JPMorgan Chase – $2.35 Billion in Sales Expected for Eastman Chemical (NYSE:EMN) This Quarter
Analysts expect Eastman Chemical (NYSE:EMN) to report sales of $2.35 billion for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Eastman Chemical’s earnings, with the highest sales estimate coming in at $2.46 billion and the lowest estimate coming in at $2.31 billion. Eastman Chemical reported sales of $2.24 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 4.9%. The firm is expected to report its next quarterly earnings report on Thursday, April 29th.
According to Zacks, analysts expect that Eastman Chemical will report full year sales of $9.19 billion for the current fiscal year, with estimates ranging from $8.98 billion to $9.45 billion. For the next financial year, analysts expect that the company will post sales of $9.54 billion, with estimates ranging from $9.31 billion to $9.82 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that cover Eastman Chemical.
Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, January 28th. The basic materials company reported $1.69 EPS for the quarter, topping the consensus estimate of $1.50 by $0.19. The company had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. Eastman Chemical had a net margin of 5.56% and a return on equity of 13.12%. The firm’s revenue for the quarter was down .9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.42 earnings per share.
Several equities research analysts have commented on EMN shares. Bank of America upped their price objective on shares of Eastman Chemical from $89.00 to $101.00 and gave the company a “neutral” rating in a report on Monday, November 30th. KeyCorp raised their target price on Eastman Chemical from $96.00 to $122.00 and gave the stock an “overweight” rating in a research note on Friday, January 15th. Zacks Investment Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating and set a $105.00 price target on the stock. in a research report on Thursday, January 28th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Eastman Chemical from $95.00 to $114.00 and gave the stock a “buy” rating in a research note on Wednesday, December 2nd. Finally, Wells Fargo & Company upped their price target on Eastman Chemical from $114.00 to $120.00 and gave the company an “overweight” rating in a report on Tuesday, February 2nd. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $85.83.
Shares of NYSE:EMN opened at $115.28 on Monday. The business’s 50 day moving average is $106.78 and its 200 day moving average is $93.75. Eastman Chemical has a 12-month low of $34.44 and a 12-month high of $115.78. The stock has a market cap of $15.66 billion, a price-to-earnings ratio of 33.32, a PEG ratio of 3.97 and a beta of 1.53. The company has a quick ratio of 1.23, a current ratio of 1.98 and a debt-to-equity ratio of 0.89.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 5th. Investors of record on Monday, March 15th will be given a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 2.39%. The ex-dividend date is Friday, March 12th. Eastman Chemical’s payout ratio is currently 38.71%.
In other news, EVP Brad A. Lich sold 26,042 shares of the firm’s stock in a transaction dated Monday, February 8th. The stock was sold at an average price of $104.94, for a total value of $2,732,847.48. Also, CEO Mark J. Costa sold 74,301 shares of Eastman Chemical stock in a transaction dated Wednesday, February 24th. The stock was sold at an average price of $113.75, for a total value of $8,451,738.75. Following the sale, the chief executive officer now directly owns 310,881 shares of the company’s stock, valued at approximately $35,362,713.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 177,103 shares of company stock worth $19,656,550. 1.66% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of the company. Great West Life Assurance Co. Can boosted its position in shares of Eastman Chemical by 3,495.5% during the 3rd quarter. Great West Life Assurance Co. Can now owns 10,888,218 shares of the basic materials company’s stock valued at $24,249,000 after acquiring an additional 10,585,391 shares during the last quarter. Ninety One UK Ltd purchased a new position in Eastman Chemical in the fourth quarter worth approximately $193,544,000. JPMorgan Chase & Co. increased its stake in Eastman Chemical by 17.6% during the third quarter. JPMorgan Chase & Co. now owns 12,287,649 shares of the basic materials company’s stock worth $947,990,000 after acquiring an additional 1,837,475 shares during the last quarter. Principal Financial Group Inc. increased its stake in Eastman Chemical by 495.4% during the fourth quarter. Principal Financial Group Inc. now owns 1,302,434 shares of the basic materials company’s stock worth $130,608,000 after acquiring an additional 1,083,689 shares during the last quarter. Finally, Morgan Stanley raised its position in Eastman Chemical by 30.0% in the third quarter. Morgan Stanley now owns 1,195,130 shares of the basic materials company’s stock valued at $93,364,000 after purchasing an additional 276,131 shares during the period. 84.43% of the stock is owned by institutional investors and hedge funds.
Eastman Chemical Company Profile
Eastman Chemical Company operates as a specialty materials company worldwide. 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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