Eastman Chemical (NYSE:EMN) Releases Quarterly Earnings Results, Beats Expectations By $0.20 EPS

Eastman Chemical (NYSE:EMN) issued its quarterly earnings results on Thursday. The basic materials company reported $1.61 EPS for the quarter, topping the consensus estimate of $1.41 by $0.20, Briefing.com reports. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.95%. The company had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.29 billion. During the same quarter in the previous year, the company earned $1.63 EPS. Eastman Chemical’s revenue was down 4.2% on a year-over-year basis. Eastman Chemical updated its FY24 guidance to $7.25-8.00 EPS and its FY 2024 guidance to 7.250-8.000 EPS.

Eastman Chemical Trading Down 0.6 %

NYSE EMN traded down $0.57 during trading hours on Friday, reaching $95.56. The company’s stock had a trading volume of 1,337,744 shares, compared to its average volume of 837,267. The firm has a fifty day simple moving average of $93.78 and a 200-day simple moving average of $86.23. The stock has a market cap of $11.24 billion, a P/E ratio of 12.31, a P/E/G ratio of 1.06 and a beta of 1.54. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $102.71. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.35 and a quick ratio of 0.70.

Eastman Chemical Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were issued a $0.81 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $3.24 dividend on an annualized basis and a yield of 3.39%. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

Insider Activity at Eastman Chemical

In related news, SVP Adrian James Holt sold 4,735 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.93% of the stock is owned by company insiders.

Analyst Ratings Changes

EMN has been the subject of several analyst reports. Wells Fargo & Company lifted 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 report on Thursday, April 11th. Mizuho boosted their price objective on shares of Eastman Chemical from $91.00 to $102.00 and gave the company a “neutral” rating in a report on Friday. Stifel Nicolaus decreased their price objective on shares of Eastman Chemical from $102.00 to $101.00 and set a “buy” rating for the company in a report on Monday, February 5th. UBS Group boosted their price objective on shares of Eastman Chemical from $91.00 to $93.00 and gave the company a “neutral” rating in a report on Friday, February 2nd. Finally, Royal Bank of Canada boosted their price objective on shares of Eastman Chemical from $89.00 to $100.00 and gave the company a “sector perform” rating in a report on Friday, April 19th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $99.31.

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.