Eastman Chemical (NYSE:EMN) Releases FY24 Earnings Guidance

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

Eastman Chemical Stock Down 0.6 %

Shares of NYSE:EMN traded down $0.57 during midday trading on Friday, reaching $95.56. The company had a trading volume of 1,337,744 shares, compared to its average volume of 837,267. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.35 and a quick ratio of 0.70. The stock’s fifty day moving average price is $93.98 and its 200-day moving average price is $86.39. The stock has a market capitalization of $11.24 billion, a P/E ratio of 12.31, a PEG ratio of 1.06 and a beta of 1.54. Eastman Chemical has a one year low of $68.89 and a one year high of $102.71.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $2.29 billion. During the same quarter in the previous year, the firm earned $1.63 earnings per share. The business’s revenue was down 4.2% compared to the same quarter last year. Equities research analysts expect that Eastman Chemical will post 7.71 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Citigroup upped their price target on shares of Eastman Chemical from $95.00 to $114.00 and gave the company a buy rating in a research report on Wednesday, April 10th. Wells Fargo & Company increased their target price 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. Royal Bank of Canada increased their target price on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock a sector perform rating in a research report on Friday, April 19th. UBS Group increased their price target on shares of Eastman Chemical from $91.00 to $93.00 and gave the stock a neutral rating in a research note on Friday, February 2nd. Finally, Stifel Nicolaus lowered their target price 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. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $99.31.

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 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 SEC, which is accessible through this link. Insiders own 1.93% of the company’s stock.

About Eastman Chemical

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.