$2.02 EPS Expected for Eastman Chemical Company (NYSE:EMN) This Quarter
Analysts expect Eastman Chemical Company (NYSE:EMN) to announce earnings of $2.02 per share for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for Eastman Chemical’s earnings, with the highest EPS estimate coming in at $2.09 and the lowest estimate coming in at $1.95. Eastman Chemical posted earnings of $1.86 per share during the same quarter last year, which would suggest a positive year over year growth rate of 8.6%. The business is expected to issue its next quarterly earnings results on Thursday, October 26th.
On average, 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 fiscal year, analysts expect that the firm will report earnings of $8.14 per share, with EPS estimates ranging from $8.00 to $8.25. Zacks’ EPS calculations are an average based on a survey of sell-side analysts that that provide coverage for Eastman Chemical.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.89 by $0.09. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.87%. The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period in the prior year, the firm posted $1.68 EPS. The company’s revenue was up 5.3% on a year-over-year basis.
A number of analysts have weighed in on the company. Citigroup Inc. reiterated a “buy” rating and issued a $81.00 price target (up from $79.00) on shares of Eastman Chemical in a research report on Friday, April 14th. TheStreet raised Eastman Chemical from a “c+” rating to a “b” rating in a research report on Monday, April 17th. Zacks Investment Research upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $89.00 price objective for the company in a report on Monday, May 1st. Deutsche Bank AG restated a “buy” rating and issued a $92.00 price target on shares of Eastman Chemical in a research note on Thursday, May 25th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $85.00 price objective on shares of Eastman Chemical in a research report on Monday, June 5th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $89.44.
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Eastman Chemical (NYSE:EMN) traded up 0.18% during mid-day trading on Friday, hitting $84.07. 1,366,200 shares of the stock were exchanged. The company has a market cap of $12.18 billion, a P/E ratio of 13.49 and a beta of 1.28. Eastman Chemical has a one year low of $62.70 and a one year high of $86.60. The company has a 50-day moving average price of $84.35 and a 200-day moving average price of $80.56.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be issued a $0.51 dividend. The ex-dividend date is Thursday, September 14th. This represents a $2.04 annualized dividend and a yield of 2.43%. Eastman Chemical’s dividend payout ratio (DPR) is presently 32.28%.
In other news, Director Lewis M. Kling sold 4,000 shares of Eastman Chemical stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $79.88, for a total transaction of $319,520.00. Following the completion of the transaction, the director now directly owns 15,693 shares in the company, valued at $1,253,556.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.14% of the company’s stock.
Large investors have recently bought and sold shares of the company. UBS Asset Management Americas Inc. increased its stake in shares of Eastman Chemical by 3.4% in the fourth quarter. UBS Asset Management Americas Inc. now owns 396,786 shares of the basic materials company’s stock worth $29,841,000 after buying an additional 12,905 shares during the last quarter. Teachers Advisors LLC boosted its stake in shares of Eastman Chemical by 21.6% in the fourth quarter. Teachers Advisors LLC now owns 267,818 shares of the basic materials company’s stock valued at $20,143,000 after buying an additional 47,610 shares during the last quarter. Kentucky Retirement Systems bought a new stake in shares of Eastman Chemical during the fourth quarter valued at approximately $801,000. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Eastman Chemical during the fourth quarter valued at approximately $357,000. Finally, Park National Corp OH boosted its stake in shares of 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 valued at $251,000 after buying an additional 35 shares during the last quarter. 88.14% of the stock is owned by institutional investors and hedge funds.
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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