Cabot Co. (CBT) to Issue Quarterly Dividend of $0.45 on June 13th

Cabot Co. (NYSE:CBT) announced a quarterly dividend on Monday, May 5th, RTT News reports. Shareholders of record on Friday, May 30th will be given a dividend of 0.45 per share by the specialty chemicals company on Friday, June 13th. This represents a $1.80 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date is Friday, May 30th. This is a 4.7% increase from Cabot’s previous quarterly dividend of $0.43.

Cabot has raised its dividend by an average of 6.0% per year over the last three years and has raised its dividend every year for the last 14 years. Cabot has a dividend payout ratio of 22.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Cabot to earn $8.37 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 21.5%.

Cabot Price Performance

CBT stock opened at $76.16 on Wednesday. The business has a 50 day moving average price of $78.12 and a 200 day moving average price of $88.16. The company has a quick ratio of 1.29, a current ratio of 2.00 and a debt-to-equity ratio of 0.72. The stock has a market cap of $4.09 billion, a price-to-earnings ratio of 10.11, a PEG ratio of 0.74 and a beta of 0.91. Cabot has a fifty-two week low of $71.64 and a fifty-two week high of $117.46.

Cabot (NYSE:CBT) last issued its earnings results on Monday, May 5th. The specialty chemicals company reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.86 by $0.04. Cabot had a net margin of 10.60% and a return on equity of 26.79%. The business had revenue of $936.00 million during the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter in the prior year, the business posted $1.78 EPS. The company’s revenue for the quarter was down 8.1% on a year-over-year basis. Equities research analysts anticipate that Cabot will post 7.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have commented on CBT. JPMorgan Chase & Co. cut their price target on Cabot from $105.00 to $85.00 and set an “underweight” rating on the stock in a research report on Friday, February 21st. UBS Group reduced their price target on shares of Cabot from $93.00 to $83.00 and set a “neutral” rating for the company in a research report on Monday, April 7th. Finally, Wall Street Zen downgraded shares of Cabot from a “buy” rating to a “hold” rating in a research report on Wednesday, May 7th.

Institutional Investors Weigh In On Cabot

Several large investors have recently modified their holdings of the stock. Geneos Wealth Management Inc. increased its stake in Cabot by 409.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 453 shares of the specialty chemicals company’s stock valued at $38,000 after buying an additional 364 shares during the period. NewEdge Advisors LLC increased its stake in shares of Cabot by 2,559.5% during the first quarter. NewEdge Advisors LLC now owns 984 shares of the specialty chemicals company’s stock worth $82,000 after acquiring an additional 947 shares during the period. Acadian Asset Management LLC purchased a new position in Cabot during the first quarter worth about $96,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Cabot by 3.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 122,022 shares of the specialty chemicals company’s stock valued at $10,145,000 after purchasing an additional 4,048 shares during the period. Finally, Empowered Funds LLC lifted its position in Cabot by 102.6% in the first quarter. Empowered Funds LLC now owns 28,162 shares of the specialty chemicals company’s stock valued at $2,341,000 after purchasing an additional 14,260 shares during the period. Hedge funds and other institutional investors own 93.18% 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.