Eastman Chemical (NYSE:EMN – Get Rating) – Equities researchers at Zacks Research issued their Q3 2022 earnings per share estimates for shares of Eastman Chemical in a research note issued to investors on Thursday, September 15th. Zacks Research analyst A. Barman expects that the basic materials company will post earnings of $2.00 per share for the quarter. The consensus estimate for Eastman Chemical’s current full-year earnings is $9.04 per share. Zacks Research also issued estimates for Eastman Chemical’s Q4 2022 earnings at $2.25 EPS, FY2022 earnings at $9.14 EPS, Q1 2023 earnings at $2.33 EPS, Q2 2023 earnings at $2.93 EPS, Q3 2023 earnings at $2.47 EPS, Q4 2023 earnings at $2.55 EPS, FY2023 earnings at $10.27 EPS, Q1 2024 earnings at $2.66 EPS, Q2 2024 earnings at $3.64 EPS and FY2024 earnings at $11.01 EPS.
A number of other analysts have also recently commented on EMN. UBS Group dropped their price target on Eastman Chemical from $121.00 to $118.00 and set a “buy” rating on the stock in a research report on Friday, July 29th. KeyCorp dropped their price target on Eastman Chemical from $125.00 to $111.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 14th. Wells Fargo & Company cut Eastman Chemical from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $110.00 to $95.00 in a research report on Tuesday, September 13th. Barclays dropped their price target on Eastman Chemical from $120.00 to $110.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on Eastman Chemical from $115.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday. Ten research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $113.20.
Eastman Chemical Stock Performance
Eastman Chemical (NYSE:EMN – Get Rating) last posted its quarterly earnings data on Thursday, July 28th. The basic materials company reported $2.83 earnings per share for the quarter, beating the consensus estimate of $2.69 by $0.14. The business had revenue of $2.78 billion for the quarter, compared to analysts’ expectations of $2.79 billion. Eastman Chemical had a return on equity of 20.67% and a net margin of 11.18%. The business’s revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the firm posted $2.46 EPS.
Institutional Investors Weigh In On Eastman Chemical
Hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its stake in shares of Eastman Chemical by 1.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 10,002,253 shares of the basic materials company’s stock worth $897,902,000 after purchasing an additional 156,797 shares in the last quarter. BlackRock Inc. increased its stake in shares of Eastman Chemical by 1.6% in the 1st quarter. BlackRock Inc. now owns 8,994,075 shares of the basic materials company’s stock worth $1,007,875,000 after purchasing an additional 138,868 shares in the last quarter. FMR LLC increased its stake in shares of Eastman Chemical by 2.9% in the 2nd quarter. FMR LLC now owns 2,236,412 shares of the basic materials company’s stock worth $200,762,000 after purchasing an additional 63,695 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Eastman Chemical by 12,812.9% in the 1st quarter. American Century Companies Inc. now owns 1,825,502 shares of the basic materials company’s stock worth $204,566,000 after purchasing an additional 1,811,365 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Eastman Chemical by 12.2% in the 1st quarter. Bank of America Corp DE now owns 1,648,178 shares of the basic materials company’s stock worth $184,695,000 after purchasing an additional 179,730 shares in the last quarter. 85.41% of the stock is currently owned by hedge funds and other institutional investors.
Eastman Chemical Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, October 7th. Shareholders of record on Thursday, September 15th will be paid a dividend of $0.76 per share. The ex-dividend date is Wednesday, September 14th. This represents a $3.04 dividend on an annualized basis and a yield of 3.84%. Eastman Chemical’s dividend payout ratio is presently 33.01%.
Eastman Chemical Company Profile
Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.
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