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

Eastman Chemical (NYSE:EMN) will likely be posting its quarterly earnings results after the market closes on Thursday, January 30th. Analysts expect Eastman Chemical to post 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.Persons that wish to register for the company’s earnings conference call can do so using this link.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) 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 company 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 company 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 2.3 %

EMN opened at $92.20 on Thursday. Eastman Chemical has a 52 week low of $80.71 and a 52 week high of $114.50. 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 has a fifty day simple moving average of $96.04 and a 200-day simple moving average of $100.20. The firm has a market cap of $10.69 billion, a P/E ratio of 12.34, a P/E/G ratio of 0.68 and a beta of 1.44.

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 3.60%. 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. Eastman Chemical’s dividend payout ratio (DPR) is 44.44%.

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the sale, the senior vice president now owns 12,366 shares in the company, valued at approximately $1,298,430. The trade was a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the transaction, the executive vice president now owns 47,287 shares in the company, valued at approximately $4,965,135. This trade represents a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,021 shares of company stock worth $1,895,948 over the last three months. Insiders own 2.28% of the company’s stock.

Analyst Upgrades and Downgrades

EMN has been the topic of several research reports. Citigroup cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $118.00 to $104.00 in a research report on Wednesday, December 18th. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Saturday, January 18th. Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $110.00 to $125.00 in a research note on Tuesday, November 26th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research note on Friday, November 22nd. Finally, Mizuho boosted their target price on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $112.92.

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.