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 Stock Performance

Shares of Eastman Chemical stock traded down $0.23 during midday trading on Thursday, hitting $96.13. The company had a trading volume of 1,631,680 shares, compared to its average volume of 1,088,901. Eastman Chemical has a 12-month low of $68.89 and a 12-month high of $102.71. The company has a quick ratio of 0.70, a current ratio of 1.35 and a debt-to-equity ratio of 0.78. The stock has a market cap of $11.30 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 1.07 and a beta of 1.54. The company has a fifty day simple moving average of $93.56 and a 200 day simple moving average of $86.16.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Friday, February 2nd. The basic materials company reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.03. Eastman Chemical had a net margin of 9.71% and a return on equity of 14.15%. The company had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.21 billion. During the same period last year, the firm posted $0.89 EPS. Eastman Chemical’s revenue for the quarter was down 7.0% compared to the same quarter last year. As a group, analysts predict that Eastman Chemical will post 7.71 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were given a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date of this dividend was Thursday, March 14th. Eastman Chemical’s dividend payout ratio is presently 43.26%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on EMN. Redburn Atlantic began coverage on shares of Eastman Chemical in a research report on Thursday, February 15th. They set a buy rating and a $110.00 price target for the company. Wells Fargo & Company raised their price objective on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock an equal weight rating in a research note on Thursday, April 11th. Royal Bank of Canada raised their price objective on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock a sector perform rating in a research note on Friday, April 19th. Stifel Nicolaus dropped their price objective 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. Finally, Citigroup raised their price objective on shares of Eastman Chemical from $95.00 to $114.00 and gave the stock a buy rating in a research note on Wednesday, April 10th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Eastman Chemical currently has an average rating of Moderate Buy and an average target price of $97.81.

Insiders Place Their Bets

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of Eastman Chemical stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total transaction of $415,496.25. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.93% of the stock is currently owned by corporate 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.