Eastman Chemical (NYSE:EMN) Expected to Announce Quarterly Sales of $1.84 Billion

Equities research analysts expect Eastman Chemical (NYSE:EMN) to announce sales of $1.84 billion for the current fiscal quarter, according to Zacks. Five analysts have issued estimates for Eastman Chemical’s earnings. The lowest sales estimate is $1.81 billion and the highest is $1.91 billion. Eastman Chemical posted sales of $2.36 billion in the same quarter last year, which suggests a negative year-over-year growth rate of 22%. The company is expected to issue its next earnings report on Thursday, July 23rd.

On average, analysts expect that Eastman Chemical will report full-year sales of $8.09 billion for the current fiscal year, with estimates ranging from $7.77 billion to $8.53 billion. For the next year, analysts anticipate that the firm will report sales of $8.69 billion, with estimates ranging from $8.38 billion to $9.03 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that that provide coverage for Eastman Chemical.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, April 30th. The basic materials company reported $2.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.72 by $0.31. Eastman Chemical had a return on equity of 16.76% and a net margin of 8.85%. The company had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.26 billion. During the same quarter in the previous year, the business earned $1.77 EPS. Eastman Chemical’s revenue was down 5.8% compared to the same quarter last year.

Several brokerages have weighed in on EMN. TheStreet cut Eastman Chemical from a “b-” rating to a “c” rating in a report on Monday, March 2nd. Royal Bank of Canada upped their price objective on Eastman Chemical from $48.00 to $60.00 in a research note on Monday, May 4th. Morgan Stanley decreased their price objective on Eastman Chemical from $90.00 to $70.00 and set an “overweight” rating for the company in a research note on Monday, March 30th. Barclays decreased their price objective on Eastman Chemical from $81.00 to $70.00 and set an “equal weight” rating for the company in a research note on Monday, May 4th. Finally, Stifel Nicolaus decreased their price objective on Eastman Chemical from $94.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, March 24th. One research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $71.11.

Shares of EMN stock traded up $0.06 during mid-day trading on Monday, hitting $65.46. The stock had a trading volume of 710,206 shares, compared to its average volume of 1,424,971. Eastman Chemical has a 12-month low of $34.44 and a 12-month high of $83.99. The firm has a market capitalization of $8.89 billion, a P/E ratio of 11.17, a price-to-earnings-growth ratio of 2.57 and a beta of 1.61. The firm’s 50-day moving average is $57.40 and its two-hundred day moving average is $67.33. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.66 and a quick ratio of 0.95.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Monday, June 15th will be issued a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 4.03%. The ex-dividend date is Friday, June 12th. Eastman Chemical’s dividend payout ratio is presently 37.03%.

Several hedge funds have recently made changes to their positions in EMN. Huntington National Bank increased its holdings in shares of Eastman Chemical by 1.8% in the fourth quarter. Huntington National Bank now owns 48,890 shares of the basic materials company’s stock valued at $3,875,000 after purchasing an additional 844 shares during the period. Commerzbank Aktiengesellschaft FI increased its holdings in shares of Eastman Chemical by 8.8% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 26,997 shares of the basic materials company’s stock valued at $2,140,000 after purchasing an additional 2,189 shares during the period. Steward Partners Investment Advisory LLC increased its holdings in shares of Eastman Chemical by 5.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,697 shares of the basic materials company’s stock valued at $213,000 after purchasing an additional 133 shares during the period. Farmers & Merchants Investments Inc. increased its holdings in shares of Eastman Chemical by 1,194.0% in the fourth quarter. Farmers & Merchants Investments Inc. now owns 867 shares of the basic materials company’s stock valued at $69,000 after purchasing an additional 800 shares during the period. Finally, Wealthfront Advisers LLC acquired a new position in shares of Eastman Chemical in the fourth quarter valued at about $203,000. 82.48% of the stock is currently 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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