Eastman Chemical (NYSE:EMN) Announces Quarterly Earnings Results

Eastman Chemical (NYSE:EMN) issued its earnings results on Thursday. The basic materials company reported $1.84 EPS for the quarter, missing the consensus estimate of $1.92 by ($0.08), FiscalAI reports. The firm had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.41 billion. Eastman Chemical had a net margin of 4.99% and a return on equity of 9.46%. The firm’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the previous year, the company posted $1.14 EPS.

Eastman Chemical Trading Up 0.4%

NYSE EMN opened at $66.78 on Tuesday. Eastman Chemical has a 12 month low of $56.11 and a 12 month high of $83.47. The company has a current ratio of 1.50, a quick ratio of 0.76 and a debt-to-equity ratio of 0.72. The stock has a 50 day moving average of $66.71 and a 200-day moving average of $70.91. The company has a market cap of $7.64 billion, a PE ratio of 11.86, a PEG ratio of 0.86 and a beta of 1.06.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 7th. Stockholders of record on Tuesday, September 15th were issued a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 5.0%. The ex-dividend date of this dividend was Tuesday, September 15th. Eastman Chemical’s dividend payout ratio is presently 59.68%.

Analysts Set New Price Targets

EMN has been the subject of several research analyst reports. KeyCorp started coverage on shares of Eastman Chemical in a report on Thursday, September 10th. They issued a “sector weight” rating for the company. Mizuho dropped their price objective on Eastman Chemical from $85.00 to $80.00 and set an “outperform” rating on the stock in a research note on Thursday, October 1st. Zacks Research lowered Eastman Chemical from a “hold” rating to a “strong sell” rating in a report on Monday, October 19th. Wall Street Zen lowered Eastman Chemical from a “buy” rating to a “hold” rating in a report on Saturday, September 12th. Finally, Royal Bank Of Canada decreased their target price on Eastman Chemical from $74.00 to $65.00 and set a “sector perform” rating for the company in a research note on Tuesday, October 13th. Six equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $74.50.

Eastman Chemical Company Profile

Eastman Chemical Company (NYSE: EMN) is a global specialty materials and chemicals company that develops and manufactures products used in transportation, building and construction, consumer goods, medical products, packaging, and other industrial applications. Its portfolio includes specialty plastics, coatings, adhesives, fibers, additives, intermediates, and other performance materials.

The company’s products are designed to provide properties such as durability, chemical resistance, lightweight performance, clarity, and enhanced functionality.