SunTrust Banks Weighs in on Cabot Corp.’s FY2018 Earnings (CBT)
Cabot Corp. (NYSE:CBT) – Equities research analysts at SunTrust Banks upped their FY2018 earnings estimates for shares of Cabot Corp. in a research note issued to investors on Tuesday. SunTrust Banks analyst J. Sheehan now forecasts that the brokerage will earn $3.64 per share for the year, up from their previous forecast of $3.58. SunTrust Banks has a “Neutral” rating and a $51.00 price objective on the stock. SunTrust Banks also issued estimates for Cabot Corp.’s FY2019 earnings at $3.89 EPS and FY2020 earnings at $4.13 EPS.
CBT has been the topic of a number of other reports. Zacks Investment Research upgraded Cabot Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, July 26th. Jefferies Group restated a “buy” rating and issued a $60.00 price objective on shares of Cabot Corp. in a report on Tuesday, September 13th. TheStreet downgraded Cabot Corp. from a “buy” rating to a “hold” rating in a report on Friday, June 10th. Finally, Deutsche Bank AG raised their price objective on Cabot Corp. from $48.00 to $52.00 and gave the stock a “hold” rating in a report on Friday, August 12th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $53.17.
Shares of Cabot Corp. (NYSE:CBT) traded up 1.61% during trading on Wednesday, reaching $52.29. The company had a trading volume of 86,096 shares. The company has a market capitalization of $3.26 billion, a P/E ratio of 24.01 and a beta of 1.62. Cabot Corp. has a 52-week low of $30.70 and a 52-week high of $52.53. The firm has a 50-day moving average price of $49.70 and a 200-day moving average price of $47.86.
Cabot Corp. (NYSE:CBT) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.93 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.93. The firm earned $621 million during the quarter, compared to the consensus estimate of $611.73 million. Cabot Corp. had a return on equity of 13.91% and a net margin of 5.68%. The firm’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.64 earnings per share.
The business also recently announced a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Friday, August 26th were issued a dividend of $0.30 per share. The ex-dividend date was Wednesday, August 24th. This represents a $1.20 annualized dividend and a dividend yield of 2.33%. Cabot Corp.’s payout ratio is currently 54.30%.
In related news, VP James Patrick Kelly sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, July 12th. The stock was sold at an average price of $48.95, for a total transaction of $122,375.00. Following the sale, the vice president now directly owns 27,085 shares in the company, valued at approximately $1,325,810.75. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Brian A. Berube sold 16,489 shares of the firm’s stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $49.90, for a total value of $822,801.10. Following the sale, the senior vice president now owns 42,622 shares in the company, valued at $2,126,837.80. The disclosure for this sale can be found here. Corporate insiders own 2.48% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Aperio Group LLC increased its stake in shares of Cabot Corp. by 16.8% in the first quarter. Aperio Group LLC now owns 24,345 shares of the company’s stock valued at $1,177,000 after buying an additional 3,499 shares during the last quarter. Wellington Management Group LLP increased its stake in Cabot Corp. by 12.2% in the first quarter. Wellington Management Group LLP now owns 2,613,357 shares of the company’s stock valued at $126,304,000 after buying an additional 285,118 shares in the last quarter. Loomis Sayles & Co. L P increased its stake in Cabot Corp. by 27.8% in the first quarter. Loomis Sayles & Co. L P now owns 241,292 shares of the company’s stock valued at $11,662,000 after buying an additional 52,468 shares in the last quarter. Riverhead Capital Management LLC increased its stake in Cabot Corp. by 31.2% in the first quarter. Riverhead Capital Management LLC now owns 21,251 shares of the company’s stock valued at $1,027,000 after buying an additional 5,051 shares in the last quarter. Finally, Panagora Asset Management Inc. increased its stake in Cabot Corp. by 36.8% in the first quarter. Panagora Asset Management Inc. now owns 807,237 shares of the company’s stock valued at $39,014,000 after buying an additional 217,100 shares in the last quarter. Institutional investors and hedge funds own 85.62% of the company’s stock.
About Cabot Corp.
Cabot Corporation (Cabot) is a global specialty chemicals and performance materials company. The Company’s principal products are rubber and specialty grade carbon blacks, fumed metal oxides, activated carbon, inkjet colorants, aerogel and cesium formate drilling fluids. The Company operates through four segments: Reinforcement Materials, Performance Chemicals, Purification Solutions and Specialty Fluids.
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