Cabot Corp (NYSE:CBT) – Equities researchers at SunTrust Banks lowered their FY2020 EPS estimates for Cabot in a report issued on Monday, July 13th. SunTrust Banks analyst J. Sheehan now anticipates that the specialty chemicals company will post earnings per share of $1.92 for the year, down from their prior estimate of $2.04. SunTrust Banks also issued estimates for Cabot’s FY2021 earnings at $2.78 EPS.
CBT has been the topic of a number of other reports. UBS Group upped their price objective on Cabot from $38.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, June 19th. ValuEngine upgraded Cabot from a “sell” rating to a “hold” rating in a research report on Thursday, July 2nd. Northcoast Research downgraded Cabot from a “buy” rating to a “neutral” rating in a report on Friday, May 1st. JPMorgan Chase & Co. upgraded Cabot from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $26.00 to $31.00 in a report on Friday, April 3rd. Finally, Deutsche Bank increased their price target on Cabot from $23.00 to $32.00 and gave the stock a “hold” rating in a report on Thursday, April 16th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. Cabot has a consensus rating of “Hold” and an average price target of $41.67.
Cabot (NYSE:CBT) last issued its quarterly earnings data on Monday, May 11th. The specialty chemicals company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.08. Cabot had a return on equity of 17.88% and a net margin of 3.38%. The business had revenue of $710.00 million for the quarter, compared to the consensus estimate of $752.33 million. During the same period in the prior year, the business posted $0.99 earnings per share. The company’s quarterly revenue was down 15.9% compared to the same quarter last year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Friday, August 28th will be issued a dividend of $0.35 per share. The ex-dividend date is Thursday, August 27th. This represents a $1.40 annualized dividend and a yield of 3.70%. Cabot’s payout ratio is currently 35.81%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Chevy Chase Trust Holdings Inc. purchased a new position in Cabot during the 4th quarter worth $60,000. First Bank & Trust increased its holdings in Cabot by 96.8% during the 1st quarter. First Bank & Trust now owns 2,275 shares of the specialty chemicals company’s stock worth $59,000 after purchasing an additional 1,119 shares during the period. Point72 Hong Kong Ltd increased its holdings in Cabot by 10.1% during the 4th quarter. Point72 Hong Kong Ltd now owns 3,157 shares of the specialty chemicals company’s stock worth $150,000 after purchasing an additional 290 shares during the period. Pendal Group Ltd purchased a new position in Cabot during the 1st quarter worth $88,000. Finally, American National Bank purchased a new position in Cabot during the 2nd quarter worth $148,000. Institutional investors own 84.93% of the company’s stock.
Cabot Corporation operates as a specialty chemicals and performance materials company. The company offers rubber grade carbon blacks used in tires as a rubber reinforcing agent and performance additive, as well as in industrial products, such as hoses, belts, extruded profiles, and molded goods; and compounds of carbon black and rubber.
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