Zacks: Brokerages Expect Eastman Chemical Company (EMN) Will Post Earnings of $2.02 Per Share
Equities analysts predict that Eastman Chemical Company (NYSE:EMN) will report $2.02 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Eastman Chemical’s earnings. The lowest EPS estimate is $1.95 and the highest is $2.09. Eastman Chemical posted earnings of $1.86 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 8.6%. The firm is expected to report its next earnings report on Thursday, October 26th.
According to Zacks, analysts expect that Eastman Chemical will report full-year earnings of $7.51 per share for the current year, with EPS estimates ranging from $7.45 to $7.56. For the next year, analysts forecast that the company will post earnings of $8.14 per share, with EPS estimates ranging from $8.00 to $8.25. Zacks Investment Research’s earnings per share calculations are an average based on a survey of analysts that that provide coverage for 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 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 company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period in the previous year, the company posted $1.68 earnings per share. The firm’s revenue was up 5.3% on a year-over-year basis.
Several research firms have commented on EMN. Cowen and Company raised their price objective on Eastman Chemical from $88.00 to $92.00 and gave the stock an “outperform” rating in a report on Monday. Zacks Investment Research downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. BidaskClub downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Citigroup Inc. raised their price objective on Eastman Chemical from $81.00 to $89.00 and gave the stock a “neutral” rating in a report on Wednesday, July 12th. Finally, Jefferies Group LLC restated a “buy” rating on shares of Eastman Chemical in a report on Tuesday, July 11th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $89.89.
Shares of Eastman Chemical (NYSE EMN) opened at 84.12 on Friday. Eastman Chemical has a 52-week low of $62.70 and a 52-week high of $86.60. The company has a market capitalization of $12.19 billion, a price-to-earnings ratio of 13.50 and a beta of 1.28. The company’s 50 day moving average price is $84.43 and its 200 day moving average price is $80.64.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be given a $0.51 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.43%. Eastman Chemical’s payout ratio is 32.28%.
In other news, insider Mark K. Cox sold 1,400 shares of the firm’s stock in a transaction on 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 Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lewis M. Kling sold 4,000 shares of the firm’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $79.88, for a total value of $319,520.00. Following the completion of the sale, the director now directly owns 15,693 shares of the company’s stock, valued at approximately $1,253,556.84. The disclosure for this sale can be found here. 1.14% of the stock is owned by company insiders.
Several hedge funds have recently bought and sold shares of the company. Park National Corp OH boosted its stake in Eastman Chemical by 1.1% in the first quarter. Park National Corp OH now owns 3,113 shares of the basic materials company’s stock worth $251,000 after buying an additional 35 shares during the last quarter. Jaffetilchin Investment Partners LLC boosted its stake in shares of Eastman Chemical by 0.7% in the first quarter. Jaffetilchin Investment Partners LLC now owns 5,431 shares of the basic materials company’s stock worth $439,000 after buying an additional 40 shares in the last quarter. Cleararc Capital Inc. boosted its stake in shares of Eastman Chemical by 1.3% in the first quarter. Cleararc Capital Inc. now owns 3,595 shares of the basic materials company’s stock worth $290,000 after buying an additional 46 shares in the last quarter. HL Financial Services LLC boosted its stake in shares of Eastman Chemical by 0.4% in the second quarter. HL Financial Services LLC now owns 11,253 shares of the basic materials company’s stock worth $945,000 after buying an additional 49 shares in the last quarter. Finally, Daiwa Securities Group Inc. boosted its stake in shares of Eastman Chemical by 1.2% in the second quarter. Daiwa Securities Group Inc. now owns 4,150 shares of the basic materials company’s stock worth $349,000 after buying an additional 50 shares in the last quarter. 88.72% of the stock is owned by hedge funds and other institutional investors.
Eastman Chemical Company Profile
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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