Cabot (NYSE:CBT) issued its earnings results on Monday. The specialty chemicals company reported $1.00 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.09 by ($0.09), Briefing.com reports. The business had revenue of $850.00 million during the quarter, compared to the consensus estimate of $856.76 million. Cabot had a positive return on equity of 17.41% and a negative net margin of 4.46%. The company’s revenue for the quarter was up 17.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.91 earnings per share. Cabot updated its FY 2019 guidance to $4.35-4.75 EPS and its FY19 guidance to $4.35-4.75 EPS.
NYSE CBT opened at $50.11 on Wednesday. The company has a market cap of $3.21 billion, a PE ratio of 12.43, a PEG ratio of 1.01 and a beta of 1.50. Cabot has a 52 week low of $46.63 and a 52 week high of $68.63. The company has a quick ratio of 0.97, a current ratio of 1.51 and a debt-to-equity ratio of 0.49.
Cabot announced that its board has approved a stock buyback plan on Monday, July 16th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the specialty chemicals company to buy up to 10.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other news, Director Patrick M. Prevost sold 40,519 shares of the business’s stock in a transaction that occurred 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 sale, the director now owns 216,894 shares in the company, valued at $14,239,091.10. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Brian A. Berube sold 13,448 shares of the business’s stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $65.43, for a total value of $879,902.64. Following the sale, the senior vice president now owns 52,127 shares of the company’s stock, valued at approximately $3,410,669.61. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 89,448 shares of company stock valued at $5,860,779. Corporate insiders own 2.20% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bessemer Group Inc. increased its holdings in shares of Cabot by 575.7% during the third quarter. Bessemer Group Inc. now owns 2,034 shares of the specialty chemicals company’s stock valued at $128,000 after acquiring an additional 1,733 shares in the last quarter. Signition LP purchased a new position in shares of Cabot during the second quarter valued at approximately $234,000. Advisory Services Network LLC boosted its position in shares of Cabot by 943.5% during the second quarter. Advisory Services Network LLC now owns 3,882 shares of the specialty chemicals company’s stock valued at $255,000 after buying an additional 3,510 shares during the last quarter. Strs Ohio purchased a new position in shares of Cabot during the second quarter valued at approximately $349,000. Finally, Oakbrook Investments LLC boosted its position in shares of Cabot by 17.2% during the second quarter. Oakbrook Investments LLC now owns 5,790 shares of the specialty chemicals company’s stock valued at $358,000 after buying an additional 850 shares during the last quarter. Hedge funds and other institutional investors own 85.74% of the company’s stock.
A number of equities research analysts have weighed in on CBT shares. Loop Capital set a $134.00 target price on Cabot and gave the stock a “buy” rating in a report on Saturday, July 28th. TheStreet upgraded Cabot from a “c+” rating to a “b+” rating in a report on Tuesday, August 7th. Zacks Investment Research downgraded Cabot from a “buy” rating to a “sell” rating in a report on Tuesday, October 16th. ValuEngine downgraded Cabot from a “sell” rating to a “strong sell” rating in a report on Thursday, November 1st. Finally, Barclays initiated coverage on Cabot in a report on Monday, October 8th. They set an “overweight” rating and a $76.00 price objective for the company. Two analysts have rated the stock with a sell rating and six have assigned a buy rating to the stock. Cabot currently has an average rating of “Buy” and an average price target of $75.00.
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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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