Cabot (NYSE:CBT) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Cabot (NYSE:CBT) released its earnings results on Monday. The specialty chemicals company reported $1.61 EPS for the quarter, beating the consensus estimate of $1.55 by $0.06, FiscalAI reports. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $927.29 million. Cabot had a net margin of 5.23% and a return on equity of 20.29%.

Cabot Trading Up 1.6%

NYSE:CBT traded up $1.22 during mid-day trading on Monday, reaching $75.64. 617,071 shares of the company’s stock traded hands, compared to its average volume of 455,252. The company has a 50 day moving average price of $77.98 and a 200-day moving average price of $79.50. The firm has a market capitalization of $3.90 billion, a price-to-earnings ratio of 21.31, a PEG ratio of 8.76 and a beta of 0.83. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.47 and a quick ratio of 0.97. Cabot has a 12-month low of $58.33 and a 12-month high of $94.53.

Insiders Place Their Bets

In other news, CEO Sean Keohane sold 134,895 shares of Cabot stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $85.00, for a total value of $11,466,075.00. Following the sale, the chief executive officer directly owned 404,134 shares in the company, valued at approximately $34,351,390. This trade represents a 25.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders sold 229,597 shares of company stock valued at $19,646,746. Company insiders own 3.08% of the company’s stock.

Analyst Upgrades and Downgrades

CBT has been the subject of several analyst reports. JPMorgan Chase & Co. upped their price target on shares of Cabot from $70.00 to $78.00 and gave the company an “underweight” rating in a research report on Friday, August 7th. UBS Group dropped their target price on Cabot from $92.00 to $86.00 and set a “neutral” rating for the company in a report on Monday, October 5th. Truist Financial set a $100.00 price target on Cabot in a research report on Wednesday, August 5th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cabot in a research note on Friday, August 21st. Finally, Wall Street Zen upgraded Cabot from a “hold” rating to a “buy” rating in a research report on Sunday, October 11th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $87.80.

Cabot Company Profile

Cabot Corporation (NYSE: CBT) is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts. The company develops and manufactures materials used to improve the performance, durability, conductivity, color and purity of products across a range of industries.

Cabot’s products include carbon black used in tires, rubber goods, coatings, plastics and printing inks; specialty carbons and conductive materials for batteries and other applications; and specialty compounds and masterbatches.