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

Eastman Chemical (NYSE:EMN) announced its quarterly earnings data on Thursday. The basic materials company reported $1.61 EPS for the quarter, beating the consensus estimate of $1.41 by $0.20, Briefing.com reports. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.95%. The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.29 billion. During the same quarter last year, the business earned $1.63 earnings per share. The business’s revenue for the quarter was down 4.2% compared to the same quarter last year. 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 Trading Down 0.6 %

Shares of EMN stock traded down $0.57 during mid-day trading on Friday, hitting $95.56. 1,337,744 shares of the company’s stock were exchanged, compared to its average volume of 837,267. The stock has a market cap of $11.24 billion, a price-to-earnings ratio of 12.31, a PEG ratio of 1.06 and a beta of 1.54. 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 has a fifty-two week low of $68.89 and a fifty-two week high of $102.71. The stock has a 50-day simple moving average of $93.98 and a two-hundred day simple moving average of $86.39.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were issued 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 (DPR) is presently 41.75%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. UBS Group lifted their price target on shares of Eastman Chemical from $91.00 to $93.00 and gave the company a “neutral” rating in a research report on Friday, February 2nd. Royal Bank of Canada boosted their target price on Eastman Chemical from $89.00 to $100.00 and gave the stock a “sector perform” rating in a research report on Friday, April 19th. Mizuho upped their target price on Eastman Chemical from $91.00 to $102.00 and gave the company a “neutral” rating in a report on Friday. Stifel Nicolaus cut their price target on Eastman Chemical from $102.00 to $101.00 and set a “buy” rating for the company in a research note on Monday, February 5th. Finally, Wells Fargo & Company boosted their price objective on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 11th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Eastman Chemical has an average rating of “Moderate Buy” and a consensus target price of $99.31.

Insider Activity at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.93% of the company’s stock.

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.