Zacks Research Analysts Lift Earnings Estimates for Cabot Co. (NYSE:CBT)

Cabot Co. (NYSE:CBT – Get Rating) – Equities research analysts at Zacks Research raised their Q3 2023 earnings per share estimates for shares of Cabot in a research report issued on Monday, May 22nd. Zacks Research analyst A. Barman now anticipates that the specialty chemicals company will earn $1.90 per share for the quarter, up from their previous estimate of $1.85. The consensus estimate for Cabot’s current full-year earnings is $6.37 per share. Zacks Research also issued estimates for Cabot’s Q4 2023 earnings at $2.06 EPS.

Cabot (NYSE:CBT – Get Rating) last released its quarterly earnings data on Monday, May 8th. The specialty chemicals company reported $1.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.33. The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Cabot had a return on equity of 28.94% and a net margin of 7.51%. The business’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.69 EPS.

Other analysts have also recently issued reports about the company. Deutsche Bank Aktiengesellschaft decreased their target price on Cabot from $90.00 to $80.00 in a research report on Thursday, May 18th. Credit Suisse Group started coverage on Cabot in a research report on Monday, March 13th. They issued an “outperform” rating and a $94.00 target price for the company. Loop Capital upped their target price on Cabot from $98.00 to $113.00 and gave the company a “buy” rating in a research report on Monday, February 13th. JPMorgan Chase & Co. upped their target price on Cabot from $80.00 to $87.00 and gave the company an “overweight” rating in a research report on Monday, February 13th. Finally, StockNews.com started coverage on Cabot in a research report on Thursday, May 18th. They issued a “buy” rating for the company. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $93.50.

Cabot Trading Down 1.7 %

NYSE:CBT opened at $70.04 on Thursday. The stock has a 50-day simple moving average of $72.59 and a 200-day simple moving average of $73.00. The stock has a market cap of $3.93 billion, a P/E ratio of 12.62 and a beta of 1.33. Cabot has a 1 year low of $59.65 and a 1 year high of $83.74. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.24 and a current ratio of 1.93.

Institutional Trading of Cabot

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. raised its stake in Cabot by 3.5% during the 4th quarter. Envestnet Asset Management Inc. now owns 92,027 shares of the specialty chemicals company’s stock valued at $6,151,000 after acquiring an additional 3,124 shares during the last quarter. KBC Group NV purchased a new position in shares of Cabot during the 3rd quarter worth approximately $529,000. Sowell Financial Services LLC purchased a new position in shares of Cabot during the 3rd quarter worth approximately $1,353,000. Appian Way Asset Management LP raised its stake in shares of Cabot by 78.5% during the 3rd quarter. Appian Way Asset Management LP now owns 312,536 shares of the specialty chemicals company’s stock worth $19,968,000 after buying an additional 137,470 shares in the last quarter. Finally, Pinkerton Retirement Specialists LLC raised its stake in shares of Cabot by 100.8% during the 3rd quarter. Pinkerton Retirement Specialists LLC now owns 11,113 shares of the specialty chemicals company’s stock worth $710,000 after buying an additional 5,578 shares in the last quarter. 94.21% of the stock is owned by hedge funds and other institutional investors.

Cabot Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 9th. Shareholders of record on Friday, May 26th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, May 25th. This is an increase from Cabot’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a yield of 2.28%. Cabot’s dividend payout ratio is currently 26.67%.

About Cabot

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Cabot Corp. is a global specialty chemicals and performance materials company. Its products are rubber and specialty grade carbon blacks, specialty compounds, fumed metal oxides, activated carbons, inkjet colorants, and aerogel. The company operates through the following segments: Reinforcement Materials, Performance Chemicals, and Purification Solutions.