Cabot Corp (CBT) Announces $0.33 Quarterly Dividend

Cabot Corp (NYSE:CBT) announced a quarterly dividend on Friday, November 9th, RTT News reports. Investors of record on Friday, November 30th will be given a dividend of 0.33 per share by the specialty chemicals company on Friday, December 14th. This represents a $1.32 annualized dividend and a yield of 2.64%.

Cabot has increased its dividend payment by an average of 13.1% annually over the last three years and has raised its dividend every year for the last 6 years. Cabot has a dividend payout ratio of 32.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Cabot to earn $5.24 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 25.2%.

Cabot stock opened at $50.00 on Friday. The stock has a market cap of $3.17 billion, a P/E ratio of 12.41, a P/E/G 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 current ratio of 1.46, a quick ratio of 0.97 and a debt-to-equity ratio of 0.56.

Cabot (NYSE:CBT) last posted its earnings results on Monday, November 5th. The specialty chemicals company reported $1.00 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.09). The company had revenue of $850.00 million for the quarter, compared to analyst estimates of $856.76 million. Cabot had a positive return on equity of 18.82% and a negative net margin of 3.49%. The firm’s revenue was up 17.6% on a year-over-year basis. During the same period last year, the business earned $0.91 earnings per share. Research analysts anticipate that Cabot will post 4.58 earnings per share for the current fiscal year.

In other Cabot news, insider Nicholas S. Cross sold 16,000 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now directly owns 48,597 shares of the company’s stock, valued at $3,200,598.42. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Patrick M. Prevost sold 19,481 shares of the firm’s stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $65.04, for a total value of $1,267,044.24. Following the completion of the sale, the director now directly 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 three months, insiders sold 76,000 shares of company stock worth $4,980,877. 2.50% of the stock is owned by corporate insiders.

Several analysts have commented on CBT shares. Loop Capital set a $134.00 price objective on Cabot and gave the company a “buy” rating in a report on Saturday, July 28th. TheStreet raised Cabot from a “c+” rating to a “b+” rating in a report on Tuesday, August 7th. Zacks Investment Research lowered Cabot from a “buy” rating to a “sell” rating in a report on Tuesday, October 16th. Northcoast Research set a $75.00 price objective on Cabot and gave the company a “buy” rating in a report on Wednesday. Finally, ValuEngine lowered Cabot from a “sell” rating to a “strong sell” rating in a report on Thursday, November 1st. Two analysts have rated the stock with a sell rating and six have issued a buy rating to the stock. Cabot has an average rating of “Buy” and a consensus price target of $75.00.

Cabot announced that its board has approved a stock repurchase program on Monday, July 16th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the specialty chemicals company to purchase up to 10.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

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About Cabot

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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Dividend History for Cabot (NYSE:CBT)

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