Eastman Chemical (NYSE:EMN) issued an update on its FY 2021
After-Hours earnings guidance on Thursday morning. The company provided earnings per share guidance of 7.38-8.00 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $7.19.
EMN stock opened at $98.35 on Friday. Eastman Chemical has a fifty-two week low of $34.44 and a fifty-two week high of $110.27. The business’s 50-day moving average is $103.32 and its two-hundred day moving average is $87.97. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.23 and a current ratio of 1.98. The company has a market cap of $13.32 billion, a price-to-earnings ratio of 28.42, a P/E/G ratio of 3.97 and a beta of 1.53.
Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, January 28th. The basic materials company reported $1.69 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.19. Eastman Chemical had a return on equity of 13.12% and a net margin of 5.56%. The company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter in the prior year, the company earned $1.42 earnings per share. Eastman Chemical’s revenue was down .9% on a year-over-year basis. Equities analysts predict that Eastman Chemical will post 5.93 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, January 8th. Shareholders of record on Tuesday, December 15th were issued a $0.69 dividend. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.66. The ex-dividend date was Monday, December 14th. This represents a $2.76 dividend on an annualized basis and a yield of 2.81%. Eastman Chemical’s dividend payout ratio is currently 38.71%.
EMN has been the subject of a number of analyst reports. Morgan Stanley upped their price target on Eastman Chemical from $93.00 to $120.00 and gave the stock an overweight rating in a research report on Monday, December 14th. Zacks Investment Research cut Eastman Chemical from a buy rating to a hold rating and set a $105.00 price target for the company. in a research report on Thursday. Deutsche Bank Aktiengesellschaft upped their price target on Eastman Chemical from $95.00 to $114.00 and gave the stock a buy rating in a research report on Wednesday, December 2nd. Wells Fargo & Company upped their price target on Eastman Chemical from $95.00 to $114.00 and gave the stock an overweight rating in a research report on Monday, December 14th. Finally, KeyCorp upped their price target on Eastman Chemical from $96.00 to $122.00 and gave the stock an overweight rating in a research report on Friday, January 15th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Eastman Chemical currently has a consensus rating of Buy and an average target price of $85.50.
In related news, VP Lucian Boldea sold 500 shares of the stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $82.14, for a total transaction of $41,070.00. Following the completion of the transaction, the vice president now directly owns 13,684 shares of the company’s stock, valued at $1,124,003.76. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Scott V. King sold 18,000 shares of the stock in a transaction that occurred on Tuesday, November 24th. The shares were sold at an average price of $102.80, for a total value of $1,850,400.00. Following the transaction, the chief accounting officer now directly owns 11,560 shares of the company’s stock, valued at $1,188,368. The disclosure for this sale can be found here. Over the last three months, insiders have sold 65,462 shares of company stock valued at $6,026,824. 1.66% of the stock is owned by corporate insiders.
Eastman Chemical Company Profile
Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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