$2.37 Billion in Sales Expected for Eastman Chemical Company (EMN) This Quarter
Wall Street analysts predict that Eastman Chemical Company (NYSE:EMN) will announce $2.37 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Eastman Chemical’s earnings. The lowest sales estimate is $2.33 billion and the highest is $2.40 billion. Eastman Chemical posted sales of $2.30 billion in the same quarter last year, which suggests a positive year over year growth rate of 3%. The business is expected to report its next earnings report after the market closes on Thursday, July 27th.
On average, analysts expect that Eastman Chemical will report full-year sales of $2.37 billion for the current fiscal year, with estimates ranging from $9.23 billion to $9.37 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $9.63 billion per share, with estimates ranging from $9.45 billion to $9.78 billion. Zacks’ sales averages are an average based on a survey of analysts that follow Eastman Chemical.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, April 27th. The basic materials company reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.74 by $0.09. Eastman Chemical had a net margin of 9.84% and a return on equity of 22.23%. The firm had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.24 billion.
A number of research analysts recently commented on the company. Zacks Investment Research downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, June 30th. TheStreet upgraded Eastman Chemical from a “c+” rating to a “b” rating in a research note on Monday, April 17th. Citigroup Inc. upped their price objective on Eastman Chemical from $81.00 to $89.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 12th. BidaskClub upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Finally, Jefferies Group LLC restated a “buy” rating and set a $90.00 price objective on shares of Eastman Chemical in a research note on Wednesday, July 5th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $86.00.
In other news, Director Lewis M. Kling sold 4,000 shares of the company’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $79.88, for a total value of $319,520.00. Following the completion of the sale, the director now owns 15,693 shares in the company, valued at $1,253,556.84. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.14% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. Raymond James Trust N.A. raised its stake in shares of Eastman Chemical by 13.7% in the first quarter. Raymond James Trust N.A. now owns 26,975 shares of the basic materials company’s stock valued at $2,179,000 after buying an additional 3,249 shares during the period. Contravisory Investment Management Inc. purchased a new stake in shares of Eastman Chemical during the first quarter valued at $262,000. Denali Advisors LLC raised its stake in shares of Eastman Chemical by 42.3% in the first quarter. Denali Advisors LLC now owns 30,600 shares of the basic materials company’s stock valued at $2,472,000 after buying an additional 9,100 shares during the period. CENTRAL TRUST Co raised its stake in shares of Eastman Chemical by 43.2% in the first quarter. CENTRAL TRUST Co now owns 2,983 shares of the basic materials company’s stock valued at $241,000 after buying an additional 900 shares during the period. Finally, Chevy Chase Trust Holdings Inc. raised its stake in shares of Eastman Chemical by 2.8% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 127,714 shares of the basic materials company’s stock valued at $10,319,000 after buying an additional 3,515 shares during the period. Institutional investors and hedge funds own 87.89% of the company’s stock.
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Eastman Chemical (NYSE EMN) traded up 0.83% during trading on Wednesday, reaching $85.79. 264,106 shares of the company were exchanged. The stock has a market capitalization of $12.51 billion, a PE ratio of 14.43 and a beta of 1.29. Eastman Chemical has a 52-week low of $62.70 and a 52-week high of $86.28. The firm’s 50 day moving average is $83.26 and its 200 day moving average is $80.04.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 5th. Stockholders of record on Thursday, June 15th were paid a $0.51 dividend. The ex-dividend date of this dividend was Tuesday, June 13th. This represents a $2.04 annualized dividend and a dividend yield of 2.40%. Eastman Chemical’s payout ratio is 33.83%.
Eastman Chemical Company Profile
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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