Equities research analysts forecast that Eastman Chemical (NYSE:EMN) will announce $2.19 billion in sales for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Eastman Chemical’s earnings, with the lowest sales estimate coming in at $2.15 billion and the highest estimate coming in at $2.23 billion. Eastman Chemical posted sales of $2.38 billion during the same quarter last year, which would indicate a negative year over year growth rate of 8%. The firm is expected to report its next earnings results on Thursday, January 30th.

On average, analysts expect that Eastman Chemical will report full year sales of $9.28 billion for the current fiscal year, with estimates ranging from $9.22 billion to $9.43 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $9.51 billion, with estimates ranging from $9.39 billion to $9.79 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Eastman Chemical.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, October 24th. The basic materials company reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $1.98 by ($0.04). The company had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.36 billion. Eastman Chemical had a net margin of 8.12% and a return on equity of 16.58%. The company’s revenue for the quarter was down 8.7% compared to the same quarter last year. During the same period in the prior year, the business earned $2.34 earnings per share.

A number of equities research analysts recently weighed in on EMN shares. Cowen reaffirmed a “market perform” rating and issued a $77.00 target price (down from $83.00) on shares of Eastman Chemical in a research note on Monday, August 5th. JPMorgan Chase & Co. downgraded shares of Eastman Chemical from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $88.00 to $80.00 in a research note on Monday, July 29th. UBS Group set a $89.00 price target on shares of Eastman Chemical and gave the stock a “buy” rating in a research note on Friday, October 25th. Wells Fargo & Co began coverage on shares of Eastman Chemical in a research note on Tuesday, October 15th. They set an “outperform” rating and a $85.00 price target on the stock. Finally, SunTrust Banks lifted their price target on shares of Eastman Chemical to $80.00 and gave the stock a “hold” rating in a research note on Tuesday, October 29th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $84.47.

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of Eastman Chemical by 0.3% during 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 purchasing an additional 49,886 shares during the period. JPMorgan Chase & Co. boosted its stake in 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 worth $566,794,000 after purchasing an additional 460,512 shares during the period. LSV Asset Management boosted its stake in 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 worth $436,658,000 after purchasing an additional 17,575 shares during the period. Victory Capital Management Inc. boosted its stake in 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 worth $348,476,000 after purchasing an additional 916,232 shares during the period. Finally, Invesco Ltd. boosted its stake in Eastman Chemical by 166.8% in the 2nd quarter. Invesco Ltd. now owns 3,284,054 shares of the basic materials company’s stock worth $255,599,000 after purchasing an additional 2,053,378 shares during the period. 81.74% of the stock is currently owned by hedge funds and other institutional investors.

EMN traded down $0.81 on Friday, reaching $78.46. The company had a trading volume of 726,557 shares, compared to its average volume of 1,137,850. The business has a 50 day simple moving average of $75.82 and a 200 day simple moving average of $73.10. The company has a market cap of $10.67 billion, a price-to-earnings ratio of 9.57, a P/E/G ratio of 1.55 and a beta of 1.40. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.84 and a current ratio of 1.65. Eastman Chemical has a 52-week low of $61.22 and a 52-week high of $86.18.

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

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