Analysts expect Eastman Chemical (NYSE:EMN) to post earnings per share (EPS) of $2.31 for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Eastman Chemical’s earnings, with estimates ranging from $2.20 to $2.38. Eastman Chemical reported earnings per share of $2.19 during the same quarter last year, which would indicate a positive year-over-year growth rate of 5.5%. The company is expected to issue its next quarterly earnings report on Thursday, October 25th.

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 $8.51 to $8.70. For the next financial year, analysts expect that the business will post earnings of $9.35 per share, with EPS estimates ranging from $9.10 to $9.50. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side analysts that cover Eastman Chemical.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, July 26th. The basic materials company reported $2.22 earnings per share for the quarter, topping the consensus estimate of $2.20 by $0.02. Eastman Chemical had a return on equity of 21.79% and a net margin of 15.30%. The company had revenue of $2.62 billion during the quarter, compared to analyst estimates of $2.59 billion. During the same quarter last year, the firm posted $1.98 EPS. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis.

Several research analysts have commented on the company. ValuEngine downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, June 20th. Zacks Investment Research upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $111.00 target price for the company in a research note on Tuesday, July 3rd. Morgan Stanley raised their target price on Eastman Chemical from $98.00 to $107.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 31st. Royal Bank of Canada raised their target price on 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. Finally, KeyCorp raised their target price on Eastman Chemical from $118.00 to $122.00 and gave the stock an “overweight” rating in a research note on Monday, April 30th. Ten equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $105.31.

NYSE EMN traded down $1.87 during trading hours on Friday, hitting $99.87. The company had a trading volume of 714,438 shares, compared to its average volume of 814,959. Eastman Chemical has a 52 week low of $82.33 and a 52 week high of $112.45. The company has a quick ratio of 0.99, a current ratio of 1.69 and a debt-to-equity ratio of 1.04. The company has a market cap of $14.37 billion, a P/E ratio of 13.12, a P/E/G ratio of 1.31 and a beta of 1.13.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 5th. Stockholders of record on Friday, September 14th will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.24%. Eastman Chemical’s dividend payout ratio (DPR) is presently 29.43%.

In other news, CAO Scott V. King sold 16,192 shares of Eastman Chemical stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $101.35, for a total transaction of $1,641,059.20. Following the completion of the sale, the chief accounting officer now owns 5,898 shares in the company, valued at approximately $597,762.30. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Lucian Boldea sold 3,523 shares of Eastman Chemical stock in a transaction dated Tuesday, July 31st. The shares were sold at an average price of $103.58, for a total value of $364,912.34. The disclosure for this sale can be found here. In the last quarter, insiders have sold 39,715 shares of company stock valued at $4,005,972. Corporate insiders own 1.14% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. First Mercantile Trust Co. bought a new stake in shares of Eastman Chemical during the 2nd quarter valued at about $113,000. Twin Tree Management LP lifted its position in 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 worth $138,000 after buying an additional 551 shares during the last quarter. Cornerstone Wealth Management LLC bought a new stake in Eastman Chemical in the 2nd quarter worth approximately $177,000. Tiverton Asset Management LLC lifted its position in Eastman Chemical by 48.3% in the 1st quarter. Tiverton Asset Management LLC now owns 1,829 shares of the basic materials company’s stock worth $193,000 after buying an additional 596 shares during the last quarter. Finally, GW Henssler & Associates Ltd. bought a new stake in Eastman Chemical in the 1st quarter worth approximately $200,000. Hedge funds and other institutional investors own 83.80% 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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Earnings History and Estimates for Eastman Chemical (NYSE:EMN)

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