Eastman Chemical (NYSE:EMN) Expected to Post Quarterly Sales of $2.19 Billion

Wall Street analysts expect Eastman Chemical (NYSE:EMN) to report $2.19 billion in sales for the current quarter, Zacks reports. Four analysts have issued estimates for Eastman Chemical’s earnings, with the lowest sales estimate coming in at $2.15 billion and the highest estimate coming in at $2.23 billion. Eastman Chemical posted sales of $2.38 billion in the same quarter last year, which would indicate a negative year over year growth rate of 8%. The business is scheduled to report its next quarterly earnings report on Thursday, January 30th.

According to Zacks, analysts expect that Eastman Chemical will report full year sales of $9.28 billion for the current fiscal year, with estimates ranging from $9.22 billion to $9.43 billion. For the next financial year, analysts anticipate that the business will report sales of $9.51 billion, with estimates ranging from $9.39 billion to $9.79 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Eastman Chemical.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, October 24th. The basic materials company reported $1.94 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.98 by ($0.04). The company had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a net margin of 8.12% and a return on equity of 16.58%. The firm’s revenue for the quarter was down 8.7% compared to the same quarter last year. During the same period last year, the company posted $2.34 earnings per share.

EMN has been the subject of a number of recent research reports. Bank of America started coverage on Eastman Chemical in a research note on Thursday, September 26th. They set a “buy” rating and a $84.00 price objective for the company. ValuEngine upgraded Eastman Chemical from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Wells Fargo & Co began coverage on shares of Eastman Chemical in a research report on Tuesday, October 15th. They set an “outperform” rating and a $85.00 price target for the company. Tudor Pickering raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $79.00 price objective on the stock in a report on Thursday, August 15th. Finally, Zacks Investment Research downgraded shares of Eastman Chemical from a “hold” rating to a “sell” rating and set a $78.00 price objective on the stock. in a research report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $84.64.

Shares of NYSE EMN opened at $77.50 on Monday. The company has a market cap of $10.29 billion, a price-to-earnings ratio of 9.45, a price-to-earnings-growth ratio of 1.49 and a beta of 1.39. Eastman Chemical has a 12-month low of $61.22 and a 12-month high of $86.18. The company has a current ratio of 1.65, a quick ratio of 0.84 and a debt-to-equity ratio of 0.91. The stock’s 50 day simple moving average is $78.03 and its 200 day simple moving average is $73.30.

The company also recently disclosed a dividend, which will be paid on Friday, January 3rd. Stockholders of record on Monday, December 16th will be issued a $0.66 dividend. The ex-dividend date is Friday, December 13th. Eastman Chemical’s dividend payout ratio (DPR) is 30.24%.

Hedge funds have recently made changes to their positions in the stock. Toronto Dominion Bank boosted its position in shares of Eastman Chemical by 23.1% during the 2nd quarter. Toronto Dominion Bank now owns 112,703 shares of the basic materials company’s stock valued at $8,769,000 after purchasing an additional 21,161 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its stake in Eastman Chemical by 3.3% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 113,065 shares of the basic materials company’s stock valued at $8,711,000 after purchasing an additional 3,610 shares during the last quarter. Dupont Capital Management Corp lifted its stake in Eastman Chemical by 14.7% during the third quarter. Dupont Capital Management Corp now owns 45,316 shares of the basic materials company’s stock valued at $3,346,000 after purchasing an additional 5,821 shares during the last quarter. Eaton Vance Management boosted its holdings in Eastman Chemical by 4.4% during the second quarter. Eaton Vance Management now owns 27,127 shares of the basic materials company’s stock worth $2,111,000 after buying an additional 1,142 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in Eastman Chemical by 166.8% during the second quarter. Invesco Ltd. now owns 3,284,054 shares of the basic materials company’s stock worth $255,599,000 after buying an additional 2,053,378 shares in the last quarter. 79.78% of the stock is owned by institutional investors and hedge funds.

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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Earnings History and Estimates for Eastman Chemical (NYSE:EMN)

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