Equities research analysts expect that Eastman Chemical (NYSE:EMN) will post earnings per share of $1.96 for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Eastman Chemical’s earnings, with estimates ranging from $1.90 to $2.03. Eastman Chemical posted earnings of $2.23 per share during the same quarter last year, which would suggest a negative year-over-year growth rate of 12.1%. The company is expected to report its next quarterly earnings results on Thursday, April 25th.
According to Zacks, 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 financial year, analysts anticipate that the company 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 calculations are a mean average based on a survey of sell-side research analysts that cover Eastman Chemical.
Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, January 31st. The basic materials company reported $1.39 EPS for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.21). Eastman Chemical had a net margin of 10.64% and a return on equity of 20.15%. The business had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.42 billion.
Several brokerages recently weighed in on EMN. Zacks Investment Research downgraded shares of Eastman Chemical from a “hold” rating to a “sell” rating in a research note on Wednesday, January 16th. Standpoint Research upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a report on Wednesday, December 26th. Stifel Nicolaus began coverage on Eastman Chemical in a research report on Monday, December 10th. They set a “buy” rating and a $95.00 price target on the stock. SunTrust Banks upped their price objective on Eastman Chemical to $88.00 and gave the stock a “hold” rating in a research note on Monday, November 19th. Finally, ValuEngine cut Eastman Chemical from a “sell” rating to a “strong sell” rating in a research note on Friday, November 23rd. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $92.90.
Several institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. grew its position in Eastman Chemical by 47.1% during the fourth quarter. Victory Capital Management Inc. now owns 3,260,797 shares of the basic materials company’s stock worth $238,397,000 after buying an additional 1,043,805 shares in the last quarter. Garrison Financial Corp lifted its stake in Eastman Chemical by 3.5% during the fourth quarter. Garrison Financial Corp now owns 40,531 shares of the basic materials company’s stock worth $2,743,000 after purchasing an additional 1,367 shares during the last quarter. Lowe Brockenbrough & Co. Inc. lifted its stake in Eastman Chemical by 1.2% during the third quarter. Lowe Brockenbrough & Co. Inc. now owns 67,826 shares of the basic materials company’s stock worth $6,492,000 after purchasing an additional 815 shares during the last quarter. Butensky & Cohen Financial Security Inc. lifted its stake in Eastman Chemical by 6.5% during the fourth quarter. Butensky & Cohen Financial Security Inc. now owns 21,690 shares of the basic materials company’s stock worth $1,586,000 after purchasing an additional 1,315 shares during the last quarter. Finally, Commonwealth Bank of Australia lifted its stake in Eastman Chemical by 10.8% during the third quarter. Commonwealth Bank of Australia now owns 19,437 shares of the basic materials company’s stock worth $1,856,000 after purchasing an additional 1,900 shares during the last quarter. 81.12% of the stock is currently owned by institutional investors.
Shares of NYSE:EMN traded down $0.87 during midday trading on Friday, hitting $78.76. 1,131,433 shares of the stock were exchanged, compared to its average volume of 1,183,659. The company has a market capitalization of $11.35 billion, a PE ratio of 9.60, a price-to-earnings-growth ratio of 1.06 and a beta of 1.15. The company has a quick ratio of 0.96, a current ratio of 1.82 and a debt-to-equity ratio of 1.01. Eastman Chemical has a twelve month low of $67.40 and a twelve month high of $110.17.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 5th. Shareholders of record on Friday, March 15th will be given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date of this dividend is Thursday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 30.24%.
About Eastman Chemical
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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