Eastman Chemical (NYSE:EMN) Releases Quarterly Earnings Results, Misses Estimates By $0.12 EPS

Eastman Chemical (NYSE:EMNGet Rating) announced its quarterly earnings data on Thursday. The basic materials company reported $2.06 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.18 by ($0.12), MarketWatch Earnings reports. The company had revenue of $2.71 billion for 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 company’s revenue was up 12.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.13 earnings per share. Eastman Chemical updated its FY22 guidance to $9.50-$10.00 EPS.

Shares of EMN traded down $4.72 during midday trading on Friday, hitting $102.67. 1,773,595 shares of the stock traded hands, compared to its average volume of 994,710. Eastman Chemical has a 1-year low of $98.24 and a 1-year high of $130.47. The firm has a market capitalization of $13.24 billion, a PE ratio of 16.80, a price-to-earnings-growth ratio of 1.25 and a beta of 1.47. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.06 and a current ratio of 1.56. The business’s 50 day moving average price is $110.06 and its two-hundred day moving average price is $113.92.

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

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

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Parametric Portfolio Associates LLC raised its position in 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 acquiring an additional 18,405 shares in the last quarter. California State Teachers Retirement System raised its position in 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 acquiring an additional 945 shares in the last quarter. Peapack Gladstone Financial Corp raised its position in 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 acquiring an additional 683 shares in the last quarter. Allstate Corp raised its position in 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 acquiring an additional 13,470 shares in the last quarter. Finally, Metropolitan Life Insurance Co NY raised its position in 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 acquiring an additional 2,088 shares in the last quarter. Institutional investors and hedge funds own 82.59% of the company’s stock.

Several research analysts recently commented on EMN shares. Bank of America lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and cut their price target for the company from $150.00 to $124.00 in a report on Tuesday, April 19th. Piper Sandler dropped their price objective on shares of Eastman Chemical from $126.00 to $118.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 9th. Morgan Stanley lifted their price objective on shares of Eastman Chemical from $142.00 to $165.00 and gave the company an “overweight” rating in a research note on Tuesday, January 11th. Wells Fargo & Company dropped their price objective on shares of Eastman Chemical from $138.00 to $128.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 6th. Finally, KeyCorp dropped their price objective on shares of Eastman Chemical from $150.00 to $142.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 5th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Eastman Chemical has an average rating of “Buy” and an average target price of $130.31.

About Eastman Chemical (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.

Further Reading

Earnings History for Eastman Chemical (NYSE:EMN)

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