Cabot (NYSE:CBT) Issues FY24 Earnings Guidance

Cabot (NYSE:CBT) issued an update on its FY24 earnings guidance on Monday morning. The company provided EPS guidance of $7.00-$7.10 for the period, compared to the consensus EPS estimate of $6.79.

Cabot Stock Performance

Shares of CBT stock traded down $2.93 during trading hours on Monday, reaching $86.98. 1,003,011 shares of the company’s stock were exchanged, compared to its average volume of 326,024. Cabot has a fifty-two week low of $64.51 and a fifty-two week 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. The stock has a market capitalization of $4.81 billion, a P/E ratio of 10.83, a P/E/G ratio of 0.96 and a beta of 1.20. The business has a fifty day moving average price of $96.25 and a 200-day moving average price of $91.20.

Cabot (NYSE:CBT) last released its earnings results on Monday, May 6th. The specialty chemicals company reported $1.78 EPS for the quarter, beating the consensus estimate of $1.66 by $0.12. Cabot had a net margin of 11.51% and a return on equity of 26.21%. The firm had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the prior year, the company earned $1.33 EPS. The business’s quarterly revenue was down 1.4% compared to the same quarter last year. Analysts predict that Cabot will post 6.78 EPS for the current fiscal year.

Cabot Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be paid a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend is Friday, August 30th. Cabot’s payout ratio is presently 21.77%.

Analysts Set New Price Targets

Several research firms have commented on CBT. Deutsche Bank Aktiengesellschaft cut Cabot from a buy rating to a hold rating and upped their price target for the company from $88.00 to $95.00 in a report on Thursday, April 18th. UBS Group upped their target price on Cabot from $100.00 to $103.00 and gave the company a neutral rating in a research note on Tuesday, May 7th. StockNews.com downgraded shares of Cabot from a strong-buy rating to a buy rating in a research note on Monday, June 24th. Finally, Mizuho increased their price objective 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 research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Cabot currently has an average rating of Moderate Buy and an average price target of $91.80.

Insider Buying and Selling at Cabot

In related news, SVP Karen A. Kalita sold 13,764 shares of the stock in a transaction dated 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 sale, the senior vice president now owns 34,312 shares in the company, valued at approximately $3,490,559.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.07% of the company’s stock.

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.