Equities analysts predict that Eastman Chemical (NYSE:EMN) will post sales of $2.41 billion for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Eastman Chemical’s earnings. The highest sales estimate is $2.42 billion and the lowest is $2.40 billion. Eastman Chemical posted sales of $2.36 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 2.1%. The firm is expected to issue its next earnings report on Thursday, February 7th.
According to Zacks, analysts expect that Eastman Chemical will report full-year sales of $10.15 billion for the current financial year, with estimates ranging from $9.96 billion to $10.19 billion. For the next year, analysts forecast that the firm will report sales of $10.51 billion, with estimates ranging from $10.40 billion to $10.65 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Eastman Chemical.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, October 25th. The basic materials company reported $2.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.29 by $0.05. The firm had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.53 billion. Eastman Chemical had a net margin of 16.05% and a return on equity of 21.18%.
A number of equities analysts recently weighed in on EMN shares. JPMorgan Chase & Co. downgraded shares of Eastman Chemical from an “overweight” rating to a “neutral” rating in a research note on Friday, October 5th. Citigroup lowered their target price on shares of Eastman Chemical from $108.00 to $94.00 and set a “neutral” rating for the company in a research note on Thursday, October 11th. Zacks Investment Research downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Monday, October 8th. KeyCorp lowered their target price on shares of Eastman Chemical from $122.00 to $110.00 and set an “overweight” rating for the company in a research note on Monday, October 29th. Finally, ValuEngine downgraded shares of Eastman Chemical from a “hold” rating to a “sell” rating in a research note on Saturday, October 6th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $99.50.
A number of institutional investors and hedge funds have recently bought and sold shares of EMN. Captrust Financial Advisors increased its stake in Eastman Chemical by 657.1% in the third quarter. Captrust Financial Advisors now owns 1,060 shares of the basic materials company’s stock valued at $102,000 after purchasing an additional 920 shares in the last quarter. Fort L.P. bought a new stake in Eastman Chemical in the second quarter valued at $116,000. Point72 Asset Management L.P. bought a new stake in Eastman Chemical in the second quarter valued at $120,000. Resources Management Corp CT ADV bought a new stake in Eastman Chemical in the third quarter valued at $153,000. Finally, Banco de Sabadell S.A bought a new stake in Eastman Chemical in the third quarter valued at $156,000. 82.53% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE EMN opened at $73.20 on Friday. Eastman Chemical has a twelve month low of $73.08 and a twelve month high of $112.45. The firm has a market cap of $10.88 billion, a P/E ratio of 9.62, a PEG ratio of 1.06 and a beta of 1.28. The company has a quick ratio of 0.94, a current ratio of 1.69 and a debt-to-equity ratio of 0.98.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 4th. Shareholders of record on Monday, December 17th will be paid a $0.62 dividend. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.56. This represents a $2.48 annualized dividend and a yield of 3.39%. The ex-dividend date of this dividend is Friday, December 14th. Eastman Chemical’s payout ratio is 29.43%.
Eastman Chemical Company Profile
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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