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 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 Trading Down 0.3 %

Shares of NYSE:CBT traded down $0.31 during trading on Thursday, reaching $100.76. The stock had a trading volume of 56,569 shares, compared to its average volume of 306,892. The firm’s fifty day moving average is $91.52 and its 200 day moving average is $82.05. Cabot has a 52 week low of $63.73 and a 52 week high of $103.46. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.30 and a current ratio of 2.04. The stock has a market cap of $5.59 billion, a price-to-earnings ratio of 13.08, a P/E/G ratio of 1.00 and a beta of 1.27.

Cabot (NYSE:CBT) last issued its earnings results on Monday, May 6th. The specialty chemicals company reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.12. The business had revenue of $1.02 billion during 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 for the quarter was down 1.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.33 earnings per share. As a group, equities analysts forecast that Cabot will post 6.58 EPS for the current fiscal year.

Cabot Increases Dividend

The business also recently declared 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 dividend on an annualized basis and a yield of 1.71%. This is a boost 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 presently 20.78%.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In related news, EVP Jeff Ji Zhu sold 55,233 shares of the stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 97,201 shares in the company, valued at $7,767,331.91. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 3.07% 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.