$2.38 Billion in Sales Expected for Eastman Chemical (NYSE:EMN) This Quarter

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.

Several brokerages have recently weighed in on EMN. Tudor Pickering upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $79.00 price target on the stock in a report on Thursday, August 15th. ValuEngine upgraded Eastman Chemical from a “strong sell” rating to a “sell” rating in a report on Friday, June 21st. SunTrust Banks set a $80.00 price target on Eastman Chemical and gave the stock a “hold” rating in a report on Monday, July 15th. JPMorgan Chase & Co. downgraded Eastman Chemical from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $88.00 to $80.00 in a report on Monday, July 29th. Finally, Citigroup set a $78.00 price target on Eastman Chemical and gave the stock a “hold” rating in a report on Monday, July 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Eastman Chemical has an average rating of “Hold” and a consensus price target of $85.38.

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

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