Analysts expect Eastman Chemical (NYSE:EMN) to report sales of $2.29 billion for the current fiscal quarter, according to Zacks. Four analysts have made estimates for Eastman Chemical’s earnings. The lowest sales estimate is $2.24 billion and the highest is $2.33 billion. Eastman Chemical reported sales of $2.19 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 4.6%. The company is scheduled to issue its next quarterly earnings results after the market closes on Thursday, February 1st.
On average, analysts expect that Eastman Chemical will report full-year sales of $2.29 billion for the current year, with estimates ranging from $9.37 billion to $9.51 billion. For the next year, analysts forecast that the business will post sales of $9.81 billion per share, with estimates ranging from $9.64 billion to $10.08 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Eastman Chemical.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, October 26th. The basic materials company reported $2.19 EPS for the quarter, topping the consensus estimate of $2.03 by $0.16. Eastman Chemical had a net margin of 10.89% and a return on equity of 22.77%. The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period in the previous year, the firm earned $1.86 EPS. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year.
In related news, SVP Perry Stuckey sold 5,200 shares of the business’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $92.12, for a total value of $479,024.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.14% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Ameriprise Financial Inc. increased its stake in shares of Eastman Chemical by 8.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,930,981 shares of the basic materials company’s stock valued at $265,234,000 after acquiring an additional 223,382 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Eastman Chemical by 4.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,238,187 shares of the basic materials company’s stock valued at $202,526,000 after acquiring an additional 87,674 shares during the last quarter. Allianz Asset Management GmbH increased its stake in shares of Eastman Chemical by 4.8% during the 3rd quarter. Allianz Asset Management GmbH now owns 1,422,975 shares of the basic materials company’s stock valued at $128,766,000 after acquiring an additional 64,652 shares during the last quarter. Lord Abbett & CO. LLC increased its stake in shares of Eastman Chemical by 4.1% during the 2nd quarter. Lord Abbett & CO. LLC now owns 1,388,156 shares of the basic materials company’s stock valued at $116,591,000 after acquiring an additional 54,800 shares during the last quarter. Finally, APG Asset Management N.V. increased its stake in shares of Eastman Chemical by 29.4% during the 3rd quarter. APG Asset Management N.V. now owns 957,213 shares of the basic materials company’s stock valued at $86,618,000 after acquiring an additional 217,600 shares during the last quarter. 82.74% of the stock is owned by hedge funds and other institutional investors.
Eastman Chemical (NYSE:EMN) traded up $1.29 during trading on Friday, hitting $98.13. 1,150,000 shares of the company traded hands, compared to its average volume of 1,030,000. Eastman Chemical has a 1-year low of $74.78 and a 1-year high of $98.24. The company has a quick ratio of 0.94, a current ratio of 1.83 and a debt-to-equity ratio of 1.24. The stock has a market cap of $14,100.00, a price-to-earnings ratio of 14.24, a PEG ratio of 1.42 and a beta of 1.31.
The company also recently announced a quarterly dividend, which was paid on Friday, January 5th. Investors of record on Monday, December 18th were paid a $0.56 dividend. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.51. The ex-dividend date was Friday, December 15th. This represents a $2.24 annualized dividend and a yield of 2.28%. Eastman Chemical’s payout ratio is presently 32.51%.
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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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