Eastman Chemical (EMN) to Release Quarterly Earnings on Thursday

Eastman Chemical (NYSE:EMN) is set to post its quarterly earnings results after the market closes on Thursday, July 25th. Analysts expect Eastman Chemical to post earnings of $2.00 per share for the quarter. Eastman Chemical has set its FY24 guidance at $7.25-8.00 EPS and its FY 2024 guidance at 7.250-8.000 EPS.Individual interested in participating in the company’s earnings conference call can do so using this link.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.20. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The company had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.29 billion. During the same quarter in the prior year, the company posted $1.63 EPS. The business’s revenue for the quarter was down 4.2% 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 Price Performance

EMN stock opened at $97.44 on Wednesday. The stock has a market capitalization of $11.46 billion, a price-to-earnings ratio of 12.56, a price-to-earnings-growth ratio of 1.07 and a beta of 1.46. The stock’s fifty day simple moving average is $98.99 and its 200-day simple moving average is $94.25. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $105.98. The company has a quick ratio of 0.71, a current ratio of 1.39 and a debt-to-equity ratio of 0.77.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 9th. Shareholders of record on Monday, June 17th were paid a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date was Monday, June 17th. Eastman Chemical’s payout ratio is 41.75%.

Analyst Ratings Changes

Several brokerages have recently weighed in on EMN. KeyCorp increased their price objective on shares of Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Wells Fargo & Company increased their price target on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 11th. Bank of America lowered their price objective on shares of Eastman Chemical from $113.00 to $112.00 and set a “buy” rating for the company in a research note on Monday, April 29th. Mizuho increased their target price on Eastman Chemical from $91.00 to $102.00 and gave the stock a “neutral” rating in a research report on Friday, April 26th. Finally, Piper Sandler boosted their price target on Eastman Chemical from $90.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday, April 30th. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $107.31.

Insider Activity

In other news, CEO Mark J. Costa sold 102,390 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total value of $10,318,864.20. Following the completion of the transaction, the chief executive officer now directly owns 395,699 shares in the company, valued at $39,878,545.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Eastman Chemical news, SVP Adrian James Holt sold 1,975 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total value of $195,959.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mark J. Costa sold 102,390 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the sale, the chief executive officer now directly owns 395,699 shares of the company’s stock, valued at approximately $39,878,545.22. The disclosure for this sale can be found here. Insiders have sold 108,027 shares of company stock worth $10,885,638 over the last 90 days. Company 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.