Cabot Corporation (CBT) Posts Quarterly Earnings Results
Cabot Corporation (NYSE:CBT) announced its earnings results on Tuesday. The specialty chemicals company reported $0.91 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.02), Bloomberg Earnings reports. Cabot Corporation had a return on equity of 16.03% and a net margin of 8.61%. The firm had revenue of $723.00 million during the quarter, compared to analyst estimates of $683.30 million. During the same quarter in the previous year, the business earned $1.00 earnings per share. The business’s quarterly revenue was up 16.8% compared to the same quarter last year.
Cabot Corporation (NYSE CBT) traded up 4.45% during mid-day trading on Wednesday, hitting $63.67. 77,800 shares of the stock were exchanged. Cabot Corporation has a 12-month low of $47.99 and a 12-month high of $63.92. The stock has a market capitalization of $3.96 billion, a P/E ratio of 17.83 and a beta of 1.09. The firm has a 50-day moving average price of $57.02 and a 200-day moving average price of $54.55.
CBT has been the subject of several recent analyst reports. Zacks Investment Research cut shares of Cabot Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Loop Capital initiated coverage on shares of Cabot Corporation in a research report on Thursday, September 28th. They issued a “hold” rating and a $59.00 price target for the company. BidaskClub raised shares of Cabot Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. J P Morgan Chase & Co raised shares of Cabot Corporation from a “neutral” rating to an “overweight” rating and set a $57.00 price target for the company in a research report on Tuesday, August 15th. Finally, ValuEngine lowered shares of Cabot Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $60.29.
In other Cabot Corporation news, insider Hobart Kalkstein sold 3,881 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $53.39, for a total transaction of $207,206.59. Following the completion of the transaction, the insider now owns 27,736 shares of the company’s stock, valued at approximately $1,480,825.04. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.50% of the company’s stock.
About Cabot Corporation
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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