Cabot (NYSE:CBT) Updates FY24 Earnings Guidance

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

Cabot Stock Down 2.4 %

CBT traded down $2.45 during trading on Wednesday, reaching $98.75. 246,459 shares of the stock traded hands, compared to its average volume of 330,698. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.24 and a quick ratio of 1.47. Cabot has a fifty-two week low of $64.51 and a fifty-two week high of $103.49. The stock’s 50-day simple moving average is $95.95 and its two-hundred day simple moving average is $91.47. The stock has a market cap of $5.46 billion, a price-to-earnings ratio of 12.50, a price-to-earnings-growth ratio of 0.96 and a beta of 1.20.

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

Cabot Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.43 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.74%. Cabot’s dividend payout ratio is currently 21.77%.

Wall Street Analyst Weigh In

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

Insider Transactions at Cabot

In other Cabot news, SVP Karen A. Kalita sold 13,764 shares of the firm’s stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 34,312 shares of the company’s stock, valued at $3,490,559.76. The sale was disclosed in a legal filing with the SEC, which is available 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.