Equities analysts expect that Eastman Chemical (NYSE:EMN) will post earnings per share (EPS) of $1.37 for the current quarter, according to Zacks. Four analysts have made estimates for Eastman Chemical’s earnings, with estimates ranging from $1.29 to $1.45. Eastman Chemical posted earnings per share of $1.39 in the same quarter last year, which would suggest a negative year-over-year growth rate of 1.4%. The firm is scheduled to issue its next earnings results on Thursday, January 30th.
On average, analysts expect that Eastman Chemical will report full-year earnings of $7.07 per share for the current financial year, with EPS estimates ranging from $7.00 to $7.15. For the next year, analysts expect that the business will post earnings of $7.77 per share, with EPS estimates ranging from $7.50 to $8.00. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side analysts that that provide coverage for Eastman Chemical.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.94 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.98 by ($0.04). The firm had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.36 billion. Eastman Chemical had a net margin of 8.12% and a return on equity of 16.58%. The firm’s revenue for the quarter was down 8.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.34 EPS.
Several equities analysts have recently issued reports on the company. SunTrust Banks boosted their price objective on Eastman Chemical to $80.00 and gave the company a “hold” rating in a report on Tuesday, October 29th. They noted that the move was a valuation call. UBS Group set a $89.00 price objective on Eastman Chemical and gave the company a “buy” rating in a report on Friday, October 25th. Zacks Investment Research cut Eastman Chemical from a “hold” rating to a “sell” rating and set a $78.00 price objective for the company. in a report on Tuesday, October 1st. Wells Fargo & Co assumed coverage on Eastman Chemical in a report on Tuesday, October 15th. They issued an “outperform” rating and a $85.00 price objective for the company. Finally, Bank of America assumed coverage on Eastman Chemical in a report on Thursday, September 26th. They issued a “buy” rating and a $84.00 price objective for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the stock. Eastman Chemical currently has a consensus rating of “Hold” and an average target price of $83.85.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Arizona State Retirement System increased its stake in Eastman Chemical by 7.3% during the 2nd quarter. Arizona State Retirement System now owns 74,806 shares of the basic materials company’s stock worth $5,822,000 after buying an additional 5,060 shares in the last quarter. Strs Ohio increased its stake in Eastman Chemical by 12.5% during the 2nd quarter. Strs Ohio now owns 17,909 shares of the basic materials company’s stock worth $1,393,000 after buying an additional 1,990 shares in the last quarter. Claraphi Advisory Network LLC increased its stake in Eastman Chemical by 24.0% during the 2nd quarter. Claraphi Advisory Network LLC now owns 3,857 shares of the basic materials company’s stock worth $300,000 after buying an additional 747 shares in the last quarter. Breiter Capital Management Inc. increased its stake in Eastman Chemical by 10.6% during the 2nd quarter. Breiter Capital Management Inc. now owns 2,383 shares of the basic materials company’s stock worth $238,000 after buying an additional 228 shares in the last quarter. Finally, Point View Wealth Management Inc. increased its stake in Eastman Chemical by 2.7% during the 2nd quarter. Point View Wealth Management Inc. now owns 17,788 shares of the basic materials company’s stock worth $1,384,000 after buying an additional 476 shares in the last quarter. 79.86% of the stock is owned by institutional investors.
Eastman Chemical stock traded down $0.71 during trading hours on Friday, hitting $78.57. 990,968 shares of the stock traded hands, compared to its average volume of 874,616. The stock has a market capitalization of $10.47 billion, a price-to-earnings ratio of 9.58, a P/E/G ratio of 1.52 and a beta of 1.39. The firm’s 50 day moving average price is $78.63 and its 200-day moving average price is $73.57. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.65 and a quick ratio of 0.84. Eastman Chemical has a 1 year low of $61.22 and a 1 year high of $86.18.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Monday, December 16th will be issued a $0.66 dividend. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.64 dividend on an annualized basis and a yield of 3.36%. Eastman Chemical’s dividend payout ratio is presently 30.24%.
About Eastman Chemical
Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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