Eastman Chemical (NYSE:EMN) Forecasted to Earn Q3 2024 Earnings of $2.15 Per Share

Eastman Chemical (NYSE:EMN) – Equities research analysts at KeyCorp issued their Q3 2024 earnings per share estimates for shares of Eastman Chemical in a report released on Sunday, October 6th. KeyCorp analyst A. Yefremov forecasts that the basic materials company will earn $2.15 per share for the quarter. The consensus estimate for Eastman Chemical’s current full-year earnings is $7.66 per share. KeyCorp also issued estimates for Eastman Chemical’s Q4 2024 earnings at $1.87 EPS, FY2024 earnings at $7.79 EPS, Q1 2025 earnings at $2.55 EPS, Q2 2025 earnings at $2.79 EPS and FY2025 earnings at $9.84 EPS.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.14. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The business had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same period in the prior year, the company posted $1.99 EPS. The company’s revenue for the quarter was up 1.7% on a year-over-year basis.

Other equities research analysts have also issued research reports about the stock. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Piper Sandler reiterated a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a report on Tuesday, July 30th. Mizuho boosted their price objective on Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Royal Bank of Canada restated a “sector perform” rating and issued a $100.00 target price on shares of Eastman Chemical in a research report on Tuesday, July 30th. Finally, Citigroup dropped their price target on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a research report on Thursday, June 27th. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Eastman Chemical presently has a consensus rating of “Moderate Buy” and a consensus target price of $108.07.

Eastman Chemical Stock Down 0.9 %

Eastman Chemical stock opened at $108.27 on Wednesday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. The stock has a market capitalization of $12.74 billion, a PE ratio of 13.95, a price-to-earnings-growth ratio of 0.82 and a beta of 1.44. The business has a 50 day simple moving average of $102.13 and a 200-day simple moving average of $100.03. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $114.50.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Monday, September 16th were paid a $0.81 dividend. This represents a $3.24 annualized dividend and a dividend yield of 2.99%. The ex-dividend date was Monday, September 16th. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

Institutional Investors Weigh In On Eastman Chemical

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Cultivar Capital Inc. purchased a new position in Eastman Chemical during the 2nd quarter valued at about $29,000. Northwest Investment Counselors LLC purchased a new position in shares of Eastman Chemical in the first quarter valued at approximately $34,000. EntryPoint Capital LLC purchased a new stake in Eastman Chemical during the 1st quarter worth approximately $38,000. Rothschild Investment LLC acquired a new stake in Eastman Chemical during the 2nd quarter worth approximately $38,000. Finally, Friedenthal Financial purchased a new position in Eastman Chemical in the 2nd quarter valued at approximately $49,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Company Profile

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.