Analysts expect Eastman Chemical Company (NYSE:EMN) to post earnings of $2.03 per share for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Eastman Chemical’s earnings, with the highest EPS estimate coming in at $2.10 and the lowest estimate coming in at $1.95. Eastman Chemical reported earnings per share of $1.86 in the same quarter last year, which indicates a positive year-over-year growth rate of 9.1%. The business is expected to report its next earnings report after the market closes on Thursday, October 26th.
According to Zacks, analysts expect that Eastman Chemical will report full-year earnings of $7.36 per share for the current fiscal year, with EPS estimates ranging from $7.07 to $7.61. For the next fiscal year, analysts expect that the business will report earnings of $8.17 per share, with EPS estimates ranging from $8.00 to $8.47. Zacks’ EPS averages are an average based on a survey of sell-side research analysts that follow Eastman Chemical.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.89 by $0.09. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The business had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the previous year, the company posted $1.68 earnings per share. Eastman Chemical’s revenue for the quarter was up 5.3% on a year-over-year basis.
EMN has been the subject of a number of recent research reports. Jefferies Group LLC reiterated a “buy” rating and set a $96.00 price objective on shares of Eastman Chemical in a research note on Tuesday, October 3rd. Deutsche Bank AG lifted their price objective on Eastman Chemical from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, October 10th. KeyCorp reiterated a “buy” rating and set a $100.00 price objective on shares of Eastman Chemical in a research note on Wednesday, October 4th. Goldman Sachs Group, Inc. (The) upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $81.00 to $101.00 in a research note on Thursday, September 28th. Finally, Zacks Investment Research lowered Eastman Chemical from a “hold” rating to a “sell” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $93.00.
In related news, insider Mark K. Cox sold 1,400 shares of Eastman Chemical stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total value of $117,936.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Renee J. Hornbaker sold 4,000 shares of Eastman Chemical stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total value of $337,720.00. Following the completion of the sale, the director now owns 21,858 shares in the company, valued at $1,845,470.94. The disclosure for this sale can be found here. 1.14% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of EMN. BlackRock Inc. boosted its holdings in Eastman Chemical by 3,636.5% in the 1st quarter. BlackRock Inc. now owns 11,468,628 shares of the basic materials company’s stock worth $926,666,000 after buying an additional 11,161,689 shares during the last quarter. Blackstone Group L.P. acquired a new stake in Eastman Chemical in the 1st quarter worth about $102,065,000. Vanguard Group Inc. boosted its holdings in Eastman Chemical by 4.1% in the 1st quarter. Vanguard Group Inc. now owns 14,087,863 shares of the basic materials company’s stock worth $1,138,298,000 after buying an additional 557,858 shares during the last quarter. Parametric Portfolio Associates LLC boosted its holdings in Eastman Chemical by 249.2% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 759,967 shares of the basic materials company’s stock worth $63,830,000 after buying an additional 542,349 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in Eastman Chemical by 18.7% in the 1st quarter. AQR Capital Management LLC now owns 2,315,608 shares of the basic materials company’s stock worth $187,102,000 after buying an additional 365,467 shares during the last quarter. Institutional investors own 82.12% of the company’s stock.
Shares of Eastman Chemical (EMN) opened at 88.79 on Friday. Eastman Chemical has a 12-month low of $66.10 and a 12-month high of $91.39. The firm’s 50-day moving average price is $87.51 and its 200 day moving average price is $83.50. The company has a market cap of $12.86 billion, a price-to-earnings ratio of 14.25 and a beta of 1.27.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 15th were paid a $0.51 dividend. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $2.04 annualized dividend and a dividend yield of 2.30%. Eastman Chemical’s dividend payout ratio is presently 32.28%.
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About Eastman Chemical
Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.
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