Cabot Corp Expected to Earn FY2020 Earnings of $5.40 Per Share (CBT)
Cabot Corp (NYSE:CBT) – Investment analysts at Northcoast Research issued their FY2020 earnings per share estimates for Cabot in a report released on Wednesday, November 7th. Northcoast Research analyst K. Hocevar anticipates that the specialty chemicals company will earn $5.40 per share for the year. Northcoast Research has a “Buy” rating and a $75.00 price target on the stock.
Cabot (NYSE:CBT) last released its quarterly earnings data on Monday, November 5th. The specialty chemicals company reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The firm had revenue of $850.00 million for 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 for the quarter was up 17.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.91 EPS.
CBT opened at $50.00 on Thursday. The firm has a market cap of $3.17 billion, a P/E 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. 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 declared that its Board of Directors has initiated a stock repurchase plan on Monday, July 16th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the specialty chemicals company to repurchase up to 10.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 30th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.64%. Cabot’s dividend payout ratio is currently 32.75%.
In other news, Director Patrick M. Prevost sold 40,519 shares of Cabot stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $65.65, for a total value of $2,660,072.35. Following the transaction, the director now directly owns 216,894 shares in the company, valued at $14,239,091.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nicholas S. Cross sold 16,000 shares of Cabot stock in a transaction dated 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 completion of the transaction, the insider now owns 48,597 shares in the company, valued at $3,200,598.42. The disclosure for this sale can be found here. Insiders sold 76,000 shares of company stock valued at $4,980,877 in the last ninety days. Insiders own 2.50% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Virginia Retirement Systems ET AL bought a new position in shares of Cabot in the second quarter worth about $1,279,000. Natixis increased its stake in Cabot by 104.1% during the second quarter. Natixis now owns 212,116 shares of the specialty chemicals company’s stock valued at $13,102,000 after acquiring an additional 108,182 shares during the period. Neuburgh Advisers LLC increased its stake in Cabot by 18.7% during the second quarter. Neuburgh Advisers LLC now owns 23,280 shares of the specialty chemicals company’s stock valued at $1,438,000 after acquiring an additional 3,664 shares during the period. GAM Holding AG increased its stake in Cabot by 39.5% during the second quarter. GAM Holding AG now owns 7,485 shares of the specialty chemicals company’s stock valued at $462,000 after acquiring an additional 2,118 shares during the period. Finally, Fuller & Thaler Asset Management Inc. increased its stake in Cabot by 0.6% during the second quarter. Fuller & Thaler Asset Management Inc. now owns 2,060,907 shares of the specialty chemicals company’s stock valued at $127,302,000 after acquiring an additional 12,452 shares during the period. 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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