Eastman Chemical (NYSE:EMN) Issues Earnings Results

Eastman Chemical (NYSE:EMN) announced its earnings results on Thursday. The basic materials company reported $1.61 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.20, Briefing.com reports. The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.29 billion. Eastman Chemical had a net margin of 9.71% and a return on equity of 14.15%. The firm’s revenue was down 4.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.63 earnings per share. 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

Eastman Chemical stock traded down $0.57 during mid-day trading on Friday, hitting $95.56. The company had a trading volume of 1,337,744 shares, compared to its average volume of 1,091,972. The company has a current ratio of 1.35, a quick ratio of 0.70 and a debt-to-equity ratio of 0.78. Eastman Chemical has a 12-month low of $68.89 and a 12-month high of $102.71. The company’s fifty day moving average is $93.78 and its 200-day moving average is $86.23. The company has a market capitalization of $11.24 billion, a price-to-earnings ratio of 12.83, a P/E/G ratio of 1.07 and a beta of 1.54.

Eastman Chemical Announces Dividend

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

Insider Transactions at Eastman Chemical

In other news, SVP Adrian James Holt sold 4,735 shares of the company’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 transaction of $415,496.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.93% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on EMN shares. Royal Bank of Canada boosted their target price 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. Wells Fargo & Company boosted their price target on Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 11th. Mizuho boosted their price target on Eastman Chemical from $91.00 to $102.00 and gave the stock a “neutral” rating in a research note on Friday. Citigroup boosted their price target on Eastman Chemical from $95.00 to $114.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. Finally, KeyCorp boosted their price target on Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Eastman Chemical currently has an average rating of “Moderate Buy” and an average price target of $99.31.

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.