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 (EPS) guidance of 7.250-8.000 for the period, compared to the consensus estimate of 7.660. The company issued revenue guidance of -. Eastman Chemical also updated its FY24 guidance to $7.25-8.00 EPS.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Citigroup boosted their price objective on Eastman Chemical from $95.00 to $114.00 and gave the company a buy rating in a research note on Wednesday, April 10th. Mizuho boosted their price objective on Eastman Chemical from $91.00 to $102.00 and gave the company a neutral rating in a research note on Friday. Redburn Atlantic began coverage on Eastman Chemical in a research note on Thursday, February 15th. They set a buy rating and a $110.00 price target on the stock. UBS Group upped their price target on Eastman Chemical from $91.00 to $93.00 and gave the stock a neutral rating in a research note on Friday, February 2nd. Finally, Royal Bank of Canada upped their price target on Eastman Chemical from $89.00 to $100.00 and gave the stock a sector perform rating in a research note on Friday, April 19th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $99.31.

Eastman Chemical Price Performance

NYSE:EMN traded down $0.57 during trading hours on Friday, hitting $95.56. 1,337,744 shares of the company’s stock traded hands, compared to its average volume of 837,267. The firm has a market cap of $11.24 billion, a P/E ratio of 12.31, a P/E/G ratio of 1.06 and a beta of 1.54. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $102.71. The business’s fifty day simple moving average is $93.98 and its two-hundred day simple moving average is $86.39. The company has a quick ratio of 0.70, a current ratio of 1.35 and a debt-to-equity ratio of 0.78.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.20. The firm 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 13.95% and a net margin of 10.16%. The company’s revenue was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.63 earnings per share. On average, research analysts anticipate that Eastman Chemical will post 7.71 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm 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. The ex-dividend date was Thursday, March 14th. This represents a $3.24 dividend on an annualized basis and a yield of 3.39%. Eastman Chemical’s dividend payout ratio is presently 41.75%.

Insider Activity at Eastman Chemical

In other Eastman Chemical 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.93% of the stock is owned by company insiders.

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.