Cabot Corp (NYSE:CBT) – Research analysts at Jefferies Financial Group issued their Q1 2019 earnings estimates for Cabot in a research report issued to clients and investors on Tuesday, November 6th. Jefferies Financial Group analyst L. Alexander anticipates that the specialty chemicals company will post earnings of $0.79 per share for the quarter. Jefferies Financial Group also issued estimates for Cabot’s Q2 2019 earnings at $1.17 EPS, Q3 2019 earnings at $1.22 EPS, Q4 2019 earnings at $1.23 EPS and FY2020 earnings at $5.05 EPS.
Cabot (NYSE:CBT) last announced its quarterly earnings data on Monday, November 5th. The specialty chemicals company reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.09). The firm 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%. The business’s quarterly revenue was up 17.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.91 earnings per share.
A number of other research firms have also recently weighed in on CBT. Barclays initiated coverage on shares of Cabot in a research note on Monday, October 8th. They set an “overweight” rating and a $76.00 price target on the stock. Loop Capital set a $134.00 price target on shares of Cabot and gave the stock a “buy” rating in a research note on Saturday, July 28th. Zacks Investment Research cut shares of Cabot from a “buy” rating to a “sell” rating in a research note on Tuesday, October 16th. TheStreet cut shares of Cabot from a “b” rating to a “c+” rating in a research note on Friday, October 19th. Finally, ValuEngine cut shares of Cabot from a “hold” rating to a “sell” rating in a research note on Thursday, October 11th. Two investment analysts have rated the stock with a sell rating and six have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $75.00.
Shares of CBT opened at $50.00 on Thursday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.97 and a current ratio of 1.46. The firm has a market capitalization of $3.17 billion, a price-to-earnings ratio of 12.41, a PEG ratio of 1.01 and a beta of 1.50. Cabot has a 1 year low of $46.63 and a 1 year high of $68.63.
Cabot announced that its board has approved a stock repurchase program on Monday, July 16th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the specialty chemicals company to repurchase up to 10.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 30th will be paid 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 presently 32.75%.
In related news, Director Patrick M. Prevost sold 40,519 shares of the business’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $65.65, for a total value of $2,660,072.35. Following the sale, the director now directly owns 216,894 shares in the company, 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, Director Patrick M. Prevost sold 19,481 shares of the business’s stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $65.04, for a total transaction of $1,267,044.24. Following the completion of the sale, the director now owns 257,413 shares in the company, valued at $16,742,141.52. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 76,000 shares of company stock worth $4,980,877. Corporate insiders own 2.50% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in CBT. Bank of New York Mellon Corp boosted its position in shares of Cabot by 26.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,355,240 shares of the specialty chemicals company’s stock worth $210,442,000 after buying an additional 691,985 shares in the last quarter. Millennium Management LLC boosted its position in shares of Cabot by 141.9% in the 2nd quarter. Millennium Management LLC now owns 488,719 shares of the specialty chemicals company’s stock worth $30,188,000 after buying an additional 286,697 shares in the last quarter. Cabot Wellington LLC boosted its position in shares of Cabot by 82.2% in the 3rd quarter. Cabot Wellington LLC now owns 628,404 shares of the specialty chemicals company’s stock worth $20,598,000 after buying an additional 283,539 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Cabot by 80.2% in the 1st quarter. Principal Financial Group Inc. now owns 481,555 shares of the specialty chemicals company’s stock worth $26,832,000 after buying an additional 214,334 shares in the last quarter. Finally, Prudential Financial Inc. boosted its position in shares of Cabot by 304.1% in the 3rd quarter. Prudential Financial Inc. now owns 274,307 shares of the specialty chemicals company’s stock worth $17,205,000 after buying an additional 206,430 shares in the last quarter. Institutional investors and hedge funds own 85.74% of the company’s stock.
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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