Cabot Corporation (NYSE:CBT) announced its earnings results on Tuesday, August 1st. The specialty chemicals company reported $0.81 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.85 by $0.04, Bloomberg Earnings reports. Cabot Corporation had a return on equity of 16.03% and a net margin of 8.61%. The business had revenue of $705 million for the quarter, compared to analysts’ expectations of $664.16 million. During the same period in the previous year, the firm posted $0.93 earnings per share. The firm’s revenue was up 13.5% compared to the same quarter last year.
Shares of Cabot Corporation (NYSE:CBT) traded up 0.88% during midday trading on Friday, reaching $51.66. The company had a trading volume of 360,120 shares. The firm’s 50 day moving average price is $53.37 and its 200-day moving average price is $55.55. The company has a market capitalization of $3.21 billion, a P/E ratio of 14.47 and a beta of 1.05. Cabot Corporation has a 12 month low of $47.99 and a 12 month high of $61.34.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 25th will be issued a dividend of $0.315 per share. The ex-dividend date is Wednesday, August 23rd. This represents a $1.26 annualized dividend and a yield of 2.44%. Cabot Corporation’s payout ratio is 35.29%.
A number of equities analysts recently commented on the company. BidaskClub downgraded Cabot Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Zacks Investment Research downgraded Cabot Corporation from a “hold” rating to a “sell” rating in a research note on Friday, August 4th. J P Morgan Chase & Co upgraded Cabot Corporation from a “neutral” rating to an “overweight” rating and set a $57.00 price target for the company in a research note on Tuesday. ValuEngine downgraded Cabot Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Aegis restated a “hold” rating on shares of Cabot Corporation in a research note on Wednesday, May 31st. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $60.50.
Hedge funds have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Cabot Corporation by 9.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,469 shares of the specialty chemicals company’s stock valued at $132,000 after buying an additional 209 shares during the period. Tower Research Capital LLC TRC boosted its stake in Cabot Corporation by 344.9% in the first quarter. Tower Research Capital LLC TRC now owns 2,438 shares of the specialty chemicals company’s stock valued at $146,000 after buying an additional 1,890 shares during the period. Old Mutual Global Investors UK Ltd. bought a new stake in Cabot Corporation during the second quarter valued at approximately $155,000. Integrated Investment Consultants LLC boosted its stake in Cabot Corporation by 66.1% in the second quarter. Integrated Investment Consultants LLC now owns 3,097 shares of the specialty chemicals company’s stock valued at $165,000 after buying an additional 1,233 shares during the period. Finally, Meeder Asset Management Inc. boosted its stake in Cabot Corporation by 123.1% in the first quarter. Meeder Asset Management Inc. now owns 2,892 shares of the specialty chemicals company’s stock valued at $173,000 after buying an additional 1,596 shares during the period. 84.76% of the stock is currently owned by institutional investors and hedge funds.
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Cabot Corporation Company Profile
Cabot Corporation is a global specialty chemicals and performance materials company. The Company operates through four business segments: reinforcement materials, performance chemicals, purification solutions and specialty fluids. Reinforcement materials’ rubber grade carbon blacks are used to enhance the physical properties of the systems and applications in which they are incorporated.
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