Eastman Chemical (NYSE:EMN) Announces Quarterly Earnings Results

Eastman Chemical (NYSE:EMN) posted its earnings results on Thursday. The basic materials company reported $1.61 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.20, Briefing.com reports. Eastman Chemical had a return on equity of 14.15% and a net margin of 9.71%. The company had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.29 billion. During the same quarter in the prior year, the company earned $1.63 earnings per share. Eastman Chemical’s revenue was down 4.2% compared to the same quarter last year. 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

NYSE:EMN traded down $0.57 during trading hours on Friday, reaching $95.56. 1,337,744 shares of the stock were exchanged, compared to its average volume of 1,091,972. 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 firm has a 50 day simple moving average of $93.78 and a 200-day simple moving average of $86.23. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $102.71. The stock has a market capitalization of $11.24 billion, a P/E ratio of 12.83, a P/E/G ratio of 1.07 and a beta of 1.54.

Eastman Chemical Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on EMN shares. Stifel Nicolaus reduced their price objective on Eastman Chemical from $102.00 to $101.00 and set a “buy” rating on the stock in a research report on Monday, February 5th. KeyCorp increased 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. Redburn Atlantic began coverage on Eastman Chemical in a research report on Thursday, February 15th. They set a “buy” rating and a $110.00 target price on the stock. Wells Fargo & Company increased their target price on Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 11th. Finally, UBS Group increased their target price on Eastman Chemical from $91.00 to $93.00 and gave the stock a “neutral” rating in a research report on Friday, February 2nd. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $99.31.

Insiders Place Their Bets

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 stock was sold at an average price of $87.75, for a total transaction of $415,496.25. The transaction was disclosed in a filing with the SEC, which is available at this link. 1.93% of the stock is currently owned by company insiders.

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.