Cabot Corp (CBT) Expected to Announce Quarterly Sales of $846.00 Million

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Equities analysts expect that Cabot Corp (NYSE:CBT) will post $846.00 million in sales for the current quarter, according to Zacks. Three analysts have provided estimates for Cabot’s earnings. The lowest sales estimate is $812.79 million and the highest is $867.00 million. Cabot posted sales of $723.00 million during the same quarter last year, which suggests a positive year-over-year growth rate of 17%. The business is expected to report its next earnings results after the market closes on Monday, November 5th.

On average, analysts expect that Cabot will report full-year sales of $3.23 billion for the current year, with estimates ranging from $3.19 billion to $3.28 billion. For the next financial year, analysts forecast that the business will report sales of $3.42 billion, with estimates ranging from $3.36 billion to $3.51 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow Cabot.

Cabot (NYSE:CBT) last released its earnings results on Monday, August 6th. The specialty chemicals company reported $1.06 EPS for the quarter, hitting analysts’ consensus estimates of $1.06. The company had revenue of $854.00 million during the quarter, compared to analysts’ expectations of $831.59 million. Cabot had a negative net margin of 4.46% and a positive return on equity of 17.41%. Cabot’s revenue for the quarter was up 21.1% on a year-over-year basis. During the same period last year, the business earned $0.81 EPS.

A number of research firms recently commented on CBT. Loop Capital set a $134.00 target price on shares of Cabot and gave the stock a “buy” rating in a research note on Saturday, July 28th. TheStreet upgraded shares of Cabot from a “c+” rating to a “b+” rating in a research note on Tuesday, August 7th. 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 objective for the company. Finally, ValuEngine cut shares of Cabot from a “hold” rating to a “sell” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the stock. Cabot currently has an average rating of “Buy” and an average price target of $82.43.

CBT stock traded down $1.03 during trading on Monday, reaching $53.41. The company had a trading volume of 454,094 shares, compared to its average volume of 447,880. The stock has a market capitalization of $3.86 billion, a PE ratio of 15.57, a price-to-earnings-growth ratio of 1.38 and a beta of 1.32. 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 has a twelve month low of $53.12 and a twelve month high of $68.63.

Cabot announced that its Board of Directors has approved a stock repurchase plan on Monday, July 16th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the specialty chemicals company to purchase up to 10.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 14th. Shareholders of record on Friday, August 31st were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.47%. The ex-dividend date was Thursday, August 30th. Cabot’s payout ratio is 38.48%.

In other news, SVP Brian A. Berube sold 13,448 shares of Cabot stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $65.43, for a total transaction of $879,902.64. Following the completion of the transaction, the senior vice president now directly owns 52,127 shares of the company’s stock, valued at approximately $3,410,669.61. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Patrick M. Prevost sold 19,481 shares of Cabot stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $65.04, for a total transaction of $1,267,044.24. Following the transaction, the director now directly owns 257,413 shares of the company’s stock, valued at $16,742,141.52. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 89,448 shares of company stock valued at $5,860,779. Company insiders own 2.20% of the company’s stock.

Several large investors have recently bought and sold shares of CBT. Bank of New York Mellon Corp increased its holdings in shares of Cabot by 13.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,663,255 shares of the specialty chemicals company’s stock valued at $164,509,000 after purchasing an additional 322,998 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Cabot by 141.9% during the 2nd quarter. Millennium Management LLC now owns 488,719 shares of the specialty chemicals company’s stock valued at $30,188,000 after purchasing an additional 286,697 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Cabot by 80.2% during the 1st quarter. Principal Financial Group Inc. now owns 481,555 shares of the specialty chemicals company’s stock valued at $26,832,000 after purchasing an additional 214,334 shares in the last quarter. Monarch Partners Asset Management LLC purchased a new position in shares of Cabot during the 2nd quarter valued at approximately $11,496,000. Finally, Scopus Asset Management L.P. increased its holdings in shares of Cabot by 74.0% during the 1st quarter. Scopus Asset Management L.P. now owns 435,000 shares of the specialty chemicals company’s stock valued at $24,238,000 after purchasing an additional 185,000 shares in the last quarter. 85.53% of the stock is owned by hedge funds and other institutional investors.

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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