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.

Cabot Price Performance

Shares of CBT stock traded up $5.05 during trading hours on Tuesday, hitting $100.99. 767,326 shares of the company’s stock were exchanged, compared to its average volume of 308,474. The company has a market capitalization of $5.60 billion, a PE ratio of 13.26, a PEG ratio of 1.00 and a beta of 1.27. The business’s 50 day simple moving average is $90.82 and its 200-day simple moving average is $81.68. Cabot has a 12-month low of $63.73 and a 12-month 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.

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 the consensus estimate of $1.66 by $0.12. The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.04 billion. Cabot had a return on equity of 25.52% and a net margin of 11.24%. The business’s revenue was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.33 EPS. On average, equities research analysts anticipate that Cabot will post 6.58 earnings per share for the current year.

Cabot Increases Dividend

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

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other news, EVP Jeff Ji Zhu sold 55,233 shares of Cabot stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $79.91, for a total transaction of $4,413,669.03. Following the sale, the executive vice president now 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 SEC, which can be accessed through this link. 3.07% of the stock is owned by company 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.