On May 8, 2023, Cabot Corp (CBT) announced that it will raise its quarterly dividend by 8.1% to 40 cents quarterly per share. Last year the specialty chemicals company did not announce a dividend hike.
The dividend is payable on June 9, 2023, to stockholders of record at the close of business on May 26, 2023. On an annualized basis, the new dividend rate is $1.60 per share versus $1.48 per share, previously with a new dividend yield of 2.3% at a stock price of $70.55.
“For over 50 years, we have consistently paid dividends, which reinforces our commitment to return capital to our shareholders,” said Sean Keohane, President and Chief Executive Officer of Cabot Corporation. “The dividend increase, our sixth in the last eight years, reflects our positive long-term view and the Board’s confidence in our ability to generate strong cash flows to fund high-growth investments and return cash to shareholders through a competitive dividend.”
Cabot Corporation is a specialty chemicals and performance materials company. Cabot is a provider of provider of rubber and specialty carbons, activated carbon, inkjet colorants, cesium formate drilling fluids, masterbatches and conductive compounds, fumed silica, and aerogel. Headquartered in Boston, Massachusetts, Cabot's roots date back to 1882 when Godfrey Lowell Cabot and his brother Samuel Cabot bought the McCue well near Worthington, Pennsylvania, USA and opened their first carbon black plant. The company went public in 1968.