Cabot (NYSE:CBT) Releases Quarterly Earnings Results, Beats Expectations By $0.12 EPS

Cabot (NYSE:CBT) posted its earnings results on Monday. The specialty chemicals company reported $1.78 EPS for the quarter, topping the consensus estimate of $1.66 by $0.12, Briefing.com reports. The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.04 billion. Cabot had a return on equity of 25.52% and a net margin of 11.24%. Cabot’s revenue was down 1.4% on a year-over-year basis. During the same quarter last year, the company earned $1.33 EPS. Cabot updated its FY24 guidance to $6.65-6.85 EPS and its FY 2024 guidance to 6.650-6.850 EPS.

Cabot Stock Up 0.3 %

Cabot stock opened at $101.37 on Thursday. The company has a fifty day simple moving average of $91.52 and a 200 day simple moving average of $82.05. Cabot has a 1-year low of $63.73 and a 1-year high of $103.46. 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 company has a market cap of $5.62 billion, a P/E ratio of 13.13, a price-to-earnings-growth ratio of 1.00 and a beta of 1.27.

Cabot Increases Dividend

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

Insider Transactions at Cabot

In related 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 sale, the executive vice president now owns 97,201 shares of the company’s stock, valued at $7,767,331.91. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 3.07% of the company’s stock.

Wall Street Analyst Weigh In

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

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.