Brokerages Expect Eastman Chemical Company (NYSE:EMN) Will Post Quarterly Sales of $2.39 Billion
Equities analysts expect Eastman Chemical Company (NYSE:EMN) to report sales of $2.39 billion for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Eastman Chemical’s earnings, with estimates ranging from $2.35 billion to $2.41 billion. Eastman Chemical reported sales of $2.29 billion during the same quarter last year, which would suggest a positive year over year growth rate of 4.4%. The firm is expected to report its next quarterly earnings results on Thursday, October 26th.
On average, analysts expect that Eastman Chemical will report full-year sales of $2.39 billion for the current fiscal year, with estimates ranging from $9.31 billion to $9.43 billion. For the next year, analysts anticipate that the business will post 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 research analysts that cover Eastman Chemical.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.09. Eastman Chemical had a return on equity of 22.87% and a net margin of 10.11%. The firm had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the company earned $1.68 EPS. The firm’s quarterly revenue was up 5.3% on a year-over-year basis.
Several brokerages have weighed in on EMN. Zacks Investment Research lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Friday, May 19th. UBS AG reiterated a “buy” rating and set a $95.00 price target (up previously from $90.00) on shares of Eastman Chemical in a research note on Sunday, June 25th. Citigroup Inc. increased their target price on Eastman Chemical from $81.00 to $89.00 and gave the company a “neutral” rating in a research note on Wednesday, July 12th. Cowen and Company increased their target price on Eastman Chemical from $88.00 to $92.00 and gave the company an “outperform” rating in a research note on Monday. Finally, TheStreet upgraded Eastman Chemical from a “c+” rating to a “b” rating in a research note on Monday, April 17th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $89.89.
In other Eastman Chemical news, Director Lewis M. Kling sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 31st. The stock was sold at an average price of $79.88, for a total transaction of $319,520.00. Following the transaction, the director now owns 15,693 shares of the company’s stock, valued at $1,253,556.84. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Mark K. Cox sold 1,400 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total value of $117,936.00. The disclosure for this sale can be found here. 1.14% of the stock is currently owned by insiders.
Large investors have recently modified their holdings of the company. Harbour Capital Advisors LLC purchased a new stake in shares of Eastman Chemical during the first quarter worth about $100,000. FTB Advisors Inc. boosted its stake in shares of Eastman Chemical by 17.4% in the first quarter. FTB Advisors Inc. now owns 1,342 shares of the basic materials company’s stock valued at $107,000 after buying an additional 199 shares during the period. Advisors Asset Management Inc. boosted its stake in shares of Eastman Chemical by 149.9% in the second quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock valued at $116,000 after buying an additional 826 shares during the period. Whittier Trust Co. boosted its stake in shares of Eastman Chemical by 8.2% in the first quarter. Whittier Trust Co. now owns 1,768 shares of the basic materials company’s stock valued at $143,000 after buying an additional 134 shares during the period. Finally, Pathstone Family Office LLC bought a new stake in shares of Eastman Chemical during the first quarter valued at about $158,000. Institutional investors own 88.72% of the company’s stock.
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Eastman Chemical (NYSE EMN) opened at 84.45 on Tuesday. The stock has a 50 day moving average price of $84.35 and a 200 day moving average price of $80.56. The firm has a market capitalization of $12.24 billion, a price-to-earnings ratio of 13.55 and a beta of 1.28. Eastman Chemical has a 1-year low of $62.70 and a 1-year high of $86.60.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend is Thursday, September 14th. Eastman Chemical’s dividend payout ratio is currently 32.28%.
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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