Eastman Chemical (NYSE:EMN) Issues FY24 Earnings Guidance

Eastman Chemical (NYSE:EMN) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $7.25-8.00 for the period, compared to the consensus earnings per share estimate of $7.66. Eastman Chemical also updated its FY 2024 guidance to 7.250-8.000 EPS.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. 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 report on Thursday, April 11th. Mizuho boosted their target price on Eastman Chemical from $91.00 to $102.00 and gave the company a neutral rating in a research note on Friday. 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. Citigroup lifted their price objective on shares of Eastman Chemical from $95.00 to $114.00 and gave the company a buy rating in a report on Wednesday, April 10th. Finally, 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. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Eastman Chemical has an average rating of Moderate Buy and a consensus price target of $99.31.

Eastman Chemical Stock Performance

Shares of EMN traded down $0.57 during midday trading on Friday, reaching $95.56. The stock had a trading volume of 1,337,744 shares, compared to its average volume of 837,267. The company has a current ratio of 1.35, a quick ratio of 0.70 and a debt-to-equity ratio of 0.78. The firm has a 50 day simple moving average of $93.98 and a 200-day simple moving average of $86.39. The firm has a market cap of $11.24 billion, a PE ratio of 12.31, a P/E/G 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 posted its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.20. The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.29 billion. Eastman Chemical had a return on equity of 13.95% and a net margin of 10.16%. Eastman Chemical’s quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter last year, the company posted $1.63 earnings per share. As a group, sell-side analysts anticipate that Eastman Chemical will post 7.71 EPS for the current year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 5th. Stockholders 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 dividend yield of 3.39%. The ex-dividend date of this dividend was Thursday, March 14th. Eastman Chemical’s dividend payout ratio is currently 41.75%.

Insider Buying and Selling at Eastman Chemical

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