Eastman Chemical (NYSE:EMN) Releases FY24 Earnings Guidance

Eastman Chemical (NYSE:EMN) issued an update on its FY24 earnings guidance on Thursday morning. 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 Price Performance

Shares of EMN stock traded down $0.57 during mid-day trading on Friday, hitting $95.56. 1,337,744 shares of the stock traded hands, compared to its average volume of 837,267. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $102.71. The firm has a market cap 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 company’s 50-day simple moving average is $93.98 and its 200-day simple moving average is $86.39. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.70 and a current ratio of 1.35.

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, beating the consensus estimate of $1.41 by $0.20. Eastman Chemical had a return on equity of 13.95% and a net margin of 10.16%. The company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.29 billion. During the same period last year, the firm earned $1.63 EPS. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. As a group, equities research analysts expect that Eastman Chemical will post 7.71 earnings per share for the current year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were issued a $0.81 dividend. This represents a $3.24 dividend on an annualized basis 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

A number of equities analysts recently issued reports on the company. UBS Group lifted their target price on Eastman Chemical from $91.00 to $93.00 and gave the stock a neutral rating in a report on Friday, February 2nd. Royal Bank of Canada lifted their target price on Eastman Chemical from $89.00 to $100.00 and gave the stock a sector perform rating in a report on Friday, April 19th. Citigroup lifted their target price on Eastman Chemical from $95.00 to $114.00 and gave the stock a buy rating in a report on Wednesday, April 10th. Mizuho raised their target price on Eastman Chemical from $91.00 to $102.00 and gave the stock a neutral rating in a research report on Friday. Finally, KeyCorp raised their target price on Eastman Chemical from $101.00 to $121.00 and gave the stock an overweight rating in a research report on Tuesday, April 9th. Seven 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 a consensus rating of Moderate Buy and an average price target of $99.31.

Insider Activity at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 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.