Eastman Chemical (NYSE:EMN) Expected to Announce Quarterly Sales of $2.51 Billion

Brokerages expect Eastman Chemical (NYSE:EMN – Get Rating) to announce sales of $2.51 billion for the current quarter, according to Zacks Investment Research. Seven analysts have made estimates for Eastman Chemical’s earnings, with the lowest sales estimate coming in at $2.41 billion and the highest estimate coming in at $2.64 billion. Eastman Chemical posted sales of $2.41 billion in the same quarter last year, which would indicate a positive year over year growth rate of 4.1%. The company is scheduled to issue its next quarterly earnings results after the market closes on Monday, January 1st.

According to Zacks, analysts expect that Eastman Chemical will report full-year sales of $10.40 billion for the current fiscal year, with estimates ranging from $9.97 billion to $10.72 billion. For the next financial year, analysts forecast that the business will report sales of $10.65 billion, with estimates ranging from $10.16 billion to $11.12 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Eastman Chemical.

Eastman Chemical (NYSE:EMN – Get Rating) last released its earnings results on Thursday, January 27th. The basic materials company reported $1.81 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.89 by ($0.08). The company had revenue of $2.69 billion during the quarter, compared to the consensus estimate of $2.38 billion. Eastman Chemical had a net margin of 8.18% and a return on equity of 19.93%. The firm’s quarterly revenue was up 23.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.69 EPS.

Several equities research analysts have issued reports on the stock. KeyCorp lowered their price target on shares of Eastman Chemical from $150.00 to $142.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 5th. Barclays raised their price target on shares of Eastman Chemical from $128.00 to $130.00 and gave the stock an “equal weight” rating in a report on Monday, January 31st. Wells Fargo & Company lowered their price objective on shares of Eastman Chemical from $138.00 to $128.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 6th. Piper Sandler cut their price target on shares of Eastman Chemical from $126.00 to $118.00 and set a “neutral” rating for the company in a research note on Wednesday, March 9th. Finally, Morgan Stanley upped their price objective on shares of Eastman Chemical from $142.00 to $165.00 and gave the stock an “overweight” rating in a report on Tuesday, January 11th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $133.00.

In related news, SVP Christopher Moore Killian sold 14,738 shares of the stock in a transaction that occurred on Thursday, February 10th. The shares were sold at an average price of $122.75, for a total value of $1,809,089.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Mark K. Cox sold 4,858 shares of the firm’s stock in a transaction on Friday, February 25th. The shares were sold at an average price of $120.79, for a total value of $586,797.82. The disclosure for this sale can be found here. Corporate insiders own 1.93% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the business. Penserra Capital Management LLC lifted its position in shares of Eastman Chemical by 60.0% during the third quarter. Penserra Capital Management LLC now owns 264 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 99 shares in the last quarter. Allworth Financial LP grew its stake in Eastman Chemical by 17.5% during the 3rd quarter. Allworth Financial LP now owns 670 shares of the basic materials company’s stock valued at $67,000 after purchasing an additional 100 shares in the last quarter. Dorsey & Whitney Trust CO LLC raised its stake in Eastman Chemical by 4.6% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 2,261 shares of the basic materials company’s stock valued at $273,000 after acquiring an additional 100 shares in the last quarter. Woodward Diversified Capital LLC grew its holdings in shares of Eastman Chemical by 4.0% in the 1st quarter. Woodward Diversified Capital LLC now owns 2,762 shares of the basic materials company’s stock worth $310,000 after acquiring an additional 105 shares during the last quarter. Finally, Clarius Group LLC boosted its position in Eastman Chemical by 2.6% during the fourth quarter. Clarius Group LLC now owns 4,382 shares of the basic materials company’s stock valued at $530,000 after purchasing an additional 109 shares during the last quarter. 82.59% of the stock is currently owned by hedge funds and other institutional investors.

Shares of EMN stock opened at $107.91 on Friday. The firm’s 50 day moving average price is $113.28 and its two-hundred day moving average price is $113.65. The stock has a market cap of $13.91 billion, a PE ratio of 17.13, a PEG ratio of 0.67 and a beta of 1.47. Eastman Chemical has a 52-week low of $98.24 and a 52-week high of $130.47. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.06 and a current ratio of 1.56.

The company also recently announced a quarterly dividend, which was paid on Friday, April 1st. Investors of record on Tuesday, March 15th were issued a $0.76 dividend. The ex-dividend date was Monday, March 14th. This represents a $3.04 annualized dividend and a yield of 2.82%. Eastman Chemical’s payout ratio is 48.25%.

Eastman Chemical Company Profile (Get Rating)

Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.

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