Zacks: Analysts Anticipate Eastman Chemical (NYSE:EMN) Will Post Earnings of $2.12 Per Share

Equities analysts predict that Eastman Chemical (NYSE:EMN) will report $2.12 earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Eastman Chemical’s earnings, with the highest EPS estimate coming in at $2.20 and the lowest estimate coming in at $2.04. Eastman Chemical posted earnings of $2.22 per share during the same quarter last year, which would indicate a negative year over year growth rate of 4.5%. The business is scheduled to announce its next earnings report on Thursday, July 25th.

According to Zacks, analysts expect that Eastman Chemical will report full-year earnings of $8.47 per share for the current financial year, with EPS estimates ranging from $8.30 to $8.66. For the next year, analysts expect that the firm will report earnings of $9.46 per share, with EPS estimates ranging from $9.10 to $10.21. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research analysts that follow Eastman Chemical.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, April 25th. The basic materials company reported $1.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.91 by ($0.14). Eastman Chemical had a net margin of 10.07% and a return on equity of 18.60%. The business had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.61 billion. During the same period in the prior year, the business earned $2.23 earnings per share. The company’s revenue for the quarter was down 8.7% compared to the same quarter last year.

Several equities research analysts have recently issued reports on the company. Nomura raised Eastman Chemical from a “neutral” rating to a “buy” rating and raised their target price for the company from $89.00 to $93.00 in a research report on Monday, April 15th. KeyCorp decreased their target price on Eastman Chemical from $95.00 to $94.00 and set an “overweight” rating for the company in a research report on Friday, April 12th. Zacks Investment Research lowered Eastman Chemical from a “hold” rating to a “sell” rating in a research report on Monday, April 15th. Cowen reaffirmed a “market perform” rating and set a $84.00 target price (down from $88.00) on shares of Eastman Chemical in a research report on Tuesday, April 30th. Finally, UBS Group set a $98.00 target price on Eastman Chemical and gave the company a “buy” rating in a research report on Friday, April 26th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company’s stock. Eastman Chemical presently has a consensus rating of “Hold” and an average price target of $91.27.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. D.A. Davidson & CO. boosted its stake in Eastman Chemical by 32.2% in the 4th quarter. D.A. Davidson & CO. now owns 5,664 shares of the basic materials company’s stock worth $414,000 after purchasing an additional 1,381 shares during the period. Deprince Race & Zollo Inc. boosted its stake in Eastman Chemical by 20.5% in the 4th quarter. Deprince Race & Zollo Inc. now owns 239,525 shares of the basic materials company’s stock worth $17,512,000 after purchasing an additional 40,749 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in Eastman Chemical by 65.2% in the 4th quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 35,988 shares of the basic materials company’s stock worth $2,631,000 after purchasing an additional 14,200 shares during the period. Sigma Planning Corp bought a new position in Eastman Chemical in the 4th quarter worth about $271,000. Finally, Crossmark Global Holdings Inc. boosted its stake in Eastman Chemical by 38.3% in the 4th quarter. Crossmark Global Holdings Inc. now owns 9,980 shares of the basic materials company’s stock worth $730,000 after purchasing an additional 2,765 shares during the period. 82.50% of the stock is owned by institutional investors.

Shares of Eastman Chemical stock traded down $1.48 during trading hours on Friday, hitting $72.09. 1,019,583 shares of the company’s stock traded hands, compared to its average volume of 1,069,773. Eastman Chemical has a 12-month low of $64.84 and a 12-month high of $109.00. The firm has a market cap of $10.28 billion, a PE ratio of 8.79, a P/E/G ratio of 0.99 and a beta of 1.24. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.51 and a quick ratio of 0.79.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Monday, June 17th will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 3.44%. The ex-dividend date is Friday, June 14th. Eastman Chemical’s dividend payout ratio (DPR) is currently 30.24%.

Eastman Chemical Company Profile

Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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Earnings History and Estimates for Eastman Chemical (NYSE:EMN)

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