Cabot (NYSE:CBT) Announces Earnings Results

Key Points

• Cabot exceeded quarterly expectations: The specialty chemicals company reported EPS of $1.61, ahead of the $1.55 consensus, while revenue reached $1.01 billion versus estimates of $927.29 million.
• Shares rose 1.6% to $75.64 following the earnings release. Cabot has a $3.90 billion market capitalization and trades at a price-to-earnings ratio of 21.31.
• Analyst sentiment remains cautious: Two analysts rate Cabot a Buy, four rate it Hold and one rates it Sell, resulting in an overall Hold consensus and an average price target of $87.80; insiders have sold $19.6 million of stock over the past 90 days.

Cabot (NYSE:CBT - Get Free Report) posted its quarterly earnings results on Monday. The specialty chemicals company reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.06, FiscalAI reports. Cabot had a net margin of 5.23% and a return on equity of 20.29%. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $927.29 million.

Cabot Trading Up 1.6%

Shares of NYSE:CBT traded up $1.22 during midday trading on Monday, reaching $75.64. The company's stock had a trading volume of 616,969 shares, compared to its average volume of 455,251. Cabot has a fifty-two week low of $58.33 and a fifty-two week high of $94.53. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.97 and a current ratio of 1.47. The firm has a 50 day moving average price of $77.98 and a two-hundred day moving average price of $79.50. The firm has a market capitalization of $3.90 billion, a price-to-earnings ratio of 21.31, a PEG ratio of 8.76 and a beta of 0.83.

Analyst Ratings Changes

CBT has been the topic of a number of research reports. Wall Street Zen raised shares of Cabot from a "hold" rating to a "buy" rating in a research note on Sunday, October 11th. UBS Group lowered their price objective on Cabot from $92.00 to $86.00 and set a "neutral" rating for the company in a research report on Monday, October 5th. Weiss Ratings reissued a "hold (c)" rating on shares of Cabot in a research report on Friday, August 21st. Truist Financial set a $100.00 price target on shares of Cabot in a report on Wednesday, August 5th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Cabot from $70.00 to $78.00 and gave the stock an "underweight" rating in a research report on Friday, August 7th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $87.80.

Insider Buying and Selling

In related news, CEO Sean Keohane sold 134,895 shares of the firm's stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $85.00, for a total transaction of $11,466,075.00. Following the completion of the sale, the chief executive officer owned 404,134 shares of the company's stock, valued at $34,351,390. This trade represents a 25.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold a total of 229,597 shares of company stock worth $19,646,746 over the last ninety days. Company insiders own 3.08% of the company's stock.

About Cabot

Cabot Corporation NYSE: CBT is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts. The company develops and manufactures materials used to improve the performance, durability, conductivity, color and purity of products across a range of industries.

Cabot's products include carbon black used in tires, rubber goods, coatings, plastics and printing inks; specialty carbons and conductive materials for batteries and other applications; and specialty compounds and masterbatches.

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