Eastman Chemical (NYSE:EMN) Updates FY24 Earnings Guidance

Eastman Chemical (NYSE:EMN) updated its FY24 earnings guidance on Thursday. 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.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Citigroup boosted their target price on Eastman Chemical from $95.00 to $114.00 and gave the stock a buy rating in a research report on Wednesday, April 10th. Stifel Nicolaus decreased their target price on Eastman Chemical from $102.00 to $101.00 and set a buy rating for the company in a research report on Monday, February 5th. KeyCorp lifted their price objective on Eastman Chemical from $101.00 to $121.00 and gave the company an overweight rating in a report on Tuesday, April 9th. Redburn Atlantic began coverage on Eastman Chemical in a research note on Thursday, February 15th. They issued a buy rating and a $110.00 target price on the stock. Finally, 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 note on Friday, April 19th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $97.81.

Eastman Chemical Stock Performance

Shares of Eastman Chemical stock traded down $0.23 during trading on Thursday, hitting $96.13. 1,631,680 shares of the stock were exchanged, compared to its average volume of 1,088,901. Eastman Chemical has a 1-year low of $68.89 and a 1-year high of $102.71. The stock has a market capitalization of $11.30 billion, a price-to-earnings ratio of 12.71, a price-to-earnings-growth ratio of 1.07 and a beta of 1.54. The company has a fifty day moving average price of $93.56 and a 200-day moving average price of $86.16. 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 (NYSE:EMN) last posted its quarterly earnings data on Friday, February 2nd. The basic materials company reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.03. The firm had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $2.21 billion. Eastman Chemical had a net margin of 9.71% and a return on equity of 14.15%. The business’s revenue for the quarter was down 7.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.89 EPS. As a group, equities analysts predict that Eastman Chemical will post 7.71 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently declared 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 3.37%. The ex-dividend date of this dividend was Thursday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) 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 shares were 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 accessible through 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.