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.
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.
Featured Article: Growth and Income Funds
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Eastman Chemical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastman Chemical and related companies with MarketBeat.com's FREE daily email newsletter.