Eastman Chemical (NYSE:EMN) Issues FY24 Earnings Guidance

Eastman Chemical (NYSE:EMN) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $7.25-8.00 for the period, compared to the consensus earnings per share estimate of $7.66. Eastman Chemical also updated its FY 2024 guidance to 7.250-8.000 EPS.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on EMN. Stifel Nicolaus decreased their price target on shares of Eastman Chemical from $102.00 to $101.00 and set a buy rating on the stock in a research note on Monday, February 5th. Redburn Atlantic began coverage on shares of Eastman Chemical in a report on Thursday, February 15th. They issued a buy rating and a $110.00 price objective for the company. 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. Citigroup boosted their price objective on shares of Eastman Chemical from $95.00 to $114.00 and gave the company a buy rating in a report on Wednesday, April 10th. Finally, KeyCorp boosted their price objective on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an overweight rating in a report on Tuesday, April 9th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $99.31.

Eastman Chemical Stock Down 0.6 %

Eastman Chemical stock traded down $0.57 during midday trading on Friday, hitting $95.56. 1,337,744 shares of the stock were exchanged, compared to its average volume of 837,267. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $102.71. The stock has a market capitalization of $11.24 billion, a price-to-earnings ratio of 12.31, a price-to-earnings-growth ratio of 1.06 and a beta of 1.54. The business’s 50-day moving average price is $93.98 and its 200-day moving average price is $86.39. The company has a quick ratio of 0.70, a current ratio of 1.35 and a debt-to-equity ratio of 0.78.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.20. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.95%. The business had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.29 billion. During the same period in the previous year, the company earned $1.63 earnings per share. The firm’s revenue for the quarter was down 4.2% compared to the same quarter last year. On average, research analysts expect that Eastman Chemical will post 7.71 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were paid a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date was Thursday, March 14th. Eastman Chemical’s payout ratio is 41.75%.

Insider Buying and Selling at Eastman Chemical

In other news, SVP Adrian James Holt sold 4,735 shares of the business’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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate 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.