Cabot (NYSE:CBT) Updates FY 2024 Earnings Guidance

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

Analysts Set New Price Targets

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

Cabot Price Performance

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

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 analysts’ consensus estimates of $1.66 by $0.12. The company had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.04 billion. Cabot had a net margin of 11.24% and a return on equity of 25.52%. Cabot’s quarterly revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.33 earnings per share. As a group, sell-side analysts anticipate that Cabot will post 6.58 EPS for the current fiscal year.

Cabot Increases Dividend

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

Insider Buying and Selling at Cabot

In other Cabot news, EVP Jeff Ji Zhu sold 55,233 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $79.91, for a total value of $4,413,669.03. Following the transaction, the executive vice president now directly 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 SEC, which is available through this hyperlink. Corporate 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.