Zacks: Brokerages Anticipate Eastman Chemical (EMN) to Post $2.20 Earnings Per Share

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Analysts predict that Eastman Chemical (NYSE:EMN) will announce earnings per share of $2.20 for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Eastman Chemical’s earnings, with the highest EPS estimate coming in at $2.25 and the lowest estimate coming in at $2.11. Eastman Chemical reported earnings per share of $1.98 in the same quarter last year, which suggests a positive year over year growth rate of 11.1%. The company is scheduled to issue its next quarterly earnings results on Thursday, July 26th.

According to Zacks, analysts expect that Eastman Chemical will report full year earnings of $8.57 per share for the current financial year, with EPS estimates ranging from $8.50 to $8.70. For the next fiscal year, analysts forecast that the business will report earnings of $9.35 per share, with EPS estimates ranging from $9.10 to $9.50. Zacks’ EPS averages are a mean average based on a survey of sell-side research firms that that provide coverage for Eastman Chemical.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, April 26th. The basic materials company reported $2.23 EPS for the quarter, topping the Zacks’ consensus estimate of $2.09 by $0.14. The firm had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.47 billion. Eastman Chemical had a net margin of 15.08% and a return on equity of 22.14%. The business’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.83 earnings per share.

EMN has been the subject of a number of research reports. ValuEngine lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday. Zacks Investment Research raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $114.00 price objective for the company in a research note on Wednesday, May 2nd. Royal Bank of Canada upped their price objective on shares of Eastman Chemical to $107.00 and gave the stock a “sector perform” rating in a research note on Monday, April 30th. They noted that the move was a valuation call. Citigroup upped their price objective on shares of Eastman Chemical from $103.00 to $108.00 and gave the stock a “neutral” rating in a research note on Monday, April 30th. Finally, KeyCorp upped their price objective on shares of Eastman Chemical from $118.00 to $122.00 and gave the stock an “overweight” rating in a research note on Monday, April 30th. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Eastman Chemical currently has a consensus rating of “Buy” and a consensus target price of $105.40.

NYSE EMN opened at $102.09 on Thursday. The company has a current ratio of 1.72, a quick ratio of 0.99 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $14.40 billion, a PE ratio of 12.59, a P/E/G ratio of 1.26 and a beta of 1.21. Eastman Chemical has a 12 month low of $81.91 and a 12 month high of $112.45.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 6th. Shareholders of record on Friday, June 15th will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend is Thursday, June 14th. Eastman Chemical’s payout ratio is 29.43%.

In other Eastman Chemical news, SVP David A. Golden sold 8,600 shares of the stock in a transaction dated Monday, April 2nd. The shares were sold at an average price of $105.38, for a total transaction of $906,268.00. Following the completion of the sale, the senior vice president now directly owns 20,682 shares of the company’s stock, valued at $2,179,469.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mark K. Cox sold 13,100 shares of the stock in a transaction dated Monday, May 7th. The shares were sold at an average price of $105.19, for a total transaction of $1,377,989.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,766 shares of company stock valued at $3,560,237. Insiders own 1.14% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. Synovus Financial Corp raised its position in shares of Eastman Chemical by 9.1% in the 1st quarter. Synovus Financial Corp now owns 5,811 shares of the basic materials company’s stock valued at $610,000 after purchasing an additional 484 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its position in shares of 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 purchasing an additional 534 shares during the last quarter. IFP Advisors Inc raised its position in shares of Eastman Chemical by 9.7% in the 1st quarter. IFP Advisors Inc now owns 6,192 shares of the basic materials company’s stock valued at $654,000 after purchasing an additional 547 shares during the last quarter. Twin Tree Management LP raised its position in shares of Eastman Chemical by 72.6% in the 1st quarter. Twin Tree Management LP now owns 1,310 shares of the basic materials company’s stock valued at $138,000 after purchasing an additional 551 shares during the last quarter. Finally, Piermont Capital Management Inc. raised its position in shares of Eastman Chemical by 10.0% in the 1st quarter. Piermont Capital Management Inc. now owns 6,480 shares of the basic materials company’s stock valued at $684,000 after purchasing an additional 590 shares during the last quarter. 83.84% of the stock is owned by institutional investors and hedge funds.

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

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