Brokerages Anticipate Eastman Chemical (NYSE:EMN) Will Announce Earnings of $1.06 Per Share

Equities research analysts forecast that Eastman Chemical (NYSE:EMN) will post $1.06 earnings per share (EPS) for the current fiscal quarter, according to Zacks. Five analysts have provided estimates for Eastman Chemical’s earnings. The lowest EPS estimate is $0.89 and the highest is $1.37. Eastman Chemical posted earnings per share of $1.99 in the same quarter last year, which suggests a negative year over year growth rate of 46.7%. The company is expected to issue its next earnings results on Thursday, July 23rd.

According to Zacks, analysts expect that Eastman Chemical will report full-year earnings of $5.91 per share for the current financial year, with EPS estimates ranging from $5.15 to $6.64. For the next year, analysts expect that the firm will report earnings of $6.89 per share, with EPS estimates ranging from $6.05 to $7.64. Zacks’ earnings per share averages are an average based on a survey of sell-side research firms that follow Eastman Chemical.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, April 30th. The basic materials company reported $2.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.72 by $0.31. The business had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.26 billion. Eastman Chemical had a return on equity of 16.76% and a net margin of 8.85%. The company’s quarterly revenue was down 5.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.77 EPS.

Several equities research analysts have recently commented on the company. Stifel Nicolaus decreased their price target on Eastman Chemical from $94.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, March 24th. Scotiabank began coverage on Eastman Chemical in a research note on Wednesday, March 18th. They issued a “buy” rating and a $73.00 target price on the stock. UBS Group upped their target price on Eastman Chemical from $54.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Citigroup upped their target price on Eastman Chemical from $54.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, April 9th. Finally, TheStreet lowered Eastman Chemical from a “b-” rating to a “c” rating in a research note on Monday, March 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $71.11.

Shares of NYSE:EMN traded up $0.06 during trading on Friday, hitting $65.46. 710,206 shares of the stock were exchanged, compared to its average volume of 1,424,971. The company has a fifty day moving average price of $57.40 and a two-hundred day moving average price of $67.33. The company has a market cap of $8.89 billion, a PE ratio of 11.17, a P/E/G ratio of 2.57 and a beta of 1.61. The company has a current ratio of 1.66, a quick ratio of 0.95 and a debt-to-equity ratio of 0.87. Eastman Chemical has a 12-month low of $34.44 and a 12-month high of $83.99.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a dividend yield of 4.03%. The ex-dividend date is Friday, June 12th. Eastman Chemical’s dividend payout ratio is presently 37.03%.

Several institutional investors have recently modified their holdings of the business. Sunbelt Securities Inc. acquired a new stake in shares of Eastman Chemical during the 4th quarter worth $4,954,000. Verus Capital Partners LLC acquired a new stake in shares of Eastman Chemical during the 4th quarter worth $28,000. TI Trust Inc. acquired a new stake in shares of Eastman Chemical during the 4th quarter worth $32,000. Fieldpoint Private Securities LLC increased its holdings in shares of Eastman Chemical by 90.6% during the 4th quarter. Fieldpoint Private Securities LLC now owns 488 shares of the basic materials company’s stock worth $39,000 after buying an additional 232 shares during the last quarter. Finally, Ancora Advisors LLC acquired a new stake in shares of Eastman Chemical during the 4th quarter worth $40,000. 82.48% of the stock is currently owned by institutional investors.

About Eastman Chemical

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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