Cabot (NYSE:CBT) updated its FY 2019 earnings guidance on Monday. The company provided EPS guidance of $4.35-4.75 for the period, compared to the Thomson Reuters consensus EPS estimate of $4.73. Cabot also updated its FY19 guidance to $4.35-4.75 EPS.
A number of brokerages have recently commented on CBT. ValuEngine cut shares of Cabot from a sell rating to a strong sell rating in a report on Thursday, November 1st. Northcoast Research set a $75.00 target price on shares of Cabot and gave the company a buy rating in a report on Wednesday. Loop Capital set a $82.00 target price on shares of Cabot and gave the company a buy rating in a report on Tuesday, July 17th. TheStreet cut shares of Cabot from a b rating to a c+ rating in a research note on Friday, October 19th. Finally, Zacks Investment Research cut shares of Cabot from a buy rating to a sell rating in a research note on Tuesday, October 16th. Two investment analysts have rated the stock with a sell rating and six have given a buy rating to the company. The stock has a consensus rating of Buy and an average target price of $75.00.
Cabot stock traded up $1.22 during mid-day trading on Wednesday, reaching $51.33. The stock had a trading volume of 206,691 shares, compared to its average volume of 474,645. The stock has a market cap of $3.21 billion, a price-to-earnings ratio of 12.74, a PEG ratio of 1.01 and a beta of 1.50. Cabot has a one year low of $46.63 and a one year high of $68.63. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.51 and a quick ratio of 0.97.
Cabot (NYSE:CBT) last announced its quarterly earnings results on Monday, November 5th. The specialty chemicals company reported $1.00 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.09 by ($0.09). The firm 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 business’s revenue for the quarter was up 17.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.91 EPS. On average, equities analysts expect that Cabot will post 4.71 EPS for the current fiscal year.
Cabot declared that its Board of Directors has initiated a share buyback program on Monday, July 16th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the specialty chemicals company to buy up to 10.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
In other Cabot news, SVP Brian A. Berube sold 13,448 shares of the company’s stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $65.43, for a total transaction of $879,902.64. Following the transaction, the senior vice president now owns 52,127 shares in the company, valued at approximately $3,410,669.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Patrick M. Prevost sold 40,519 shares of the company’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $65.65, for a total transaction of $2,660,072.35. Following the transaction, the director now owns 216,894 shares in the company, valued at approximately $14,239,091.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 89,448 shares of company stock worth $5,860,779. 2.20% of the stock is currently owned by company insiders.
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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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