Eastman Chemical (NYSE:EMN) Announces Earnings Results

Eastman Chemical (NYSE:EMN) posted its quarterly earnings data on Thursday. The basic materials company reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $0.14, Briefing.com reports. Eastman Chemical had a net margin of 9.65% and a return on equity of 14.06%. The business had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the previous year, the business posted $1.99 earnings per share. The business’s revenue was up 1.7% compared to the same quarter last year. Eastman Chemical updated its FY24 guidance to $7.40-7.85 EPS and its FY 2024 guidance to 7.400-7.850 EPS.

Eastman Chemical Stock Up 3.7 %

NYSE EMN traded up $3.59 on Friday, hitting $100.73. The stock had a trading volume of 1,475,991 shares, compared to its average volume of 733,948. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $105.98. The business’s fifty day moving average price is $98.85 and its 200 day moving average price is $94.36. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.39 and a quick ratio of 0.71. The stock has a market cap of $11.85 billion, a price-to-earnings ratio of 12.98, a price-to-earnings-growth ratio of 1.11 and a beta of 1.46.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 9th. Investors of record on Monday, June 17th were given a dividend of $0.81 per share. The ex-dividend date was Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a yield of 3.22%. Eastman Chemical’s payout ratio is 41.75%.

Insider Buying and Selling

In other Eastman Chemical news, SVP Adrian James Holt sold 1,975 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $99.22, for a total value of $195,959.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Mark J. Costa sold 102,390 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total value of $10,318,864.20. Following the transaction, the chief executive officer now directly owns 395,699 shares of the company’s stock, valued at $39,878,545.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Adrian James Holt sold 1,975 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $99.22, for a total value of $195,959.50. The disclosure for this sale can be found here. Insiders have sold a total of 108,027 shares of company stock worth $10,885,638 in the last ninety days. 1.93% of the stock is owned by insiders.

Analysts Set New Price Targets

EMN has been the topic of a number of analyst reports. Citigroup cut their price objective on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research report on Thursday, June 27th. Mizuho boosted their price objective on shares of Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research report on Friday. Wells Fargo & Company boosted their price objective on shares of Eastman Chemical from $89.00 to $100.00 and gave the company an “equal weight” rating in a research report on Thursday, April 11th. StockNews.com cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Thursday, June 20th. Finally, Barclays boosted their target price on shares of Eastman Chemical from $85.00 to $103.00 and gave the company an “equal weight” rating in a research note on Monday, May 6th. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Eastman Chemical presently has a consensus rating of “Moderate Buy” and an average target price of $107.63.

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.