Jefferies Financial Group Equities Analysts Reduce Earnings Estimates for Eastman Chemical (NYSE:EMN)

Eastman Chemical (NYSE:EMNGet Rating) – Equities research analysts at Jefferies Financial Group lowered their Q3 2022 earnings per share estimates for Eastman Chemical in a report released on Tuesday, September 13th. Jefferies Financial Group analyst L. Alexander now anticipates that the basic materials company will post earnings per share of $2.00 for the quarter, down from their prior estimate of $2.68. Jefferies Financial Group currently has a “Hold” rating and a $87.00 price target on the stock. The consensus estimate for Eastman Chemical’s current full-year earnings is $9.56 per share. Jefferies Financial Group also issued estimates for Eastman Chemical’s Q4 2022 earnings at $2.30 EPS and FY2022 earnings at $9.20 EPS.

Eastman Chemical (NYSE:EMNGet Rating) last issued its quarterly earnings results on Thursday, July 28th. The basic materials company reported $2.83 EPS for the quarter, topping analysts’ consensus estimates of $2.69 by $0.14. Eastman Chemical had a return on equity of 20.67% and a net margin of 11.18%. The company had revenue of $2.78 billion for the quarter, compared to analysts’ expectations of $2.79 billion. During the same quarter last year, the business earned $2.46 earnings per share. Eastman Chemical’s revenue was up 4.9% on a year-over-year basis.

Several other analysts have also weighed in on EMN. Citigroup reduced their price objective on Eastman Chemical from $102.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday. Bank of America reduced their price objective on Eastman Chemical from $123.00 to $115.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 13th. Royal Bank of Canada reduced their price objective on Eastman Chemical from $97.00 to $82.00 and set a “sector perform” rating on the stock in a research note on Thursday. UBS Group reduced their price objective on Eastman Chemical from $121.00 to $118.00 and set a “buy” rating on the stock in a research note on Friday, July 29th. Finally, Barclays reduced their price objective on Eastman Chemical from $120.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 2nd. Ten equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $113.20.

Eastman Chemical Stock Down 2.7 %

Shares of NYSE EMN opened at $79.13 on Friday. The stock’s fifty day moving average is $93.14 and its 200 day moving average is $100.28. The stock has a market capitalization of $9.72 billion, a P/E ratio of 8.59, a PEG ratio of 1.61 and a beta of 1.43. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.69 and a current ratio of 1.27. Eastman Chemical has a 52 week low of $77.74 and a 52 week high of $129.48.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 7th. Shareholders of record on Thursday, September 15th will be issued a $0.76 dividend. The ex-dividend date is Wednesday, September 14th. This represents a $3.04 dividend on an annualized basis and a yield of 3.84%. Eastman Chemical’s payout ratio is currently 33.01%.

Institutional Investors Weigh In On Eastman Chemical

A number of hedge funds have recently added to or reduced their stakes in EMN. Confluence Wealth Services Inc. bought a new stake in Eastman Chemical in the fourth quarter worth approximately $25,000. Gradient Investments LLC bought a new stake in shares of Eastman Chemical during the second quarter valued at approximately $27,000. Wellington Shields Capital Management LLC bought a new stake in shares of Eastman Chemical during the first quarter valued at approximately $28,000. First Command Bank bought a new stake in shares of Eastman Chemical during the second quarter valued at approximately $30,000. Finally, Castle Wealth Management LLC bought a new stake in shares of Eastman Chemical during the second quarter valued at approximately $30,000. 85.41% of the stock is currently owned by institutional investors.

About Eastman Chemical

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

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