Eastman Chemical (NYSE:EMN) Issues Earnings Results

Eastman Chemical (NYSE:EMN) posted its earnings results on Thursday. The basic materials company reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20, Briefing.com reports. The business had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.29 billion. Eastman Chemical had a return on equity of 13.95% and a net margin of 10.16%. The company’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.63 EPS. 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 %

EMN 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. The company has a current ratio of 1.35, a quick ratio of 0.70 and a debt-to-equity ratio of 0.78. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $102.71. The stock’s 50 day moving average price is $93.78 and its 200 day moving average price is $86.23. The stock has a market cap of $11.24 billion, a price-to-earnings ratio of 12.31, a PEG ratio of 1.06 and a beta of 1.54.

Eastman Chemical Dividend Announcement

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

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the business’s stock in a transaction that occurred on 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.93% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on EMN. KeyCorp lifted their target price on Eastman Chemical from $101.00 to $121.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Wells Fargo & Company lifted their target price on Eastman Chemical from $89.00 to $100.00 and gave the company an “equal weight” rating in a report on Thursday, April 11th. Mizuho boosted their price objective on Eastman Chemical from $91.00 to $102.00 and gave the stock a “neutral” rating in a report on Friday. Citigroup boosted their price objective on Eastman Chemical from $95.00 to $114.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Finally, Royal Bank of Canada boosted their price objective on Eastman Chemical from $89.00 to $100.00 and gave the stock 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average 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.