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

Eastman Chemical (NYSE:EMN) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 7.250-8.000 for the period, compared to the consensus earnings per share 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 Performance

NYSE:EMN traded down $0.24 during trading hours on Thursday, reaching $96.12. 1,631,680 shares of the company’s stock were exchanged, compared to its average volume of 1,088,901. 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 market capitalization of $11.30 billion, a price-to-earnings ratio of 12.71, a P/E/G ratio of 1.07 and a beta of 1.54. Eastman Chemical has a 1-year low of $68.89 and a 1-year high of $102.71. The company has a 50-day moving average of $93.56 and a 200 day moving average of $86.16.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Friday, February 2nd. The basic materials company reported $1.31 earnings per share (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 analyst estimates of $2.21 billion. Eastman Chemical had a return on equity of 14.15% and a net margin of 9.71%. The business’s revenue was down 7.0% on a year-over-year basis. During the same quarter last year, the company posted $0.89 earnings per share. Research analysts anticipate that Eastman Chemical will post 7.71 EPS for the current year.

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were issued a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend 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 analysts have recently commented on EMN shares. Stifel Nicolaus reduced their target price 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. Wells Fargo & Company raised their price target on Eastman Chemical from $89.00 to $100.00 and gave the company an equal weight rating in a report on Thursday, April 11th. KeyCorp upped their price objective on Eastman Chemical from $101.00 to $121.00 and gave the stock an overweight rating in a report on Tuesday, April 9th. UBS Group boosted their price objective on shares of Eastman Chemical from $91.00 to $93.00 and gave the stock a neutral rating in a report on Friday, February 2nd. Finally, Redburn Atlantic began coverage on Eastman Chemical in a report on Thursday, February 15th. They issued a buy rating and a $110.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $97.81.

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 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 legal filing with the SEC, which is available at the SEC website. 1.93% of the stock is currently owned by insiders.

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.