Eastman Chemical (NYSE:EMN) Issues Quarterly Earnings Results

Eastman Chemical (NYSE:EMN) released its quarterly earnings data on Thursday. The basic materials company reported $2.15 EPS for the quarter, beating the consensus estimate of $2.01 by $0.14, Briefing.com reports. The business had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 14.06%. The company’s revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.99 earnings per share. 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 NYSE:EMN traded up $3.59 during trading on Friday, reaching $100.73. 1,475,991 shares of the company traded hands, compared to its average volume of 733,948. The firm has a market capitalization of $11.85 billion, a price-to-earnings ratio of 12.98, a P/E/G ratio of 1.07 and a beta of 1.46. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $105.98. The company has a current ratio of 1.39, a quick ratio of 0.71 and a debt-to-equity ratio of 0.77. The business’s fifty day moving average is $98.85 and its 200-day moving average is $94.36.

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th were paid a dividend of $0.81 per share. 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 (DPR) is presently 41.75%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on EMN shares. Barclays upped their price objective on shares of Eastman Chemical from $85.00 to $103.00 and gave the company an “equal weight” rating in a report on Monday, May 6th. Royal Bank of Canada increased their price target on shares of Eastman Chemical from $100.00 to $104.00 and gave the stock a “sector perform” rating in a report on Tuesday, April 30th. Citigroup lowered their price target on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a report on Thursday, June 27th. Piper Sandler increased their price target on shares of Eastman Chemical from $90.00 to $105.00 and gave the stock a “neutral” rating in a report on Tuesday, April 30th. Finally, Jefferies Financial Group raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and increased their price target for the stock from $102.00 to $125.00 in a report on Monday, April 29th. Seven equities research analysts have rated the stock with a hold rating and ten have assigned 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 an average target price of $107.63.

Insider Activity

In other news, CEO Mark J. Costa sold 102,390 shares of the 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 completion of the sale, the chief executive officer now owns 395,699 shares of the company’s stock, valued at $39,878,545.22. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, SVP Adrian James Holt sold 3,662 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $101.26, for a total value of $370,814.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mark J. Costa sold 102,390 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total value of $10,318,864.20. Following the completion of 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. Over the last 90 days, insiders sold 108,027 shares of company stock valued at $10,885,638. 1.93% of the stock is currently owned by company insiders.

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.