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

Eastman Chemical (NYSE:EMN) released its quarterly earnings data on Thursday. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20, Briefing.com reports. Eastman Chemical had a return on equity of 13.95% and a net margin of 10.16%. The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.29 billion. During the same quarter last year, the firm earned $1.63 earnings per share. The business’s revenue for the quarter 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 Stock Performance

Shares of Eastman Chemical stock traded down $0.57 during midday trading on Friday, hitting $95.56. The company had a trading volume of 1,337,744 shares, compared to its average volume of 837,267. Eastman Chemical has a 1-year low of $68.89 and a 1-year high of $102.71. The business’s 50 day simple moving average is $93.98 and its two-hundred day simple moving average is $86.39. The stock has a market cap of $11.24 billion, a PE ratio of 12.31, a P/E/G ratio of 1.06 and a beta of 1.54. 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 Dividend Announcement

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

Insider Activity at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the firm’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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 1.93% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on EMN shares. Citigroup boosted their price target on Eastman Chemical from $95.00 to $114.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. UBS Group boosted their target price on shares of Eastman Chemical from $91.00 to $93.00 and gave the stock a “neutral” rating in a research report on Friday, February 2nd. Wells Fargo & Company raised their price target on shares of Eastman Chemical from $89.00 to $100.00 and gave the company an “equal weight” rating in a report on Thursday, April 11th. Royal Bank of Canada upped their price objective on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock a “sector perform” rating in a report on Friday, April 19th. Finally, Stifel Nicolaus cut their target price on Eastman Chemical from $102.00 to $101.00 and set a “buy” rating on the stock in a report on Monday, February 5th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.31.

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.