Equities research analysts expect Eastman Chemical (NYSE:EMN) to announce earnings per share of $1.96 for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Eastman Chemical’s earnings. The highest EPS estimate is $2.03 and the lowest is $1.90. Eastman Chemical posted earnings of $2.23 per share in the same quarter last year, which indicates a negative year over year growth rate of 12.1%. The firm is scheduled to report its next earnings results on Thursday, April 25th.
On average, analysts expect that Eastman Chemical will report full year earnings of $8.75 per share for the current year, with EPS estimates ranging from $8.60 to $8.95. For the next year, analysts anticipate that the business will report earnings of $9.84 per share, with EPS estimates ranging from $9.48 to $10.52. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research analysts that that provide coverage for Eastman Chemical.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, January 31st. The basic materials company reported $1.39 EPS for the quarter, missing the Zacks’ consensus estimate of $1.60 by ($0.21). Eastman Chemical had a return on equity of 20.22% and a net margin of 10.64%. The firm had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.42 billion.
Several equities analysts recently commented on the company. Cowen downgraded Eastman Chemical from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $94.00 to $88.00 in a research report on Wednesday, February 6th. Zacks Investment Research upgraded Eastman Chemical from a “sell” rating to a “hold” rating in a research report on Tuesday, February 5th. Standpoint Research downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Thursday, January 31st. Morgan Stanley upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and set a $90.00 target price for the company in a research report on Thursday, January 17th. Finally, Jefferies Financial Group cut their target price on Eastman Chemical to $91.00 and set a “buy” rating for the company in a research report on Friday, December 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $94.91.
In other Eastman Chemical news, Director David W. Raisbeck purchased 13,500 shares of the company’s stock in a transaction that occurred on Friday, December 7th. The stock was purchased at an average cost of $73.21 per share, with a total value of $988,335.00. Following the acquisition, the director now directly owns 35,418 shares of the company’s stock, valued at approximately $2,592,951.78. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 1.18% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in EMN. Advisors Asset Management Inc. increased its holdings in Eastman Chemical by 49.1% during the 2nd quarter. Advisors Asset Management Inc. now owns 7,451 shares of the basic materials company’s stock valued at $745,000 after purchasing an additional 2,454 shares in the last quarter. Schroder Investment Management Group increased its holdings in Eastman Chemical by 46.3% during the 2nd quarter. Schroder Investment Management Group now owns 36,278 shares of the basic materials company’s stock valued at $3,617,000 after purchasing an additional 11,482 shares in the last quarter. Bank of Montreal Can increased its holdings in Eastman Chemical by 0.3% during the 3rd quarter. Bank of Montreal Can now owns 448,770 shares of the basic materials company’s stock valued at $42,956,000 after purchasing an additional 1,238 shares in the last quarter. First Hawaiian Bank acquired a new stake in Eastman Chemical during the 3rd quarter valued at $1,065,000. Finally, Andra AP fonden increased its holdings in Eastman Chemical by 3.4% during the 3rd quarter. Andra AP fonden now owns 66,000 shares of the basic materials company’s stock valued at $6,318,000 after purchasing an additional 2,200 shares in the last quarter. 85.03% of the stock is owned by hedge funds and other institutional investors.
Eastman Chemical stock opened at $81.16 on Thursday. The company has a quick ratio of 0.94, a current ratio of 1.69 and a debt-to-equity ratio of 0.98. The company has a market cap of $11.08 billion, a P/E ratio of 9.90, a P/E/G ratio of 1.04 and a beta of 1.20. Eastman Chemical has a one year low of $67.40 and a one year high of $112.45.
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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