Eastman Chemical (NYSE:EMN) Posts Earnings Results, Misses Expectations By $0.57 EPS

Key Points

• EPS miss: Eastman reported $1.09 EPS for the quarter versus $1.66 expected (a $0.57 shortfall) and revenue of $2.18B versus $2.28B, with a net margin of 5.42% and ROE of 10.57%.
• Shares traded up about 3.7% to $73.03 on higher-than-average volume after the release; the company has a market cap of $8.33B and a P/E of 17.86.
• Eastman pays a quarterly dividend of $0.84 ($3.36 annualized) for a yield of 4.6% and an 82.2% payout ratio; analysts’ consensus is a “Hold” with a $76.36 target and institutional ownership is about 83.7%.

Eastman Chemical (NYSE:EMN - Get Free Report) posted its earnings results on Thursday. The basic materials company reported $1.09 EPS for the quarter, missing analysts' consensus estimates of $1.66 by ($0.57), FiscalAI reports. The firm had revenue of $2.18 billion during the quarter, compared to analysts' expectations of $2.28 billion. Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.

Eastman Chemical Trading Up 3.7%

EMN stock traded up $2.61 during midday trading on Thursday, reaching $73.03. 1,954,878 shares of the company traded hands, compared to its average volume of 1,644,117. Eastman Chemical has a 52-week low of $56.11 and a 52-week high of $84.18. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.63 and a current ratio of 1.37. The business has a 50 day moving average of $72.68 and a 200-day moving average of $67.97. The firm has a market capitalization of $8.33 billion, a price-to-earnings ratio of 17.86, a P/E/G ratio of 0.97 and a beta of 1.16.

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 8th. Shareholders of record on Friday, March 13th were given a dividend of $0.84 per share. The ex-dividend date was Friday, March 13th. This represents a $3.36 dividend on an annualized basis and a yield of 4.6%. Eastman Chemical's dividend payout ratio is 82.15%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of EMN. UMB Bank n.a. lifted its stake in shares of Eastman Chemical by 6.2% during the 4th quarter. UMB Bank n.a. now owns 2,571 shares of the basic materials company's stock worth $164,000 after acquiring an additional 150 shares during the last quarter. Jacobi Capital Management LLC grew its position in Eastman Chemical by 3.2% in the 4th quarter. Jacobi Capital Management LLC now owns 4,982 shares of the basic materials company's stock valued at $318,000 after acquiring an additional 153 shares during the last quarter. NewEdge Advisors LLC grew its position in Eastman Chemical by 2.6% in the 1st quarter. NewEdge Advisors LLC now owns 7,310 shares of the basic materials company's stock valued at $644,000 after acquiring an additional 183 shares during the last quarter. Captrust Financial Advisors grew its position in Eastman Chemical by 0.8% in the 4th quarter. Captrust Financial Advisors now owns 32,372 shares of the basic materials company's stock valued at $2,066,000 after acquiring an additional 245 shares during the last quarter. Finally, Sunbelt Securities Inc. grew its position in Eastman Chemical by 7.7% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,503 shares of the basic materials company's stock valued at $221,000 after acquiring an additional 249 shares during the last quarter. Institutional investors own 83.65% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft boosted their target price on Eastman Chemical from $64.00 to $72.00 and gave the stock a "hold" rating in a research report on Monday, February 2nd. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $79.00 target price on shares of Eastman Chemical in a research report on Wednesday, February 4th. Bank of America boosted their target price on Eastman Chemical from $74.00 to $79.00 and gave the stock a "buy" rating in a research report on Monday, February 2nd. JPMorgan Chase & Co. upgraded Eastman Chemical from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $70.00 to $80.00 in a research report on Tuesday, April 14th. Finally, Weiss Ratings upgraded Eastman Chemical from a "sell (d+)" rating to a "hold (c)" rating in a research report on Wednesday, February 18th. Six analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $76.36.

About Eastman Chemical

Eastman Chemical Company NYSE: EMN is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company's main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.