Eastman Chemical (EMN) Projected to Post Earnings on Thursday

Eastman Chemical (NYSE:EMN) will likely be issuing its quarterly earnings data 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 that are interested in participating in the company’s conference call can do so using this link.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The company had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the previous year, the business earned $1.47 earnings per share. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. 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 Trading Down 0.8 %

Shares of EMN opened at $92.69 on Wednesday. Eastman Chemical has a twelve month low of $80.71 and a twelve month high of $114.50. The stock has a market cap of $10.74 billion, a PE ratio of 12.41, a P/E/G ratio of 0.67 and a beta of 1.44. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. The business’s 50-day moving average price is $95.31 and its 200-day moving average price is $100.12.

Eastman Chemical Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 8th. Investors of record on Monday, December 16th were issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date 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 44.44%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on EMN. Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $110.00 to $125.00 in a research report on Tuesday, November 26th. Piper Sandler decreased their target price on Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Royal Bank of Canada reiterated a “sector perform” rating and set a $105.00 price target on shares of Eastman Chemical in a research report on Friday, November 22nd. Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $115.00 to $109.00 in a research report on Tuesday, January 14th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price 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. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $112.92.

Insider Buying and Selling at Eastman Chemical

In related news, EVP Stephen Glenn Crawford sold 10,504 shares of Eastman Chemical stock in a transaction on Tuesday, November 26th. The shares were 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 of the company’s stock, valued at $4,965,135. The trade was a 18.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Christopher Moore Killian sold 3,061 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total transaction of $321,405.00. Following the sale, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at $1,298,430. The trade was a 19.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,021 shares of company stock worth $1,895,948 over the last three months. Company insiders own 1.93% 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.