$1.90 Earnings Per Share Expected for Eastman Chemical (NYSE:EMN) This Quarter

Brokerages expect Eastman Chemical (NYSE:EMN) to report $1.90 earnings per share for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Eastman Chemical’s earnings. The highest EPS estimate is $2.00 and the lowest is $1.76. Eastman Chemical reported earnings of $1.39 per share during the same quarter last year, which would indicate a positive year over year growth rate of 36.7%. The company is expected to report its next quarterly earnings report on Thursday, January 30th.

On average, analysts expect that Eastman Chemical will report full year earnings of $7.62 per share for the current financial year, with EPS estimates ranging from $7.49 to $7.76. For the next year, analysts expect that the business will post earnings of $8.66 per share, with EPS estimates ranging from $8.20 to $9.07. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research analysts that follow Eastman Chemical.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, October 24th. The basic materials company reported $1.94 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.98 by ($0.04). The company had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a net margin of 8.12% and a return on equity of 16.70%. The business’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 firm posted $2.34 EPS.

Several equities analysts have recently weighed in on EMN shares. Cowen reissued a “market perform” rating and set a $77.00 target price (down previously from $83.00) on shares of Eastman Chemical in a research report on Monday, August 5th. Citigroup set a $78.00 target price on Eastman Chemical and gave the company a “hold” rating in a research report on Monday, July 15th. SunTrust Banks cut their target price on Eastman Chemical from $80.00 to $75.00 and set a “hold” rating on the stock in a research report on Friday, October 11th. Wells Fargo & Co started coverage on Eastman Chemical in a research report on Tuesday, October 15th. They set an “outperform” rating and a $85.00 target price on the stock. Finally, Tudor Pickering raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $79.00 target price on the stock in a research report on Thursday, August 15th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. Eastman Chemical presently has a consensus rating of “Hold” and an average price target of $83.93.

Shares of NYSE EMN traded up $1.87 during trading hours on Wednesday, hitting $78.15. 2,193,804 shares of the company traded hands, compared to its average volume of 1,145,841. The stock has a market capitalization of $10.28 billion, a price-to-earnings ratio of 9.53, a price-to-earnings-growth ratio of 1.13 and a beta of 1.39. 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’s 50 day moving average price is $72.89 and its 200 day moving average price is $73.35. Eastman Chemical has a 12 month low of $61.22 and a 12 month high of $86.18.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 16th were given a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 3.17%. The ex-dividend date was Friday, September 13th. Eastman Chemical’s dividend payout ratio (DPR) is presently 30.24%.

A number of institutional investors have recently made changes to their positions in EMN. Invesco Ltd. grew its position 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 valued at $255,599,000 after acquiring an additional 2,053,378 shares during the last quarter. Victory Capital Management Inc. grew its position 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 valued at $348,476,000 after acquiring an additional 916,232 shares during the last quarter. JPMorgan Chase & Co. grew its position 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 valued at $566,794,000 after acquiring an additional 460,512 shares during the last quarter. Nuveen Asset Management LLC grew its position in Eastman Chemical by 2,295.3% in the 2nd quarter. Nuveen Asset Management LLC now owns 334,386 shares of the basic materials company’s stock valued at $26,026,000 after acquiring an additional 320,426 shares during the last quarter. Finally, Clark Capital Management Group Inc. bought a new position in Eastman Chemical in the 2nd quarter valued at $20,847,000. 81.12% of the stock is currently owned by institutional investors.

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.

See Also: How the Dogs of the Dow Strategy Works

Get a free copy of the Zacks research report on Eastman Chemical (EMN)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

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.