Eastman Chemical (NYSE:EMN) Issues FY24 Earnings Guidance

Eastman Chemical (NYSE:EMN) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $7.40-7.85 for the period, compared to the consensus EPS estimate of $7.68. Eastman Chemical also updated its FY 2024 guidance to 7.400-7.850 EPS.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on EMN. Barclays raised their price objective on Eastman Chemical from $85.00 to $103.00 and gave the stock an equal weight rating in a research report on Monday, May 6th. KeyCorp raised their price objective on Eastman Chemical from $101.00 to $121.00 and gave the stock an overweight rating in a research report on Tuesday, April 9th. Piper Sandler raised their price objective on Eastman Chemical from $90.00 to $105.00 and gave the stock a neutral rating in a research report on Tuesday, April 30th. Wells Fargo & Company raised their price objective on Eastman Chemical from $89.00 to $100.00 and gave the stock an equal weight rating in a research report on Thursday, April 11th. Finally, Bank of America dropped their target price on Eastman Chemical from $113.00 to $112.00 and set a buy rating for the company in a research report on Monday, April 29th. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Eastman Chemical presently has a consensus rating of Moderate Buy and an average price target of $107.63.

Eastman Chemical Stock Up 3.7 %

Shares of EMN traded up $3.59 during midday trading on Friday, hitting $100.73. The company had a trading volume of 1,475,991 shares, compared to its average volume of 733,948. The company’s 50-day simple moving average is $98.85 and its 200-day simple moving average is $94.36. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39. The firm has a market capitalization of $11.85 billion, a P/E ratio of 12.98, a P/E/G ratio of 1.07 and a beta of 1.46. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $105.98.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.14. The business had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.36 billion. Eastman Chemical had a return on equity of 14.06% and a net margin of 9.65%. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.99 EPS. As a group, sell-side analysts expect that Eastman Chemical will post 7.69 EPS for the current year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 9th. Shareholders of record on Monday, June 17th were paid a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date of this dividend was Monday, June 17th. Eastman Chemical’s dividend payout ratio is currently 41.75%.

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 1,975 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total value of $195,959.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Mark J. Costa sold 102,390 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the transaction, the chief executive officer now owns 395,699 shares of the company’s stock, valued at $39,878,545.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Adrian James Holt sold 1,975 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total value of $195,959.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 108,027 shares of company stock worth $10,885,638. 1.93% of the stock is owned by insiders.

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.