Eastman Chemical (NYSE:EMN) Issues FY 2024 Earnings Guidance

Eastman Chemical (NYSE:EMN) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 7.250-8.000 for the period, compared to the consensus estimate of 7.660. The company issued revenue guidance of -. Eastman Chemical also updated its FY24 guidance to $7.25-8.00 EPS.

Eastman Chemical Stock Down 0.2 %

EMN traded down $0.24 during trading on Thursday, reaching $96.12. 1,631,680 shares of the stock traded hands, compared to its average volume of 1,088,901. 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 has a fifty-two week low of $68.89 and a fifty-two week high of $102.71. The stock’s 50-day simple moving average is $93.56 and its two-hundred day simple moving average is $86.16. The stock has a market cap of $11.30 billion, a price-to-earnings ratio of 12.71, a price-to-earnings-growth ratio of 1.07 and a beta of 1.54.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Friday, February 2nd. The basic materials company reported $1.31 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.03. The firm had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.21 billion. Eastman Chemical had a return on equity of 14.15% and a net margin of 9.71%. The firm’s revenue was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.89 earnings per share. As a group, equities research analysts expect that Eastman Chemical will post 7.71 EPS for the current year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were issued a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date was Thursday, March 14th. Eastman Chemical’s dividend payout ratio is presently 43.26%.

Analyst Ratings Changes

Several research firms have weighed in on EMN. Citigroup raised their target price on Eastman Chemical from $95.00 to $114.00 and gave the company a buy rating in a report on Wednesday, April 10th. KeyCorp upped their target price on Eastman Chemical from $101.00 to $121.00 and gave the stock an overweight rating in a research report on Tuesday, April 9th. UBS Group lifted their price target on shares of Eastman Chemical from $91.00 to $93.00 and gave the company a neutral rating in a research report on Friday, February 2nd. Royal Bank of Canada upped their price objective on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock a sector perform rating in a report on Friday, April 19th. Finally, Redburn Atlantic assumed coverage on shares of Eastman Chemical in a research report on Thursday, February 15th. They set a buy rating and a $110.00 target price for the company. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $97.81.

Insider Activity at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the firm’s stock in a transaction that occurred 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 filing with the Securities & Exchange Commission, which is available at this link. 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.