Eastman Chemical (NYSE:EMN) Updates FY24 Earnings Guidance

Eastman Chemical (NYSE:EMN) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $7.40-7.85 for the period, compared to the consensus earnings per share estimate of $7.68. Eastman Chemical also updated its FY 2024 guidance to 7.400-7.850 EPS.

Eastman Chemical Trading Up 0.8 %

Shares of EMN traded up $0.77 during trading hours on Thursday, reaching $97.15. 1,136,552 shares of the company traded hands, compared to its average volume of 978,300. The firm has a market cap of $11.43 billion, a price-to-earnings ratio of 12.52, a PEG ratio of 1.07 and a beta of 1.46. Eastman Chemical has a 12-month low of $68.89 and a 12-month high of $105.98. The company has a current ratio of 1.39, a quick ratio of 0.71 and a debt-to-equity ratio of 0.77. The stock’s fifty day moving average price is $98.90 and its 200 day moving average price is $94.26.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 10.16% and a return on equity of 13.84%. The business’s revenue was down 4.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.63 earnings per share. Sell-side analysts forecast that Eastman Chemical will post 7.69 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 9th. Investors of record on Monday, June 17th were paid a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date was Monday, June 17th. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

Wall Street Analyst Weigh In

Several analysts have commented on EMN shares. KeyCorp increased their price target on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an overweight rating in a research report on Tuesday, April 9th. Mizuho raised their price target on shares of Eastman Chemical from $91.00 to $102.00 and gave the stock a neutral rating in a research report on Friday, April 26th. Wells Fargo & Company lifted their target price on shares of Eastman Chemical from $89.00 to $100.00 and gave the company an equal weight rating in a report on Thursday, April 11th. Royal Bank of Canada lifted their price target on shares of Eastman Chemical from $100.00 to $104.00 and gave the company a sector perform rating in a research note on Tuesday, April 30th. Finally, UBS Group raised shares of Eastman Chemical from a neutral rating to a buy rating and lifted their price target for the company from $106.00 to $128.00 in a research note on Thursday, May 23rd. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $107.31.

Insider Activity at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 1,975 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $99.22, for a total transaction of $195,959.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Mark J. Costa sold 102,390 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the completion of 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 SEC, which is accessible through this link. Also, SVP Adrian James Holt sold 1,975 shares of the business’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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 108,027 shares of company stock worth $10,885,638. Company 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.