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

Wall Street analysts expect Eastman Chemical (NYSE:EMN) to announce sales of $2.38 billion for the current quarter, Zacks reports. Four analysts have provided estimates for Eastman Chemical’s earnings. The highest sales estimate is $2.44 billion and the lowest is $2.33 billion. Eastman Chemical posted sales of $2.55 billion during the same quarter last year, which suggests a negative year-over-year growth rate of 6.7%. The firm is expected to report its next earnings report on Thursday, October 24th.

On average, analysts expect that Eastman Chemical will report full-year sales of $9.56 billion for the current fiscal year, with estimates ranging from $9.41 billion to $9.82 billion. For the next fiscal year, analysts anticipate that the business will post sales of $9.94 billion, with estimates ranging from $9.68 billion to $10.08 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow Eastman Chemical.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, July 25th. The basic materials company reported $1.99 EPS for the quarter, missing the Thomson Reuters’ 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 for the quarter, compared to analysts’ expectations of $2.55 billion. During the same period in the previous year, the firm posted $2.22 EPS. The firm’s revenue for the quarter was down 9.8% compared to the same quarter last year.

A number of equities analysts have issued reports on the company. Tudor Pickering upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $79.00 price objective for the company in a report on Thursday, August 15th. Citigroup set a $78.00 price objective on Eastman Chemical and gave the stock a “hold” rating in a research note on Monday, July 15th. SunTrust Banks set a $80.00 price objective on Eastman Chemical and gave the stock a “hold” rating in a research note on Monday, July 15th. Nomura decreased their price objective on Eastman Chemical from $88.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, July 29th. Finally, Zacks Investment Research downgraded Eastman Chemical from a “hold” rating to a “sell” rating and set a $84.00 price objective on the stock. in a research note on Tuesday, July 2nd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the stock. Eastman Chemical presently has a consensus rating of “Hold” and a consensus target price of $85.38.

Several institutional investors have recently made changes to their positions in the business. Mackenzie Financial Corp increased its stake in Eastman Chemical by 14.4% during the second quarter. Mackenzie Financial Corp now owns 237,417 shares of the basic materials company’s stock worth $18,478,000 after acquiring an additional 29,906 shares during the last quarter. Breiter Capital Management Inc. increased its position in shares of Eastman Chemical by 10.6% during the second quarter. Breiter Capital Management Inc. now owns 2,383 shares of the basic materials company’s stock worth $238,000 after purchasing an additional 228 shares in the last quarter. Maverick Capital Ltd. acquired a new stake in shares of Eastman Chemical during the second quarter worth about $157,000. Royal Bank of Canada increased its position in shares of Eastman Chemical by 168.8% during the second quarter. Royal Bank of Canada now owns 229,102 shares of the basic materials company’s stock worth $17,830,000 after purchasing an additional 143,860 shares in the last quarter. Finally, UBS Group AG increased its position in shares of Eastman Chemical by 27.6% during the second quarter. UBS Group AG now owns 767,042 shares of the basic materials company’s stock worth $59,699,000 after purchasing an additional 165,756 shares in the last quarter. 81.66% of the stock is owned by institutional investors and hedge funds.

EMN traded down $3.17 during trading on Friday, reaching $61.83. The stock had a trading volume of 839,251 shares, compared to its average volume of 1,305,472. The stock’s 50 day moving average is $72.76 and its two-hundred day moving average is $76.41. 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 company has a market capitalization of $8.99 billion, a price-to-earnings ratio of 7.54, a P/E/G ratio of 0.98 and a beta of 1.33. Eastman Chemical has a one year low of $61.54 and a one year high of $100.52.

The company also recently announced 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 is Friday, September 13th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.01%. Eastman Chemical’s payout ratio is currently 30.24%.

About Eastman Chemical

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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