Eastman Chemical (NYSE:EMN) Announces Earnings Results

Eastman Chemical (NYSE:EMN) announced 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. Eastman Chemical had a net margin of 9.71% and a return on equity of 14.15%. The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.29 billion. During the same quarter last year, the firm earned $1.63 earnings per share. The business’s revenue for the quarter was down 4.2% on a year-over-year basis. 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 Stock Performance

Shares of NYSE EMN traded down $0.61 during midday trading on Friday, hitting $95.52. 1,337,743 shares of the company’s stock traded hands, compared to its average volume of 1,091,972. The firm has a fifty day moving average of $93.78 and a 200 day moving average of $86.23. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $102.71. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.70 and a current ratio of 1.35. The stock has a market capitalization of $11.23 billion, a price-to-earnings ratio of 12.83, a price-to-earnings-growth ratio of 1.07 and a beta of 1.54.

Eastman Chemical Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were paid a dividend of $0.81 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.39%. Eastman Chemical’s dividend payout ratio is currently 43.26%.

Insider Buying and Selling

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total value of $415,496.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.93% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on EMN. 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 research report on Thursday, April 11th. Citigroup upped their price target 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. KeyCorp raised their price objective on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Redburn Atlantic began coverage on shares of Eastman Chemical in a research note on Thursday, February 15th. They issued a “buy” rating and a $110.00 target price on the stock. Finally, Mizuho raised their price target on shares of Eastman Chemical from $91.00 to $102.00 and gave the company a “neutral” rating in a research report on Friday. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company 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.