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
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.