Eastman Chemical (NYSE:EMN – Get Rating) – Research analysts at KeyCorp cut their Q3 2022 EPS estimates for Eastman Chemical in a note issued to investors on Tuesday, September 13th. KeyCorp analyst A. Yefremov now forecasts that the basic materials company will post earnings of $2.02 per share for the quarter, down from their prior forecast of $2.60. KeyCorp currently has a “Overweight” rating and a $111.00 target price on the stock. The consensus estimate for Eastman Chemical’s current full-year earnings is $9.56 per share. KeyCorp also issued estimates for Eastman Chemical’s Q4 2022 earnings at $1.47 EPS, FY2022 earnings at $8.39 EPS and FY2023 earnings at $8.64 EPS.
Eastman Chemical (NYSE:EMN – Get Rating) last issued its quarterly earnings results on Thursday, July 28th. The basic materials company reported $2.83 EPS for the quarter, topping the consensus estimate of $2.69 by $0.14. Eastman Chemical had a net margin of 11.18% and a return on equity of 20.67%. The firm had revenue of $2.78 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same quarter in the prior year, the business posted $2.46 earnings per share. Eastman Chemical’s revenue for the quarter was up 4.9% compared to the same quarter last year.
Eastman Chemical Stock Performance
Shares of EMN stock opened at $79.13 on Friday. Eastman Chemical has a one year low of $77.74 and a one year high of $129.48. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.69 and a current ratio of 1.27. The company has a 50 day moving average price of $93.14 and a 200 day moving average price of $100.28. The firm has a market capitalization of $9.72 billion, a price-to-earnings ratio of 8.59, a price-to-earnings-growth ratio of 1.61 and a beta of 1.43.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in EMN. Citigroup Inc. boosted its stake in Eastman Chemical by 16.0% during the 4th quarter. Citigroup Inc. now owns 102,129 shares of the basic materials company’s stock valued at $12,349,000 after acquiring an additional 14,098 shares during the last quarter. Confluence Wealth Services Inc. bought a new position in Eastman Chemical during the 4th quarter valued at $25,000. Equitable Holdings Inc. bought a new position in Eastman Chemical during the 4th quarter valued at $232,000. Charles Schwab Investment Management Inc. boosted its stake in Eastman Chemical by 2.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,021,449 shares of the basic materials company’s stock valued at $123,503,000 after acquiring an additional 22,189 shares during the last quarter. Finally, Eagle Asset Management Inc. boosted its stake in Eastman Chemical by 22.0% during the 4th quarter. Eagle Asset Management Inc. now owns 1,507,829 shares of the basic materials company’s stock valued at $180,487,000 after acquiring an additional 272,326 shares during the last quarter. 85.41% of the stock is currently owned by institutional investors.
Eastman Chemical Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 7th. Shareholders of record on Thursday, September 15th will be paid a dividend of $0.76 per share. The ex-dividend date is Wednesday, September 14th. This represents a $3.04 dividend on an annualized basis and a yield of 3.84%. Eastman Chemical’s dividend payout ratio (DPR) is 33.01%.
Eastman Chemical Company Profile
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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