Eastman Chemical (NYSE:EMN) Expected to Announce Quarterly Sales of $2.35 Billion
Equities research analysts forecast that Eastman Chemical (NYSE:EMN) will report sales of $2.35 billion for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Eastman Chemical’s earnings, with the lowest sales estimate coming in at $2.31 billion and the highest estimate coming in at $2.46 billion. Eastman Chemical posted sales of $2.24 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 4.9%. The business is expected to report its next earnings report on Thursday, April 29th.
On average, analysts expect that Eastman Chemical will report full year sales of $9.17 billion for the current year, with estimates ranging from $8.86 billion to $9.45 billion. For the next financial year, analysts expect that the company will report sales of $9.53 billion, with estimates ranging from $9.22 billion to $9.82 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Eastman Chemical.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, January 28th. The basic materials company reported $1.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.19. The business had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. Eastman Chemical had a net margin of 5.56% and a return on equity of 13.12%. The company’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.42 EPS.
In other Eastman Chemical news, EVP Brad A. Lich sold 26,042 shares of the company’s stock in a transaction that occurred on Monday, February 8th. The stock was sold at an average price of $104.94, for a total value of $2,732,847.48. Also, SVP Perry Stuckey sold 20,985 shares of the business’s stock in a transaction that occurred on Friday, February 12th. The shares were sold at an average price of $107.00, for a total value of $2,245,395.00. The disclosure for this sale can be found here. Insiders own 1.66% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Fulcrum Equity Management purchased a new stake in Eastman Chemical in the fourth quarter worth $373,000. Achmea Investment Management B.V. boosted its position in shares of Eastman Chemical by 36.6% during the fourth quarter. Achmea Investment Management B.V. now owns 24,522 shares of the basic materials company’s stock valued at $2,459,000 after buying an additional 6,573 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Eastman Chemical by 5.1% in the fourth quarter. JPMorgan Chase & Co. now owns 12,917,694 shares of the basic materials company’s stock valued at $1,295,387,000 after acquiring an additional 630,045 shares during the period. National Pension Service lifted its holdings in Eastman Chemical by 1,127.4% in the fourth quarter. National Pension Service now owns 247,979 shares of the basic materials company’s stock valued at $24,867,000 after acquiring an additional 227,775 shares during the period. Finally, Symmetry Partners LLC lifted its holdings in Eastman Chemical by 12.2% in the fourth quarter. Symmetry Partners LLC now owns 9,578 shares of the basic materials company’s stock valued at $960,000 after acquiring an additional 1,043 shares during the period. Institutional investors own 84.43% of the company’s stock.
Shares of Eastman Chemical stock traded down $1.05 on Tuesday, hitting $112.36. The company had a trading volume of 658,760 shares, compared to its average volume of 898,265. The company has a market cap of $15.22 billion, a PE ratio of 32.78, a PEG ratio of 3.97 and a beta of 1.53. Eastman Chemical has a 52 week low of $34.44 and a 52 week high of $113.99. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.98 and a quick ratio of 1.23. The business has a 50-day simple moving average of $105.49 and a 200-day simple moving average of $91.66.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 5th. Stockholders of record on Monday, March 15th will be paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date is Friday, March 12th. Eastman Chemical’s payout ratio is 38.71%.
About Eastman Chemical
Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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