Eastman Chemical (EMN) Releases FY 2018 Earnings Guidance

Eastman Chemical (NYSE:EMN) issued an update on its FY 2018 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $8.37-8.68 for the period, compared to the Thomson Reuters consensus estimate of $8.53.

Shares of Eastman Chemical stock traded down $1.63 on Friday, reaching $76.04. The stock had a trading volume of 22,598 shares, compared to its average volume of 1,108,282. The company has a quick ratio of 0.95, a current ratio of 1.69 and a debt-to-equity ratio of 1.04. Eastman Chemical has a 1 year low of $75.39 and a 1 year high of $112.45. The company has a market cap of $11.26 billion, a P/E ratio of 9.98, a PEG ratio of 1.07 and a beta of 1.07.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, October 25th. The basic materials company reported $2.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.29 by $0.05. Eastman Chemical had a net margin of 15.30% and a return on equity of 21.79%. The business had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.53 billion. As a group, equities research analysts forecast that Eastman Chemical will post 8.55 EPS for the current fiscal year.



The firm also recently announced a quarterly dividend, which was paid on Friday, October 5th. Investors of record on Friday, September 14th were paid a dividend of $0.56 per share. The ex-dividend date of this dividend was Thursday, September 13th. This represents a $2.24 annualized dividend and a yield of 2.95%. Eastman Chemical’s dividend payout ratio (DPR) is 29.43%.

Several research analysts recently weighed in on the company. Nomura dropped their target price on Eastman Chemical from $111.00 to $99.00 and set a neutral rating on the stock in a research note on Monday, October 15th. Citigroup dropped their target price on shares of Eastman Chemical from $108.00 to $94.00 and set a neutral rating on the stock in a research report on Thursday, October 11th. JPMorgan Chase & Co. raised shares of Eastman Chemical from a neutral rating to an overweight rating in a research report on Friday, October 12th. Zacks Investment Research downgraded shares of Eastman Chemical from a buy rating to a hold rating in a research report on Monday, October 8th. Finally, ValuEngine downgraded shares of Eastman Chemical from a hold rating to a sell rating in a research report on Saturday, October 6th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $107.42.

In other news, insider Lucian Boldea sold 3,523 shares of the company’s stock in a transaction on Tuesday, July 31st. The shares were sold at an average price of $103.58, for a total value of $364,912.34. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Scott V. King sold 16,192 shares of the company’s stock in a transaction on Friday, August 3rd. The shares were 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 directly owns 5,898 shares in the company, valued at $597,762.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 39,715 shares of company stock worth $4,005,972. 1.18% of the stock is owned by insiders.

About Eastman Chemical

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.

See Also: Cash Flow

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

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