$2.39 Billion in Sales Expected for Eastman Chemical Company (EMN) This Quarter
Wall Street brokerages expect that Eastman Chemical Company (NYSE:EMN) will post sales of $2.39 billion for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Eastman Chemical’s earnings, with estimates ranging from $2.36 billion to $2.41 billion. Eastman Chemical posted sales of $2.29 billion in the same quarter last year, which would indicate a positive year over year growth rate of 4.4%. The company is expected to announce its next earnings results after the market closes on Thursday, October 26th.
On average, analysts expect that Eastman Chemical will report full-year sales of $2.39 billion for the current financial year, with estimates ranging from $9.34 billion to $9.43 billion. For the next year, analysts anticipate that the company will report sales of $9.72 billion per share, with estimates ranging from $9.64 billion to $9.88 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Eastman Chemical.
Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.09. The firm had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.68 earnings per share.
EMN has been the subject of a number of research reports. Deutsche Bank AG reissued a “buy” rating and issued a $92.00 price target on shares of Eastman Chemical in a report on Wednesday, June 21st. Zacks Investment Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Monday, May 29th. BidaskClub raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Jefferies Group LLC reissued a “buy” rating and issued a $90.00 price target on shares of Eastman Chemical in a report on Wednesday, July 5th. Finally, KeyCorp reissued a “buy” rating and issued a $100.00 price target on shares of Eastman Chemical in a report on Thursday, August 24th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Eastman Chemical has a consensus rating of “Buy” and a consensus target price of $90.90.
Eastman Chemical (NYSE EMN) traded down 0.11% during midday trading on Thursday, reaching $84.96. The company’s stock had a trading volume of 2,069,471 shares. The firm has a 50-day moving average price of $84.54 and a 200 day moving average price of $81.87. Eastman Chemical has a 52-week low of $62.70 and a 52-week high of $87.54. The stock has a market capitalization of $12.30 billion, a price-to-earnings ratio of 13.64 and a beta of 1.26.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be given a dividend of $0.51 per share. The ex-dividend date is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.40%. Eastman Chemical’s dividend payout ratio is 32.28%.
In other news, insider Mark K. Cox sold 1,400 shares of Eastman Chemical stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Renee J. Hornbaker sold 4,000 shares of Eastman Chemical stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total transaction of $337,720.00. Following the transaction, the director now directly owns 21,858 shares in the company, valued at $1,845,470.94. The disclosure for this sale can be found here. Company insiders own 1.14% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Harbour Capital Advisors LLC bought a new position in shares of Eastman Chemical during the first quarter worth $100,000. Advisors Asset Management Inc. boosted its position in shares of Eastman Chemical by 149.9% during the second quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock worth $116,000 after purchasing an additional 826 shares in the last quarter. Acrospire Investment Management LLC boosted its position in shares of Eastman Chemical by 1,500.0% during the second quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock worth $134,000 after purchasing an additional 1,500 shares in the last quarter. M&R Capital Management Inc. boosted its position in shares of Eastman Chemical by 62.9% during the second quarter. M&R Capital Management Inc. now owns 1,812 shares of the basic materials company’s stock worth $150,000 after purchasing an additional 700 shares in the last quarter. Finally, Pathstone Family Office LLC bought a new position in shares of Eastman Chemical during the first quarter worth $158,000. 82.13% of the stock is currently owned by institutional investors.
About Eastman Chemical
Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.
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