Cabot Corp (NYSE:CBT) – Equities researchers at Northcoast Research lowered their FY2019 earnings estimates for shares of Cabot in a report issued on Wednesday, November 7th. Northcoast Research analyst K. Hocevar now anticipates that the specialty chemicals company will post earnings of $4.75 per share for the year, down from their previous forecast of $4.95. Northcoast Research has a “Buy” rating and a $75.00 price objective on the stock.
CBT has been the subject of several other reports. ValuEngine cut Cabot from a “hold” rating to a “sell” rating in a report on Thursday, October 11th. Loop Capital set a $82.00 price objective on Cabot and gave the company a “buy” rating in a report on Tuesday. Barclays initiated coverage on Cabot in a report on Monday, October 8th. They issued an “overweight” rating and a $76.00 price objective for the company. TheStreet raised Cabot from a “c+” rating to a “b+” rating in a report on Tuesday, August 7th. Finally, Zacks Investment Research cut Cabot from a “buy” rating to a “sell” rating in a report on Tuesday, October 16th. Two equities research analysts have rated the stock with a sell rating and six have issued a buy rating to the stock. Cabot presently has a consensus rating of “Buy” and an average target price of $75.00.
Shares of NYSE CBT opened at $50.00 on Friday. The firm has a market capitalization of $3.17 billion, a price-to-earnings ratio of 12.41, a P/E/G ratio of 1.01 and a beta of 1.50. The company has a quick ratio of 0.97, a current ratio of 1.46 and a debt-to-equity ratio of 0.56. Cabot has a fifty-two week low of $46.63 and a fifty-two week high of $68.63.
Cabot (NYSE:CBT) last announced its quarterly earnings data on Monday, November 5th. The specialty chemicals company reported $1.00 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.09 by ($0.09). The company had revenue of $850.00 million during the quarter, compared to analyst estimates of $856.76 million. Cabot had a negative net margin of 3.49% and a positive return on equity of 18.82%. Cabot’s revenue was up 17.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 earnings per share.
Cabot declared that its Board of Directors has initiated a share repurchase program on Monday, July 16th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the specialty chemicals company to reacquire up to 10.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 30th will be issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.64%. Cabot’s dividend payout ratio (DPR) is currently 32.75%.
In other news, Director Patrick M. Prevost sold 40,519 shares of the business’s stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $65.65, for a total transaction of $2,660,072.35. Following the completion of the transaction, the director now owns 216,894 shares of the company’s stock, valued at approximately $14,239,091.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Nicholas S. Cross sold 16,000 shares of the business’s stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $65.86, for a total value of $1,053,760.00. Following the transaction, the insider now directly owns 48,597 shares of the company’s stock, valued at approximately $3,200,598.42. The disclosure for this sale can be found here. Insiders have sold a total of 76,000 shares of company stock valued at $4,980,877 in the last three months. 2.50% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of CBT. Bessemer Group Inc. raised its holdings in shares of Cabot by 575.7% during the 3rd quarter. Bessemer Group Inc. now owns 2,034 shares of the specialty chemicals company’s stock worth $128,000 after buying an additional 1,733 shares in the last quarter. Signition LP acquired a new position in shares of Cabot during the 2nd quarter worth $234,000. Advisory Services Network LLC raised its holdings in shares of Cabot by 943.5% during the 2nd quarter. Advisory Services Network LLC now owns 3,882 shares of the specialty chemicals company’s stock worth $255,000 after buying an additional 3,510 shares in the last quarter. Strs Ohio acquired a new position in shares of Cabot during the 2nd quarter worth $349,000. Finally, Oakbrook Investments LLC raised its holdings in shares of Cabot by 17.2% during the 2nd quarter. Oakbrook Investments LLC now owns 5,790 shares of the specialty chemicals company’s stock worth $358,000 after buying an additional 850 shares in the last quarter. 85.74% of the stock is owned by institutional investors.
Cabot Company Profile
Cabot Corporation operates as a specialty chemicals and performance materials company. The company offers carbon black, a form of elemental carbon used to enhance the physical properties of the systems and applications in which it is incorporated; and rubber blacks for use as a rubber reinforcing agent and performance additive in tires, hoses, belts, extruded profiles, and molded goods.
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