Eastman Chemical (NYSE:EMN) Releases Quarterly Earnings Results, Beats Expectations By $0.14 EPS

Eastman Chemical (NYSE:EMN) posted its earnings results on Thursday. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.01 by $0.14, Briefing.com reports. Eastman Chemical had a net margin of 9.65% and a return on equity of 14.06%. The company had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the previous year, the company posted $1.99 earnings per share. Eastman Chemical’s quarterly revenue was up 1.7% compared to the same quarter last year. Eastman Chemical updated its FY24 guidance to $7.40-7.85 EPS and its FY 2024 guidance to 7.400-7.850 EPS.

Eastman Chemical Trading Up 3.7 %

Shares of EMN opened at $100.73 on Friday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $105.98. The firm has a market cap of $11.85 billion, a price-to-earnings ratio of 12.98, a PEG ratio of 1.07 and a beta of 1.46. The business’s fifty day moving average is $98.84 and its 200-day moving average is $94.28.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 9th. Shareholders of record on Monday, June 17th were issued a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date of this dividend was Monday, June 17th. Eastman Chemical’s dividend payout ratio is presently 41.75%.

Insider Activity at Eastman Chemical

In other Eastman Chemical news, CEO Mark J. Costa sold 102,390 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 395,699 shares of the company’s stock, valued at $39,878,545.22. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Eastman Chemical news, SVP Adrian James Holt sold 1,975 shares of the company’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark J. Costa sold 102,390 shares of Eastman Chemical stock in a transaction dated 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 sale, the chief executive officer now directly owns 395,699 shares in the company, valued at $39,878,545.22. The disclosure for this sale can be found here. Insiders have sold 108,027 shares of company stock valued at $10,885,638 over the last ninety days. 1.93% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

EMN has been the subject of several recent research reports. KeyCorp boosted their price objective on 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 upped their target price on shares of Eastman Chemical from $89.00 to $100.00 and gave the company an “equal weight” rating in a research report on Thursday, April 11th. Bank of America reduced their price target on Eastman Chemical from $113.00 to $112.00 and set a “buy” rating on the stock in a research report on Monday, April 29th. StockNews.com downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a report on Thursday, June 20th. Finally, Barclays raised their target price on Eastman Chemical from $85.00 to $103.00 and gave the stock an “equal weight” rating in a report on Monday, May 6th. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $107.63.

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.