Eastman Chemical (NYSE:EMN) Posts Earnings Results, Beats Estimates By $0.20 EPS

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

Shares of EMN traded down $0.57 during trading hours on Friday, reaching $95.56. 1,336,443 shares of the company traded hands, compared to its average volume of 1,088,441. Eastman Chemical has a 12-month low of $68.89 and a 12-month high of $102.71. 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 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. The business has a fifty day moving average price of $93.78 and a 200-day moving average price of $86.23.

Eastman Chemical Announces Dividend

The business also recently disclosed 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 (DPR) is presently 43.26%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on EMN. Redburn Atlantic began coverage on Eastman Chemical in a research report on Thursday, February 15th. They issued a “buy” rating and a $110.00 price target for the company. UBS Group lifted their price target on Eastman Chemical from $91.00 to $93.00 and gave the stock a “neutral” rating in a research report on Friday, February 2nd. Wells Fargo & Company boosted their target price on Eastman Chemical from $89.00 to $100.00 and gave the company an “equal weight” rating in a research report on Thursday, April 11th. Royal Bank of Canada boosted their target price on Eastman Chemical from $89.00 to $100.00 and gave the company a “sector perform” rating in a research report on Friday, April 19th. Finally, Mizuho boosted their target price on Eastman Chemical from $91.00 to $102.00 and gave the company a “neutral” rating in a research report on Friday. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Eastman Chemical presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.31.

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total value of $415,496.25. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.93% of the stock is owned by corporate 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.