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Ex-Dividend Stocks: Merck, Macy's

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Eastman Chemical

The chemical company is scheduled to report second-quarter earnings on July 27. Analysts, on average, anticipate earnings of $1.35 a share on revenue of $1.96 billion.

"We are upgrading Eastman Chemical from Neutral to Overweight," JPMorgan analysts wrote in a May 25 report. "Eastman shares with LYB, DOW and WLK an exposure to an inexpensive and growing natural gas liquids feedstock supply. We expect Eastman to throw off 13.6% of its share price in free cash flow in 2013: its 2012 free cash flow yield is much lower at 4.2% due to increased working capital needs stemming from the Solutia acquisition. We expect a 16% free cash flow yield for 2014. We believe that these very high sustainable levels of free cash flow generation are likely to justify a higher Eastman share price. Eastman Chemical's share price has decreased (15%) over the previous month (comparable to the decrease in LyondellBasell), versus a 6% decrease in the S&P Index. EMN now trades at a 6% discount to its price following the announcement of the Solutia transaction, which is likely to be accretive by $0.55 in 2012 and by an incremental $0.85 in 2013 by our estimates. We lift our December 2012 price target from $57 to $58 because we have also adjusted our earnings estimates upward."

Forward Annual Dividend Yield: 2.4%

Family Dollar Stores

The discount store company is scheduled to report third-quarter earnings on June 28. On average, analysts expect earnings of $1.06 a share on revenue of $2.37 billion.

"Dollar General enjoys a lower priced basket when compared to competitor Family Dollar in each market we surveyed," Deutsche Bank analysts wrote in a June 4 report. "To this end, in Suburban New Jersey, FDO (total basket of $114.24) is only ~1.0% above DG, a relatively flat spread. However, the FDO and DG stores in Metro New York continue to see a much greater difference of 13.4%, which surprisingly, is even greater than the gap we saw (10.7%) in our last study. As zone pricing capabilities at Family Dollar likely play a small role in the discrepancy, the fact that it is 16.3% above market leader Wal-Mart is somewhat surprising, in our view."

Forward Annual Dividend Yield: 1.3%

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DVN $67.47 -0.06%
EMN $78.06 -0.09%
FDO $78.17 -0.48%
M $68.11 0.67%
KO $41.21 -0.05%


DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

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