Cabot (NYSE:CBT) Issues FY 2024 Earnings Guidance

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

Cabot Price Performance

CBT traded up $5.05 during trading on Tuesday, reaching $100.99. The stock had a trading volume of 767,326 shares, compared to its average volume of 308,474. The firm has a market capitalization of $5.60 billion, a price-to-earnings ratio of 13.26, a price-to-earnings-growth ratio of 1.00 and a beta of 1.27. Cabot has a 1-year low of $63.73 and a 1-year high of $103.46. The stock has a 50 day moving average of $90.82 and a two-hundred day moving average of $81.68. 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 released its quarterly earnings data on Monday, May 6th. The specialty chemicals company reported $1.78 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.12. The firm had revenue of $1.02 billion for 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%. The firm’s revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.33 earnings per share. As a group, equities analysts anticipate that Cabot will post 6.58 EPS for the current fiscal year.

Cabot Increases Dividend

The firm also recently announced 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 is an increase from Cabot’s previous quarterly dividend of $0.40. This represents a $1.72 annualized dividend and a dividend yield of 1.70%. The ex-dividend date is Friday, May 31st. Cabot’s payout ratio is presently 20.78%.

Analyst Ratings Changes

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

Insider Activity

In other news, EVP Jeff Ji Zhu sold 55,233 shares of the stock in a transaction 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 completion of the sale, 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 filing with the SEC, which is accessible through the SEC website. 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.