Eastman Chemical (NYSE:EMN) Issues FY22 Earnings Guidance

Eastman Chemical (NYSE:EMNGet Rating) issued an update on its FY22 earnings guidance on Thursday morning. The company provided EPS guidance of $9.50-$10.00 for the period, compared to the Thomson Reuters consensus EPS estimate of $9.62.

Shares of Eastman Chemical stock traded down $4.72 on Friday, hitting $102.67. The company had a trading volume of 1,773,595 shares, compared to its average volume of 994,710. The stock has a market capitalization of $13.24 billion, a price-to-earnings ratio of 16.80, a P/E/G ratio of 1.25 and a beta of 1.47. Eastman Chemical has a 1 year low of $98.24 and a 1 year high of $130.47. The stock has a 50 day moving average of $110.06 and a 200-day moving average of $113.92. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.06 and a current ratio of 1.56.

Eastman Chemical (NYSE:EMNGet Rating) last issued its quarterly earnings data on Thursday, April 28th. The basic materials company reported $2.06 EPS for the quarter, missing the consensus estimate of $2.18 by ($0.12). The company had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.50 billion. Eastman Chemical had a return on equity of 19.93% and a net margin of 8.18%. The business’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same period last year, the company earned $2.13 earnings per share. Equities analysts anticipate that Eastman Chemical will post 9.61 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, April 1st. Investors of record on Tuesday, March 15th were given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date was Monday, March 14th. Eastman Chemical’s payout ratio is 49.75%.

A number of analysts recently commented on EMN shares. Wells Fargo & Company decreased their price target on Eastman Chemical from $138.00 to $128.00 and set an overweight rating for the company in a research report on Wednesday, April 6th. Wolfe Research reissued a peer perform rating and set a $114.00 price objective (down from $130.00) on shares of Eastman Chemical in a report on Tuesday, April 19th. Piper Sandler reduced their price objective on Eastman Chemical from $126.00 to $118.00 and set a neutral rating for the company in a report on Wednesday, March 9th. StockNews.com raised Eastman Chemical from a hold rating to a buy rating in a report on Thursday. Finally, KeyCorp cut their price target on Eastman Chemical from $150.00 to $142.00 and set an overweight rating for the company in a report on Tuesday, April 5th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Eastman Chemical currently has an average rating of Buy and an average price target of $130.31.

In other Eastman Chemical news, SVP Christopher Moore Killian sold 14,738 shares of the firm’s stock in a transaction dated Thursday, February 10th. The stock was sold at an average price of $122.75, for a total transaction of $1,809,089.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Mark K. Cox sold 4,858 shares of the firm’s stock in a transaction dated Friday, February 25th. The shares were sold at an average price of $120.79, for a total value of $586,797.82. The disclosure for this sale can be found here. 1.93% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parametric Portfolio Associates LLC increased its holdings in shares of Eastman Chemical by 1.7% in the fourth quarter. Parametric Portfolio Associates LLC now owns 1,081,952 shares of the basic materials company’s stock worth $130,819,000 after buying an additional 18,405 shares during the period. California State Teachers Retirement System increased its holdings in shares of Eastman Chemical by 0.4% in the fourth quarter. California State Teachers Retirement System now owns 231,955 shares of the basic materials company’s stock worth $28,046,000 after buying an additional 945 shares during the period. Peapack Gladstone Financial Corp increased its holdings in shares of Eastman Chemical by 3.6% in the fourth quarter. Peapack Gladstone Financial Corp now owns 19,396 shares of the basic materials company’s stock worth $2,345,000 after buying an additional 683 shares during the period. Allstate Corp increased its holdings in shares of Eastman Chemical by 496.7% in the fourth quarter. Allstate Corp now owns 16,182 shares of the basic materials company’s stock worth $1,957,000 after buying an additional 13,470 shares during the period. Finally, Metropolitan Life Insurance Co NY increased its holdings in shares of Eastman Chemical by 15.7% in the fourth quarter. Metropolitan Life Insurance Co NY now owns 15,355 shares of the basic materials company’s stock worth $1,857,000 after buying an additional 2,088 shares during the period. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Eastman Chemical Company Profile (Get Rating)

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

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