Zacks: Brokerages Expect Cabot Corp (CBT) Will Announce Earnings of $1.09 Per Share
Brokerages expect Cabot Corp (NYSE:CBT) to post $1.09 earnings per share (EPS) for the current quarter, according to Zacks. Three analysts have made estimates for Cabot’s earnings, with the lowest EPS estimate coming in at $1.05 and the highest estimate coming in at $1.13. Cabot reported earnings of $0.91 per share during the same quarter last year, which indicates a positive year over year growth rate of 19.8%. The company is expected to issue its next quarterly earnings report after the market closes on Tuesday, October 30th.
According to Zacks, analysts expect that Cabot will report full-year earnings of $4.12 per share for the current year, with EPS estimates ranging from $4.10 to $4.15. For the next year, analysts expect that the company will report earnings of $4.73 per share, with EPS estimates ranging from $4.60 to $4.95. Zacks’ earnings per share averages are a mean average based on a survey of sell-side research firms that that provide coverage for Cabot.
Cabot (NYSE:CBT) last issued its quarterly earnings results on Monday, August 6th. The specialty chemicals company reported $1.06 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.06. The firm 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 quarterly revenue was up 21.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.81 EPS.
NYSE:CBT traded down $0.52 during trading hours on Friday, reaching $63.76. 356,886 shares of the company’s stock were exchanged, compared to its average volume of 442,497. The stock has a market cap of $3.86 billion, a P/E ratio of 18.59, a P/E/G ratio of 1.38 and a beta of 1.32. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.51 and a quick ratio of 0.97. Cabot has a 1-year low of $53.17 and a 1-year high of $68.63.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 14th. Shareholders of record on Friday, August 31st were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Thursday, August 30th. This represents a $1.32 dividend on an annualized basis and a yield of 2.07%. Cabot’s payout ratio is currently 38.48%.
Cabot declared that its Board of Directors has approved a share buyback program on Monday, July 16th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the specialty chemicals company to buy up to 10.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.
In other Cabot news, insider Nicholas S. Cross sold 16,000 shares of the company’s stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $65.86, for a total transaction of $1,053,760.00. Following the completion of the transaction, the insider now owns 48,597 shares in the company, valued at approximately $3,200,598.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Patrick M. Prevost sold 19,481 shares of the company’s stock in a transaction on 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 transaction, the director now owns 257,413 shares of the company’s stock, valued at approximately $16,742,141.52. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 89,448 shares of company stock valued at $5,860,779. 2.20% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp increased its holdings in shares of Cabot by 13.8% in 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. Pettee Investors Inc. increased its holdings in shares of Cabot by 12.0% in the 2nd quarter. Pettee Investors Inc. now owns 16,932 shares of the specialty chemicals company’s stock valued at $1,046,000 after purchasing an additional 1,812 shares in the last quarter. Putnam Investments LLC purchased a new position in shares of Cabot in the 2nd quarter valued at about $3,811,000. Millennium Management LLC increased its holdings 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 valued at $30,188,000 after purchasing an additional 286,697 shares in the last quarter. Finally, Paloma Partners Management Co increased its holdings in shares of Cabot by 278.9% in the 2nd quarter. Paloma Partners Management Co now owns 14,522 shares of the specialty chemicals company’s stock valued at $897,000 after purchasing an additional 10,689 shares in the last quarter. Institutional investors own 85.53% of the company’s stock.
Cabot Company Profile
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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