Eastman Chemical Company (EMN) Expected to Post Quarterly Sales of $2.29 Billion

Equities research analysts expect Eastman Chemical Company (NYSE:EMN) to announce $2.29 billion in sales for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Eastman Chemical’s earnings, with the highest sales estimate coming in at $2.33 billion and the lowest estimate coming in at $2.24 billion. Eastman Chemical reported sales of $2.19 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 4.6%. The company is scheduled to announce its next earnings results on Thursday, January 25th.

According to Zacks, analysts expect that Eastman Chemical will report full year sales of $2.29 billion for the current financial year, with estimates ranging from $9.37 billion to $9.51 billion. For the next fiscal year, analysts anticipate that the business will report sales of $9.81 billion per share, with estimates ranging from $9.64 billion to $10.08 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Eastman Chemical.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, October 26th. The basic materials company reported $2.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.03 by $0.16. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a net margin of 10.89% and a return on equity of 22.77%. Eastman Chemical’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.86 earnings per share.

EMN has been the subject of a number of analyst reports. KeyCorp reiterated a “buy” rating and set a $100.00 target price on shares of Eastman Chemical in a report on Wednesday, October 4th. Jefferies Group reiterated a “buy” rating and set a $96.00 target price on shares of Eastman Chemical in a report on Tuesday, October 3rd. Goldman Sachs Group upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and increased their target price for the stock from $81.00 to $101.00 in a report on Thursday, September 28th. Deutsche Bank increased their target price on shares of Eastman Chemical from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, October 10th. Finally, UBS increased their target price on shares of Eastman Chemical from $97.00 to $103.00 and gave the stock a “buy” rating in a report on Friday, October 27th. Ten equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $96.93.

In related news, SVP Perry Stuckey sold 5,200 shares of the stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $92.12, for a total value of $479,024.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.14% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in EMN. Steward Partners Investment Advisory LLC bought a new position in Eastman Chemical in the third quarter worth about $113,000. Advisors Asset Management Inc. increased its stake in shares of Eastman Chemical by 149.9% during the second quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock valued at $116,000 after purchasing an additional 826 shares in the last quarter. Acrospire Investment Management LLC increased its stake in shares of Eastman Chemical by 1,500.0% during the second quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock valued at $134,000 after purchasing an additional 1,500 shares in the last quarter. Psagot Investment House Ltd. increased its stake in shares of Eastman Chemical by 60.0% during the third quarter. Psagot Investment House Ltd. now owns 1,600 shares of the basic materials company’s stock valued at $145,000 after purchasing an additional 600 shares in the last quarter. Finally, M&R Capital Management Inc. increased its stake in shares of Eastman Chemical by 62.9% during the second quarter. M&R Capital Management Inc. now owns 1,812 shares of the basic materials company’s stock valued at $150,000 after purchasing an additional 700 shares in the last quarter. 82.49% of the stock is owned by institutional investors.

Eastman Chemical (NYSE EMN) traded up $0.70 during trading on Friday, hitting $93.03. 1,228,911 shares of the stock were exchanged, compared to its average volume of 1,156,274. The company has a current ratio of 1.83, a quick ratio of 0.94 and a debt-to-equity ratio of 1.24. The stock has a market capitalization of $13,270.00, a price-to-earnings ratio of 12.22, a P/E/G ratio of 1.56 and a beta of 1.30. Eastman Chemical has a one year low of $74.78 and a one year high of $94.96.

The business also recently declared a quarterly dividend, which will be paid on Friday, January 5th. Investors of record on Monday, December 18th will be paid a $0.56 dividend. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.51. This represents a $2.24 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date is Friday, December 15th. Eastman Chemical’s dividend payout ratio is presently 32.51%.

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Eastman Chemical Company Profile

Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.

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

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