Eastman Chemical (NYSE:EMN) Expected to Post Earnings of $2.67 Per Share

Equities research analysts expect Eastman Chemical (NYSE:EMNGet Rating) to post earnings of $2.67 per share for the current quarter, Zacks Investment Research reports. Six analysts have provided estimates for Eastman Chemical’s earnings, with the highest EPS estimate coming in at $2.80 and the lowest estimate coming in at $2.48. Eastman Chemical reported earnings per share of $2.46 in the same quarter last year, which suggests a positive year over year growth rate of 8.5%. The company is scheduled to report its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that Eastman Chemical will report full-year earnings of $9.80 per share for the current fiscal year, with EPS estimates ranging from $9.63 to $9.95. For the next year, analysts anticipate that the company will report earnings of $10.71 per share, with EPS estimates ranging from $10.14 to $11.47. Zacks’ EPS averages are an average based on a survey of research analysts that follow Eastman Chemical.

Eastman Chemical (NYSE:EMNGet Rating) last issued its earnings results on Thursday, April 28th. The basic materials company reported $2.06 EPS for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.01). Eastman Chemical had a net margin of 7.59% and a return on equity of 19.82%. The business had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.50 billion. During the same period in the prior year, the business posted $2.13 EPS. The business’s revenue was up 12.7% on a year-over-year basis.

Several brokerages have weighed in on EMN. Bank of America lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $150.00 to $124.00 in a report on Tuesday, April 19th. Stifel Nicolaus decreased their price objective on shares of Eastman Chemical to $155.00 in a report on Monday, May 2nd. Citigroup reduced their price target on shares of Eastman Chemical from $139.00 to $127.00 in a research report on Monday, May 2nd. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Thursday, April 28th. Finally, KeyCorp reduced their price target on shares of Eastman Chemical from $150.00 to $142.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 5th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $129.69.

Shares of EMN stock opened at $104.73 on Thursday. The company’s fifty day simple moving average is $107.06 and its 200-day simple moving average is $113.44. The company has a market cap of $13.50 billion, a PE ratio of 17.14, a P/E/G ratio of 1.12 and a beta of 1.43. Eastman Chemical has a 52 week low of $98.24 and a 52 week high of $130.47. The company has a current ratio of 1.57, a quick ratio of 1.04 and a debt-to-equity ratio of 0.73.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 8th. Shareholders of record on Wednesday, June 15th will be given a dividend of $0.76 per share. The ex-dividend date is Tuesday, June 14th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 2.90%. Eastman Chemical’s dividend payout ratio (DPR) is 49.75%.

In other news, SVP Mark K. Cox sold 4,858 shares of Eastman Chemical stock in a transaction that occurred on Friday, February 25th. The shares were sold at an average price of $120.79, for a total value of $586,797.82. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.93% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in EMN. American Century Companies Inc. increased its position in shares of Eastman Chemical by 12,812.9% in the first quarter. American Century Companies Inc. now owns 1,825,502 shares of the basic materials company’s stock worth $204,566,000 after acquiring an additional 1,811,365 shares in the last quarter. Norges Bank purchased a new position in shares of Eastman Chemical in the fourth quarter worth approximately $148,005,000. Ceredex Value Advisors LLC purchased a new position in shares of Eastman Chemical in the first quarter worth approximately $76,900,000. Russell Investments Group Ltd. increased its position in shares of Eastman Chemical by 216.6% in the fourth quarter. Russell Investments Group Ltd. now owns 773,001 shares of the basic materials company’s stock worth $93,458,000 after acquiring an additional 528,864 shares in the last quarter. Finally, Bank of Nova Scotia increased its position in shares of Eastman Chemical by 1,931.7% in the first quarter. Bank of Nova Scotia now owns 530,474 shares of the basic materials company’s stock worth $59,445,000 after acquiring an additional 504,364 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors.

About Eastman Chemical (Get Rating)

Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.

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