Cabot (NYSE:CBT) Issues FY24 Earnings Guidance

Cabot (NYSE:CBT) updated its FY24 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $6.65-6.85 for the period, compared to the consensus estimate of $6.64. Cabot also updated its FY 2024 guidance to 6.650-6.850 EPS.

Cabot Stock Up 1.9 %

Cabot stock traded up $1.83 during mid-day trading on Monday, reaching $95.94. 454,597 shares of the company were exchanged, compared to its average volume of 303,187. Cabot has a 12-month low of $63.73 and a 12-month high of $98.34. The business has a fifty day moving average of $90.56 and a 200 day moving average of $81.49. The firm has a market cap of $5.32 billion, a P/E ratio of 12.22, a PEG ratio of 1.00 and a beta of 1.27. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.30 and a current ratio of 2.04.

Cabot (NYSE:CBT) last announced its earnings results on Monday, February 5th. The specialty chemicals company reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.07. The company had revenue of $958.00 million during the quarter, compared to the consensus estimate of $927.28 million. Cabot had a net margin of 11.24% and a return on equity of 25.52%. Research analysts anticipate that Cabot will post 6.58 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have commented on CBT shares. Mizuho initiated coverage on Cabot in a research report on Wednesday, March 27th. They issued a buy rating and a $104.00 target price on the stock. UBS Group lowered Cabot from a buy rating to a neutral rating and dropped their target price for the company from $90.00 to $87.00 in a report on Monday, January 8th. StockNews.com downgraded Cabot from a strong-buy rating to a buy rating in a report on Wednesday, February 14th. Finally, Deutsche Bank Aktiengesellschaft lowered Cabot from a buy rating to a hold rating and raised their target price for the stock from $88.00 to $95.00 in a research report on Thursday, April 18th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Cabot presently has a consensus rating of Moderate Buy and an average price target of $90.17.

Insider Activity at Cabot

In other news, EVP Jeff Ji Zhu sold 55,233 shares of the business’s stock in a transaction 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 transaction, the executive vice president now directly owns 97,201 shares of the company’s stock, valued at $7,767,331.91. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate 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.