Cabot (NYSE:CBT) Issues 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 $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.

Cabot Trading Down 0.2 %

Shares of CBT traded down $0.20 during mid-day trading on Thursday, hitting $100.87. The company had a trading volume of 47,334 shares, compared to its average volume of 306,861. Cabot has a 1-year low of $63.73 and a 1-year high of $103.46. The business’s 50-day simple moving average is $91.52 and its 200-day simple moving average is $82.05. The stock has a market cap of $5.59 billion, a PE ratio of 13.08, a P/E/G ratio of 1.00 and a beta of 1.27. The company has a quick ratio of 1.30, a current ratio of 2.04 and a debt-to-equity ratio of 0.74.

Cabot (NYSE:CBT) last announced its quarterly earnings results on Monday, May 6th. The specialty chemicals company reported $1.78 earnings per share for the quarter, beating 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 revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter last year, the business earned $1.33 EPS. Sell-side analysts forecast that Cabot will post 6.58 earnings per share for the current year.

Cabot Increases Dividend

The company 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. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.71%. This is an increase 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 20.78%.

Analysts Set New Price Targets

CBT has been the subject of a number of research reports. Mizuho boosted their target price on Cabot from $104.00 to $109.00 and gave the stock a buy rating in a report on Tuesday. UBS Group boosted their target price on Cabot from $100.00 to $103.00 and gave the stock a neutral rating in a report on Tuesday. StockNews.com upgraded Cabot from a buy rating to a strong-buy rating in a report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft cut Cabot from a buy rating to a hold rating and boosted their target price for the stock from $88.00 to $95.00 in a report on Thursday, April 18th. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $93.67.

Insider Buying and Selling

In related news, EVP Jeff Ji Zhu sold 55,233 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $79.91, for a total transaction 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 approximately $7,767,331.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.07% of the stock is currently owned by corporate insiders.

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.