Eastman Chemical (EMN) Projected to Post Quarterly Earnings on Thursday

Eastman Chemical (NYSE:EMN) is expected to announce its earnings results after the market closes on Thursday, January 30th. Analysts expect the company to announce earnings of $1.60 per share and revenue of $2.29 billion for the quarter. Eastman Chemical has set its FY 2024 guidance at 7.500-7.700 EPS.Investors interested in registering for the company’s conference call can do so using this link.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.14 by $0.12. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The business had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the previous year, the firm posted $1.47 earnings per share. Eastman Chemical’s quarterly revenue was up 8.7% on a year-over-year basis. On average, analysts expect Eastman Chemical to post $8 EPS for the current fiscal year and $9 EPS for the next fiscal year.

Eastman Chemical Price Performance

EMN stock opened at $92.69 on Wednesday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52. The firm has a 50 day moving average price of $95.31 and a 200-day moving average price of $100.12. Eastman Chemical has a 52-week low of $80.71 and a 52-week high of $114.50. The firm has a market capitalization of $10.74 billion, a price-to-earnings ratio of 12.41, a PEG ratio of 0.67 and a beta of 1.44.

Eastman Chemical Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 8th. Shareholders of record on Monday, December 16th were paid a dividend of $0.83 per share. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.81. The ex-dividend date of this dividend was Monday, December 16th. This represents a $3.32 dividend on an annualized basis and a yield of 3.58%. Eastman Chemical’s payout ratio is presently 44.44%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on EMN. Citigroup downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and reduced their price target for the company from $118.00 to $104.00 in a report on Wednesday, December 18th. Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $110.00 to $125.00 in a research note on Tuesday, November 26th. Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $115.00 to $109.00 in a research note on Tuesday, January 14th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research report on Monday, November 4th. Finally, Mizuho upped their price objective on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Eastman Chemical presently has a consensus rating of “Moderate Buy” and an average target price of $112.92.

Insider Transactions at Eastman Chemical

In other news, EVP Stephen Glenn Crawford sold 10,504 shares of the business’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the completion of the sale, the executive vice president now owns 47,287 shares of the company’s stock, valued at $4,965,135. The trade was a 18.18 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Julie A. Mcalindon sold 4,456 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total value of $471,623.04. Following the completion of the sale, the senior vice president now owns 4,403 shares of the company’s stock, valued at $466,013.52. This trade represents a 50.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,021 shares of company stock worth $1,895,948 in the last ninety days. Insiders own 1.93% of the company’s stock.

Eastman Chemical Company Profile

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.