu sold 55,233 shares of Cabot stock in a transaction dated 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 transaction, the executive vice president now directly owns 97,201 shares of the company’s stock, valued at approximately $7,767,331.91. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 3.07% of the stock is owned by corporate 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.