Eastman Chemical Company (EMN) Hits New 12-Month High After Better-Than-Expected Earnings

Shares of Eastman Chemical Company (NYSE:EMN) reached a new 52-week high on Friday following a better than expected earnings announcement. The stock traded as high as $92.74 and last traded at $92.88, with a volume of 1,493,347 shares traded. The stock had previously closed at $91.04.

The basic materials company reported $2.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.16. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a return on equity of 23.20% and a net margin of 10.89%. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.86 EPS.

The business also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 15th were given a dividend of $0.51 per share. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $2.04 annualized dividend and a yield of 2.19%. Eastman Chemical’s dividend payout ratio (DPR) is presently 29.23%.

Several brokerages have issued reports on EMN. Zacks Investment Research cut Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, August 2nd. UBS AG increased their target price on Eastman Chemical from $97.00 to $103.00 and gave the company a “buy” rating in a research report on Friday. Jefferies Group LLC reaffirmed a “buy” rating and set a $96.00 target price on shares of Eastman Chemical in a research report on Tuesday, October 3rd. Cowen and Company increased their target price on Eastman Chemical from $88.00 to $92.00 and gave the company an “outperform” rating in a research report on Monday, August 7th. Finally, SunTrust Banks, Inc. reiterated a “hold” rating and set a $90.00 price objective on shares of Eastman Chemical in a report on Thursday, October 12th. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $93.62.

In related news, Director Renee J. Hornbaker sold 4,000 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total value of $337,720.00. Following the completion of the transaction, the director now owns 21,858 shares in the company, valued at approximately $1,845,470.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark K. Cox sold 1,400 shares of the firm’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total value of $117,936.00. The disclosure for this sale can be found here. Company insiders own 1.14% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Laurion Capital Management LP raised its stake in Eastman Chemical by 689.5% in the 2nd quarter. Laurion Capital Management LP now owns 87,034 shares of the basic materials company’s stock worth $7,310,000 after acquiring an additional 76,010 shares during the last quarter. Contravisory Investment Management Inc. raised its stake in Eastman Chemical by 1.6% in the 2nd quarter. Contravisory Investment Management Inc. now owns 3,293 shares of the basic materials company’s stock worth $277,000 after acquiring an additional 52 shares during the last quarter. Prudential Financial Inc. raised its stake in Eastman Chemical by 3.0% in the 2nd quarter. Prudential Financial Inc. now owns 561,295 shares of the basic materials company’s stock worth $47,143,000 after acquiring an additional 16,260 shares during the last quarter. Exane Derivatives raised its stake in Eastman Chemical by 569,000.0% in the 2nd quarter. Exane Derivatives now owns 28,455 shares of the basic materials company’s stock worth $2,389,000 after acquiring an additional 28,450 shares during the last quarter. Finally, Mark Sheptoff Financial Planning LLC raised its stake in Eastman Chemical by 4.5% in the 2nd quarter. Mark Sheptoff Financial Planning LLC now owns 4,650 shares of the basic materials company’s stock worth $391,000 after acquiring an additional 199 shares during the last quarter. Institutional investors own 82.09% of the company’s stock.

The stock has a market capitalization of $13.47 billion, a P/E ratio of 14.93 and a beta of 1.27. The stock has a 50-day moving average price of $87.86 and a 200 day moving average price of $83.80.

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Eastman Chemical Company Profile

Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.

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