Eastman Chemical Company (EMN) to Release Quarterly Earnings on Thursday
Eastman Chemical Company (NYSE:EMN) is scheduled to be issuing its quarterly earnings data after the market closes on Thursday, October 26th. Analysts expect the company to announce earnings of $2.03 per share for the quarter.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.09. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the previous year, the firm earned $1.68 earnings per share. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. On average, analysts expect Eastman Chemical to post $7.21 EPS for the current fiscal year and $8.17 EPS for the next fiscal year.
Eastman Chemical Company (EMN) opened at 88.06 on Thursday. The company has a 50-day moving average of $87.43 and a 200-day moving average of $83.46. The stock has a market cap of $12.75 billion, a P/E ratio of 14.13 and a beta of 1.27. Eastman Chemical Company has a 52 week low of $65.31 and a 52 week high of $91.39.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 15th were given a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend was Thursday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is 32.28%.
Several brokerages have issued reports on EMN. Jefferies Group LLC reaffirmed a “buy” rating and issued a $96.00 price objective on shares of Eastman Chemical in a research report on Tuesday, October 3rd. KeyCorp reiterated a “buy” rating and set a $100.00 target price on shares of Eastman Chemical in a research note on Wednesday, October 4th. Deutsche Bank AG increased their target price on Eastman Chemical from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, October 10th. Zacks Investment Research cut Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Tuesday, October 10th. Finally, Nomura cut Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 target price for the company. in a research note on Tuesday, October 10th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $93.00.
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In related news, Director Renee J. Hornbaker sold 4,000 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total transaction of $337,720.00. Following the transaction, the director now directly owns 21,858 shares in the company, valued at $1,845,470.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 disclosure for this sale can be found here. Company insiders own 1.14% of the company’s stock.
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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