Brokerages forecast that Eastman Chemical (NYSE:EMN) will announce earnings per share (EPS) of $2.11 for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Eastman Chemical’s earnings, with the lowest EPS estimate coming in at $2.05 and the highest estimate coming in at $2.24. Eastman Chemical posted earnings of $1.83 per share in the same quarter last year, which suggests a positive year-over-year growth rate of 15.3%. The business is scheduled to announce its next quarterly earnings report after the market closes on Thursday, April 26th.
According to Zacks, analysts expect that Eastman Chemical will report full year earnings of $8.54 per share for the current year, with EPS estimates ranging from $8.35 to $8.90. For the next fiscal year, analysts anticipate that the firm will report earnings of $9.30 per share, with EPS estimates ranging from $9.00 to $9.60. Zacks’ earnings per share averages are an average based on a survey of research firms that follow Eastman Chemical.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, February 1st. The basic materials company reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.56. Eastman Chemical had a return on equity of 22.02% and a net margin of 15.44%. The company had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same period in the prior year, the company posted $1.51 EPS. The company’s revenue was up 8.0% compared to the same quarter last year.
Shares of EMN stock traded down $0.13 during trading hours on Friday, hitting $107.34. The company had a trading volume of 888,499 shares, compared to its average volume of 1,291,266. Eastman Chemical has a 12 month low of $76.11 and a 12 month high of $112.45. The firm has a market cap of $15,493.30, a P/E ratio of 14.11, a P/E/G ratio of 1.43 and a beta of 1.21. The company has a current ratio of 1.59, a quick ratio of 0.82 and a debt-to-equity ratio of 1.12.
The firm also recently declared a quarterly dividend, which was paid on Friday, April 6th. Investors of record on Thursday, March 15th were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Wednesday, March 14th. This represents a $2.24 dividend on an annualized basis and a yield of 2.09%. Eastman Chemical’s dividend payout ratio (DPR) is presently 29.43%.
In related news, SVP David A. Golden sold 8,600 shares of the stock in a transaction that occurred on Monday, April 2nd. The stock was sold at an average price of $105.38, for a total transaction of $906,268.00. Following the sale, the senior vice president now directly owns 20,682 shares in the company, valued at approximately $2,179,469.16. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Stephen R. Demeritt sold 4,000 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $99.84, for a total value of $399,360.00. Following the sale, the director now owns 17,732 shares in the company, valued at $1,770,362.88. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 142,935 shares of company stock worth $14,241,099. 1.14% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EMN. Chemical Bank boosted its position in Eastman Chemical by 20.0% in the 4th quarter. Chemical Bank now owns 12,010 shares of the basic materials company’s stock valued at $1,113,000 after buying an additional 2,000 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in Eastman Chemical by 3.2% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 17,330 shares of the basic materials company’s stock valued at $1,605,000 after buying an additional 534 shares during the last quarter. Xact Kapitalforvaltning AB boosted its position in Eastman Chemical by 7.6% in the 4th quarter. Xact Kapitalforvaltning AB now owns 13,671 shares of the basic materials company’s stock valued at $1,266,000 after buying an additional 970 shares during the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. boosted its position in Eastman Chemical by 50.8% in the 4th quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 8,900 shares of the basic materials company’s stock valued at $824,000 after buying an additional 3,000 shares during the last quarter. Finally, HighPoint Advisor Group LLC boosted its position in Eastman Chemical by 69.6% in the 4th quarter. HighPoint Advisor Group LLC now owns 13,139 shares of the basic materials company’s stock valued at $1,286,000 after buying an additional 5,394 shares during the last quarter. Institutional investors and hedge funds own 85.47% of the company’s stock.
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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