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 $7.25-8.00 for the period, compared to the consensus EPS estimate of $7.66. Eastman Chemical also updated its FY 2024 guidance to 7.250-8.000 EPS.

Eastman Chemical Stock Performance

Shares of NYSE:EMN traded down $0.57 during trading on Friday, hitting $95.56. 1,337,744 shares of the company traded hands, compared to its average volume of 837,267. 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 business’s fifty day moving average is $93.98 and its 200-day moving average is $86.39. The stock has a market capitalization of $11.24 billion, a price-to-earnings ratio of 12.31, a PEG ratio of 1.06 and a beta of 1.54. Eastman Chemical has a one year low of $68.89 and a one year high of $102.71.

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

Eastman Chemical Dividend Announcement

The firm also recently announced 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. This represents a $3.24 annualized dividend and a yield of 3.39%. The ex-dividend date was Thursday, March 14th. Eastman Chemical’s payout ratio is currently 41.75%.

Analysts Set New Price Targets

A number of brokerages have recently commented on EMN. UBS Group raised their price target on Eastman Chemical from $91.00 to $93.00 and gave the company a neutral rating in a report on Friday, February 2nd. Redburn Atlantic initiated coverage on shares of Eastman Chemical in a research note on Thursday, February 15th. They issued a buy rating and a $110.00 price target for the company. Wells Fargo & Company increased their price target on Eastman Chemical from $89.00 to $100.00 and gave the company an equal weight rating in a research note on Thursday, April 11th. KeyCorp raised their target price on Eastman Chemical from $101.00 to $121.00 and gave the company an overweight rating in a research note on Tuesday, April 9th. Finally, Stifel Nicolaus lowered their target price on Eastman Chemical from $102.00 to $101.00 and set a buy rating on the stock in a report on Monday, February 5th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Eastman Chemical has a consensus rating of Moderate Buy and a consensus price target of $99.31.

Insiders Place Their Bets

In other news, SVP Adrian James Holt sold 4,735 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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.