Eastman Chemical (NYSE:EMN) Issues FY24 Earnings Guidance

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

Eastman Chemical Price Performance

NYSE:EMN traded up $0.77 during mid-day trading on Thursday, reaching $97.15. The stock had a trading volume of 1,136,552 shares, compared to its average volume of 978,300. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $105.98. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.39 and a quick ratio of 0.71. The stock has a market capitalization of $11.43 billion, a PE ratio of 12.52, a P/E/G ratio of 1.07 and a beta of 1.46. The stock has a 50-day simple moving average of $98.90 and a two-hundred day simple moving average of $94.26.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The firm had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.29 billion. During the same quarter last year, the business posted $1.63 earnings per share. The company’s quarterly revenue was down 4.2% on a year-over-year basis. On average, equities analysts anticipate that Eastman Chemical will post 7.69 earnings per share for the current year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 9th. Shareholders of record on Monday, June 17th were given a $0.81 dividend. The ex-dividend date of this dividend was Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a yield of 3.34%. Eastman Chemical’s dividend payout ratio is currently 41.75%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. UBS Group upgraded shares of Eastman Chemical from a neutral rating to a buy rating and raised their target price for the company from $106.00 to $128.00 in a research report on Thursday, May 23rd. Royal Bank of Canada lifted their price target on shares of Eastman Chemical from $100.00 to $104.00 and gave the stock a sector perform rating in a report on Tuesday, April 30th. StockNews.com lowered shares of Eastman Chemical from a buy rating to a hold rating in a report on Thursday, June 20th. Barclays lifted their price target on shares of Eastman Chemical from $85.00 to $103.00 and gave the stock an equal weight rating in a report on Monday, May 6th. Finally, Jefferies Financial Group upgraded shares of Eastman Chemical from a hold rating to a buy rating and lifted their price target for the stock from $102.00 to $125.00 in a report on Monday, April 29th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Eastman Chemical has a consensus rating of Moderate Buy and an average target price of $107.31.

Insider Transactions at Eastman Chemical

In other news, SVP Adrian James Holt sold 1,975 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $99.22, for a total transaction of $195,959.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Mark J. Costa sold 102,390 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were 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 directly owns 395,699 shares in the company, valued at $39,878,545.22. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Adrian James Holt sold 1,975 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $99.22, for a total transaction of $195,959.50. The disclosure for this sale can be found here. Insiders sold a total of 108,027 shares of company stock valued at $10,885,638 over the last three months. Corporate 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.