Eastman Chemical (NYSE:EMN) Issues FY24 Earnings Guidance

Eastman Chemical (NYSE:EMN) updated its FY24 earnings guidance on Thursday. 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.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. KeyCorp increased their target price on shares of Eastman Chemical from $101.00 to $121.00 and gave the stock an overweight rating in a report on Tuesday, April 9th. Citigroup increased their target price on shares of Eastman Chemical from $95.00 to $114.00 and gave the stock a buy rating in a report on Wednesday, April 10th. Stifel Nicolaus decreased their price target on shares of Eastman Chemical from $102.00 to $101.00 and set a buy rating for the company in a research note on Monday, February 5th. UBS Group increased their price target on shares of Eastman Chemical from $91.00 to $93.00 and gave the stock a neutral rating in a research note on Friday, February 2nd. Finally, Mizuho increased their price target on shares of Eastman Chemical from $91.00 to $102.00 and gave the stock a neutral rating in a research note on Friday. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Eastman Chemical presently has an average rating of Moderate Buy and a consensus price target of $99.31.

Eastman Chemical Price Performance

Shares of EMN stock traded down $0.57 on Friday, hitting $95.56. 1,337,744 shares of the stock traded hands, compared to its average volume of 837,267. The firm has a market cap 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 52 week low of $68.89 and a 52 week high of $102.71. The firm has a 50 day simple moving average of $93.98 and a two-hundred day simple moving average of $86.39. 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 results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.29 billion. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.95%. Eastman Chemical’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.63 EPS. As a group, equities research 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 announced a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were issued a $0.81 dividend. 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 (DPR) is presently 41.75%.

Insider Transactions at Eastman Chemical

In related news, SVP Adrian James Holt sold 4,735 shares of Eastman Chemical stock in a transaction dated 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 Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.93% of the company’s stock.

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.