Wall Street brokerages expect Eastman Chemical (NYSE:EMN) to post earnings of $1.64 per share for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Eastman Chemical’s earnings, with the highest EPS estimate coming in at $1.73 and the lowest estimate coming in at $1.51. Eastman Chemical posted earnings per share of $1.62 in the same quarter last year, which would suggest a positive year-over-year growth rate of 1.2%. The company is expected to report its next earnings results on Thursday, February 7th.
On average, analysts expect that Eastman Chemical will report full-year earnings of $8.43 per share for the current fiscal year, with EPS estimates ranging from $8.30 to $8.53. For the next year, analysts forecast that the business will post earnings of $9.19 per share, with EPS estimates ranging from $9.00 to $9.30. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research firms that follow Eastman Chemical.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, October 25th. The basic materials company reported $2.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.29 by $0.05. Eastman Chemical had a net margin of 16.05% and a return on equity of 21.18%. The firm had revenue of $2.55 billion during the quarter, compared to analyst estimates of $2.53 billion.
A number of equities research analysts recently issued reports on EMN shares. JPMorgan Chase & Co. lowered shares of Eastman Chemical from an “overweight” rating to a “neutral” rating in a report on Friday, October 5th. Citigroup decreased their target price on shares of Eastman Chemical from $108.00 to $94.00 and set a “neutral” rating on the stock in a research report on Thursday, October 11th. Zacks Investment Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday, October 8th. KeyCorp decreased their target price on shares of Eastman Chemical from $122.00 to $110.00 and set an “overweight” rating on the stock in a research report on Monday, October 29th. Finally, ValuEngine cut shares of Eastman Chemical from a “hold” rating to a “sell” rating in a research report on Saturday, October 6th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. Eastman Chemical has an average rating of “Hold” and a consensus price target of $99.50.
Shares of EMN traded down $3.47 during mid-day trading on Thursday, reaching $74.20. The stock had a trading volume of 423,573 shares, compared to its average volume of 1,069,173. The company has a current ratio of 1.69, a quick ratio of 0.94 and a debt-to-equity ratio of 0.98. Eastman Chemical has a 52-week low of $73.95 and a 52-week high of $112.45. The firm has a market capitalization of $10.88 billion, a P/E ratio of 9.75, a P/E/G ratio of 1.06 and a beta of 1.28.
Several institutional investors and hedge funds have recently modified their holdings of EMN. Massachusetts Financial Services Co. MA lifted its position in shares of Eastman Chemical by 108.1% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,783,518 shares of the basic materials company’s stock worth $170,718,000 after purchasing an additional 926,293 shares in the last quarter. Morgan Stanley lifted its position in shares of Eastman Chemical by 158.3% during the second quarter. Morgan Stanley now owns 1,215,942 shares of the basic materials company’s stock worth $121,546,000 after purchasing an additional 745,156 shares in the last quarter. LSV Asset Management lifted its position in shares of Eastman Chemical by 9.4% during the third quarter. LSV Asset Management now owns 5,504,697 shares of the basic materials company’s stock worth $526,909,000 after purchasing an additional 471,527 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Eastman Chemical by 809.1% during the second quarter. Janus Henderson Group PLC now owns 430,650 shares of the basic materials company’s stock worth $43,048,000 after purchasing an additional 383,279 shares in the last quarter. Finally, Deutsche Bank AG lifted its position in shares of Eastman Chemical by 41.0% during the third quarter. Deutsche Bank AG now owns 1,194,697 shares of the basic materials company’s stock worth $114,352,000 after purchasing an additional 347,574 shares in the last quarter. 82.53% of the stock is currently owned by institutional investors and hedge funds.
Eastman Chemical Company Profile
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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