Equities analysts expect Eastman Chemical (NYSE:EMN) to post $2.38 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Eastman Chemical’s earnings, with the highest sales estimate coming in at $2.44 billion and the lowest estimate coming in at $2.33 billion. Eastman Chemical reported sales of $2.55 billion during the same quarter last year, which indicates a negative year over year growth rate of 6.7%. The company is expected to issue its next earnings results on Thursday, October 24th.
According to Zacks, analysts expect that Eastman Chemical will report full year sales of $9.56 billion for the current financial year, with estimates ranging from $9.41 billion to $9.82 billion. For the next financial year, analysts anticipate that the firm will post sales of $9.94 billion, with estimates ranging from $9.68 billion to $10.08 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Eastman Chemical.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 25th. The basic materials company reported $1.99 earnings per share for the quarter, missing the consensus estimate of $2.09 by ($0.10). Eastman Chemical had a return on equity of 17.76% and a net margin of 9.45%. The business had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter in the previous year, the company posted $2.22 earnings per share. The company’s quarterly revenue was down 9.8% compared to the same quarter last year.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Eastman Chemical by 0.3% in the 2nd quarter. Vanguard Group Inc. now owns 14,829,482 shares of the basic materials company’s stock valued at $1,154,178,000 after acquiring an additional 49,886 shares during the period. BlackRock Inc. increased its holdings in shares of Eastman Chemical by 1.3% in the 1st quarter. BlackRock Inc. now owns 10,623,525 shares of the basic materials company’s stock valued at $806,114,000 after acquiring an additional 134,439 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Eastman Chemical by 6.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,357,122 shares of the basic materials company’s stock valued at $566,794,000 after acquiring an additional 460,512 shares during the period. LSV Asset Management increased its holdings in shares of Eastman Chemical by 0.3% in the 2nd quarter. LSV Asset Management now owns 5,610,418 shares of the basic materials company’s stock valued at $436,658,000 after acquiring an additional 17,575 shares during the period. Finally, Victory Capital Management Inc. increased its holdings in shares of Eastman Chemical by 25.7% in the 2nd quarter. Victory Capital Management Inc. now owns 4,477,400 shares of the basic materials company’s stock valued at $348,476,000 after acquiring an additional 916,232 shares during the period. Institutional investors own 81.66% of the company’s stock.
Shares of NYSE EMN traded down $1.41 during midday trading on Friday, hitting $65.13. The company’s stock had a trading volume of 11,409 shares, compared to its average volume of 1,268,286. The company has a current ratio of 1.58, a quick ratio of 0.80 and a debt-to-equity ratio of 0.95. The business’s 50 day moving average is $73.84 and its two-hundred day moving average is $76.75. Eastman Chemical has a 12-month low of $63.43 and a 12-month high of $100.52. The firm has a market cap of $8.97 billion, a P/E ratio of 7.97, a price-to-earnings-growth ratio of 0.98 and a beta of 1.33.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.62 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.48 annualized dividend and a yield of 3.81%. Eastman Chemical’s payout ratio is currently 30.24%.
Eastman Chemical Company Profile
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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