Eastman Chemical (NYSE:EMN) Updates FY 2022 Earnings Guidance

Eastman Chemical (NYSE:EMNGet Rating) issued an update on its FY 2022 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $9.50-$10.00 for the period, compared to the consensus estimate of $9.62. The company issued revenue guidance of -.

Shares of EMN opened at $103.42 on Tuesday. The firm has a market capitalization of $13.34 billion, a PE ratio of 16.93, a PEG ratio of 1.15 and a beta of 1.43. The company’s 50-day moving average is $108.42 and its 200-day moving average is $113.93. Eastman Chemical has a fifty-two week low of $98.24 and a fifty-two week high of $130.47. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.57 and a quick ratio of 1.06.

Eastman Chemical (NYSE:EMNGet Rating) last released its quarterly earnings results on Thursday, April 28th. The basic materials company reported $2.06 EPS for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.12). The business had revenue of $2.71 billion for the quarter, compared to the consensus estimate of $2.50 billion. Eastman Chemical had a return on equity of 19.82% and a net margin of 7.59%. Eastman Chemical’s revenue was up 12.7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.13 earnings per share. Analysts predict that Eastman Chemical will post 9.77 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 8th. Shareholders of record on Wednesday, June 15th will be issued a dividend of $0.76 per share. The ex-dividend date is Tuesday, June 14th. This represents a $3.04 annualized dividend and a yield of 2.94%. Eastman Chemical’s payout ratio is 49.75%.

Several analysts have recently weighed in on EMN shares. Barclays lowered their price objective on shares of Eastman Chemical from $130.00 to $120.00 in a research note on Monday, May 2nd. Wolfe Research reissued a peer perform rating and issued a $114.00 price target (down previously from $130.00) on shares of Eastman Chemical in a research report on Tuesday, April 19th. KeyCorp reduced their price target on shares of Eastman Chemical from $150.00 to $142.00 and set an overweight rating for the company in a research report on Tuesday, April 5th. Wells Fargo & Company reduced their price target on shares of Eastman Chemical from $138.00 to $128.00 and set an overweight rating for the company in a research report on Wednesday, April 6th. Finally, Morgan Stanley lifted their price target on shares of Eastman Chemical from $142.00 to $165.00 and gave the company an overweight rating in a research report on Tuesday, January 11th. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Buy and an average target price of $131.00.

In other news, SVP Mark K. Cox sold 4,858 shares of Eastman Chemical stock in a transaction dated Friday, February 25th. The stock was sold at an average price of $120.79, for a total transaction of $586,797.82. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 value of $1,809,089.50. The disclosure for this sale can be found here. 1.87% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Forum Financial Management LP bought a new stake in Eastman Chemical during the 4th quarter valued at approximately $243,000. Titleist Asset Management LTD. bought a new stake in Eastman Chemical during the 4th quarter valued at approximately $207,000. Toroso Investments LLC bought a new stake in Eastman Chemical during the 4th quarter valued at approximately $218,000. Ulland Investment Advisors LLC bought a new stake in Eastman Chemical during the 4th quarter valued at approximately $30,000. Finally, California State Teachers Retirement System increased its stake in Eastman Chemical by 0.4% in the 4th 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 during the last quarter. 87.40% of the stock is currently owned by institutional investors.

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.

See Also

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

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