$686.46 Million in Sales Expected for Cabot Corporation (CBT) This Quarter
Wall Street brokerages expect Cabot Corporation (NYSE:CBT) to post $686.46 million in sales for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Cabot Corporation’s earnings, with the highest sales estimate coming in at $701.00 million and the lowest estimate coming in at $667.20 million. Cabot Corporation reported sales of $619.00 million in the same quarter last year, which indicates a positive year-over-year growth rate of 10.9%. The company is scheduled to report its next earnings report after the market closes on Tuesday, October 31st.
According to Zacks, analysts expect that Cabot Corporation will report full-year sales of $686.46 million for the current financial year, with estimates ranging from $2.61 billion to $2.70 billion. For the next fiscal year, analysts expect that the business will post sales of $2.78 billion per share, with estimates ranging from $2.73 billion to $2.82 billion. Zacks’ sales averages are an average based on a survey of research firms that follow Cabot Corporation.
Cabot Corporation (NYSE:CBT) last issued its earnings results on Tuesday, August 1st. The specialty chemicals company reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). The company had revenue of $705.00 million during the quarter, compared to analyst estimates of $664.16 million. Cabot Corporation had a net margin of 8.61% and a return on equity of 16.03%. The business’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.93 EPS.
A number of equities analysts have recently commented on CBT shares. ValuEngine downgraded shares of Cabot Corporation from a “buy” rating to a “hold” rating in a report on Friday, July 28th. J P Morgan Chase & Co upgraded shares of Cabot Corporation from a “neutral” rating to an “overweight” rating and set a $57.00 target price for the company in a research report on Tuesday, August 15th. BidaskClub upgraded shares of Cabot Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Zacks Investment Research upgraded shares of Cabot Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, August 16th. Finally, Loop Capital started coverage on shares of Cabot Corporation in a research report on Thursday, September 28th. They set a “hold” rating and a $59.00 target price for the company. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Cabot Corporation presently has a consensus rating of “Hold” and a consensus price target of $60.29.
Shares of Cabot Corporation (NYSE:CBT) traded up 1.23% during midday trading on Thursday, hitting $59.88. 228,147 shares of the stock were exchanged. The firm has a market cap of $3.73 billion, a P/E ratio of 16.77 and a beta of 1.09. Cabot Corporation has a 12-month low of $47.99 and a 12-month high of $61.34. The stock’s 50 day moving average is $56.19 and its 200 day moving average is $54.49.
In other Cabot Corporation news, insider Hobart Kalkstein sold 3,881 shares of the company’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $53.39, for a total value of $207,206.59. Following the transaction, the insider now directly owns 27,736 shares in the company, valued at $1,480,825.04. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.50% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its position in Cabot Corporation by 7.2% during the second quarter. BlackRock Inc. now owns 7,544,005 shares of the specialty chemicals company’s stock worth $403,077,000 after purchasing an additional 505,594 shares during the period. LSV Asset Management increased its stake in shares of Cabot Corporation by 1.5% in the second quarter. LSV Asset Management now owns 3,059,449 shares of the specialty chemicals company’s stock valued at $163,466,000 after buying an additional 43,976 shares during the period. State Street Corp increased its stake in shares of Cabot Corporation by 5.1% in the second quarter. State Street Corp now owns 1,751,827 shares of the specialty chemicals company’s stock valued at $93,598,000 after buying an additional 84,905 shares during the period. Earnest Partners LLC increased its stake in shares of Cabot Corporation by 41.8% in the second quarter. Earnest Partners LLC now owns 1,491,521 shares of the specialty chemicals company’s stock valued at $79,692,000 after buying an additional 439,350 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Cabot Corporation by 7.7% in the second quarter. Dimensional Fund Advisors LP now owns 1,443,849 shares of the specialty chemicals company’s stock valued at $77,144,000 after buying an additional 103,005 shares during the period. 84.15% of the stock is owned by institutional investors and hedge funds.
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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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