Eastman Chemical (EMN) to Release Earnings on Thursday

Eastman Chemical (NYSE:EMN) is projected 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 $2,286,860.00 billion for the quarter. Eastman Chemical has set its FY 2024 guidance at 7.500-7.700 EPS.Investors that are interested in participating in the company’s conference call can do so using this link.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The business had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the business posted $1.47 EPS. The company’s 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 Stock Down 2.3 %

Shares of EMN opened at $92.20 on Thursday. The company has a market capitalization of $10.69 billion, a price-to-earnings ratio of 12.34, a PEG ratio of 0.68 and a beta of 1.44. Eastman Chemical has a 52 week low of $80.71 and a 52 week high of $114.50. The stock’s 50-day moving average price is $96.04 and its 200-day moving average price is $100.20. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80.

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 given a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.60%. The ex-dividend date of this dividend was Monday, December 16th. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.81. Eastman Chemical’s dividend payout ratio is currently 44.44%.

Analyst Ratings Changes

EMN has been the subject of several recent research reports. Citigroup lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and cut their target price for the company from $118.00 to $104.00 in a report on Wednesday, December 18th. Wells Fargo & Company raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $110.00 to $125.00 in a report on Tuesday, November 26th. Piper Sandler lowered their target price on shares of Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft cut their price target on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research note on Monday, November 4th. Finally, Mizuho increased their price target on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $112.92.

Insider Buying and Selling at Eastman Chemical

In related news, SVP Julie A. Mcalindon sold 4,456 shares of Eastman Chemical stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total transaction of $471,623.04. Following the transaction, the senior vice president now owns 4,403 shares in the company, valued at approximately $466,013.52. This trade represents a 50.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the business’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total value of $1,102,920.00. Following the transaction, the executive vice president now directly owns 47,287 shares in the company, valued at $4,965,135. This trade represents a 18.18 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,021 shares of company stock worth $1,895,948. Corporate insiders own 2.28% of the company’s stock.

About Eastman Chemical

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.