Eastman Chemical (NYSE:EMN) Updates FY24 Earnings Guidance

Eastman Chemical (NYSE:EMN) issued an update on its FY24 earnings guidance on Thursday morning. 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.

Eastman Chemical Price Performance

Shares of NYSE:EMN traded down $0.57 during midday trading on Friday, hitting $95.56. The company’s stock had a trading volume of 1,337,744 shares, compared to its average volume of 837,267. The business’s 50 day simple moving average is $93.98 and its 200 day simple moving average is $86.39. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.70 and a current ratio of 1.35. The company has a market cap of $11.24 billion, a P/E ratio of 12.31, a price-to-earnings-growth ratio of 1.06 and a beta of 1.54. Eastman Chemical has a 12-month low of $68.89 and a 12-month 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 earnings per share for the quarter, topping 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 firm had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.29 billion. During the same period last year, the firm posted $1.63 earnings per share. The company’s revenue for the quarter was down 4.2% on a year-over-year basis. On average, analysts forecast that Eastman Chemical will post 7.71 EPS for the current year.

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 paid 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 (DPR) is presently 41.75%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Citigroup lifted their target price on shares of Eastman Chemical from $95.00 to $114.00 and gave the stock a buy rating in a research note on Wednesday, April 10th. Wells Fargo & Company lifted their target price on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock an equal weight rating in a research note on Thursday, April 11th. Stifel Nicolaus reduced their price target on shares of Eastman Chemical from $102.00 to $101.00 and set a buy rating on the stock in a research note on Monday, February 5th. KeyCorp boosted their price target on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an overweight rating in a research note on Tuesday, April 9th. Finally, UBS Group boosted their price target on shares of Eastman Chemical from $91.00 to $93.00 and gave the company a neutral rating in a research note on Friday, February 2nd. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Eastman Chemical presently has an average rating of Moderate Buy and a consensus target price of $99.31.

Insider Activity at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the business’s stock in a transaction that occurred on 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 is accessible through the SEC website. Company 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.