Eastman Chemical (NYSE:EMN) Updates FY24 Earnings Guidance

Eastman Chemical (NYSE:EMN) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $7.25-8.00 for the period, compared to the consensus earnings per share estimate of $7.66. Eastman Chemical also updated its FY 2024 guidance to 7.250-8.000 EPS.

Eastman Chemical Stock Down 0.6 %

Shares of EMN traded down $0.57 during midday trading on Friday, hitting $95.56. The stock had a trading volume of 1,337,744 shares, compared to its average volume of 837,267. The company has a 50 day simple moving average of $93.98 and a two-hundred day simple moving average of $86.39. 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 has a debt-to-equity ratio of 0.78, a current ratio of 1.35 and a quick ratio of 0.70.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.20. The company had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.29 billion. Eastman Chemical had a return on equity of 13.95% and a net margin of 10.16%. Eastman Chemical’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.63 EPS. On average, analysts anticipate that Eastman Chemical will post 7.71 EPS for the current year.

Eastman Chemical Dividend Announcement

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

Wall Street Analyst Weigh In

EMN has been the subject of several analyst reports. Wells Fargo & Company raised their price objective on 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 lifted their price target on Eastman Chemical from $89.00 to $100.00 and gave the stock a sector perform rating in a report on Friday, April 19th. Mizuho lifted their price target on Eastman Chemical from $91.00 to $102.00 and gave the stock a neutral rating in a report on Friday. KeyCorp lifted their price target on Eastman Chemical from $101.00 to $121.00 and gave the stock an overweight rating in a report on Tuesday, April 9th. Finally, Redburn Atlantic began coverage on Eastman Chemical in a report on Thursday, February 15th. They set a buy rating and a $110.00 price target for the company. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $99.31.

Insiders Place Their Bets

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the business’s 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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.