Wall Street analysts expect that Eastman Chemical (NYSE:EMN) will report $2.31 earnings per share for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Eastman Chemical’s earnings. The highest EPS estimate is $2.38 and the lowest is $2.20. Eastman Chemical reported earnings of $2.19 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 5.5%. The business is scheduled to report its next quarterly earnings results on Thursday, October 25th.
On average, analysts expect that Eastman Chemical will report full-year earnings of $8.57 per share for the current year, with EPS estimates ranging from $8.51 to $8.70. For the next fiscal year, analysts anticipate that the company will post earnings of $9.35 per share, with EPS estimates ranging from $9.10 to $9.50. Zacks’ earnings per share averages are an average based on a survey of research analysts that that provide coverage for Eastman Chemical.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 26th. The basic materials company reported $2.22 EPS for the quarter, topping the consensus estimate of $2.20 by $0.02. Eastman Chemical had a return on equity of 21.79% and a net margin of 15.30%. The business had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $2.59 billion. During the same quarter last year, the company earned $1.98 EPS. The firm’s revenue was up 8.4% compared to the same quarter last year.
Several brokerages have commented on EMN. Zacks Investment Research upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $111.00 target price for the company in a research note on Tuesday, July 3rd. ValuEngine downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, June 20th. Citigroup raised their target price on Eastman Chemical from $103.00 to $108.00 and gave the stock a “neutral” rating in a research note on Monday, April 30th. Royal Bank of Canada raised their target price on Eastman Chemical to $107.00 and gave the stock a “sector perform” rating in a research note on Monday, April 30th. They noted that the move was a valuation call. Finally, KeyCorp lifted their price target on Eastman Chemical from $118.00 to $122.00 and gave the company an “overweight” rating in a research report on Monday, April 30th. Ten analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $105.31.
NYSE EMN traded down $1.87 during trading hours on Friday, hitting $99.87. The company had a trading volume of 714,438 shares, compared to its average volume of 814,959. Eastman Chemical has a 52 week low of $82.33 and a 52 week high of $112.45. The company has a quick ratio of 0.99, a current ratio of 1.69 and a debt-to-equity ratio of 1.04. The company has a market cap of $14.37 billion, a P/E ratio of 13.12, a P/E/G ratio of 1.31 and a beta of 1.13.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 5th. Stockholders of record on Friday, September 14th will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.24%. Eastman Chemical’s dividend payout ratio (DPR) is presently 29.43%.
In related news, CAO Scott V. King sold 16,192 shares of the firm’s stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $101.35, for a total transaction of $1,641,059.20. Following the transaction, the chief accounting officer now directly owns 5,898 shares of the company’s stock, valued at approximately $597,762.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Lucian Boldea sold 3,523 shares of the firm’s stock in a transaction dated Tuesday, July 31st. The shares were sold at an average price of $103.58, for a total value of $364,912.34. The disclosure for this sale can be found here. In the last quarter, insiders have sold 39,715 shares of company stock valued at $4,005,972. Corporate insiders own 1.14% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in EMN. LSV Asset Management increased its stake in Eastman Chemical by 6.6% in the 2nd quarter. LSV Asset Management now owns 5,033,170 shares of the basic materials company’s stock worth $503,115,000 after purchasing an additional 309,716 shares during the period. OppenheimerFunds Inc. increased its stake in Eastman Chemical by 13.8% in the 1st quarter. OppenheimerFunds Inc. now owns 2,849,739 shares of the basic materials company’s stock worth $300,875,000 after purchasing an additional 346,667 shares during the period. Victory Capital Management Inc. increased its stake in Eastman Chemical by 0.3% in the 2nd quarter. Victory Capital Management Inc. now owns 2,085,840 shares of the basic materials company’s stock worth $208,500,000 after purchasing an additional 7,043 shares during the period. Allianz Asset Management GmbH increased its stake in Eastman Chemical by 10.9% in the 1st quarter. Allianz Asset Management GmbH now owns 1,730,877 shares of the basic materials company’s stock worth $182,746,000 after purchasing an additional 169,568 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its stake in Eastman Chemical by 52.3% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 1,000,517 shares of the basic materials company’s stock worth $105,635,000 after purchasing an additional 343,606 shares during the period. 83.80% of the stock is currently owned by institutional investors.
About Eastman Chemical
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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