Eastman Chemical (NYSE:EMN) Issues FY 2024 Earnings Guidance

Eastman Chemical (NYSE:EMN) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 7.400-7.850 for the period, compared to the consensus estimate of 7.670. The company issued revenue guidance of -. Eastman Chemical also updated its FY24 guidance to $7.40-7.85 EPS.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. KeyCorp upped 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. Barclays upped their price objective on Eastman Chemical from $85.00 to $103.00 and gave the company an equal weight rating in a report on Monday, May 6th. Piper Sandler upped their price objective on Eastman Chemical from $90.00 to $105.00 and gave the company a neutral rating in a report on Tuesday, April 30th. Citigroup decreased their price objective on Eastman Chemical from $114.00 to $111.00 and set a buy rating on the stock in a report on Thursday, June 27th. Finally, Mizuho upped their price target on Eastman Chemical from $102.00 to $107.00 and gave the stock a neutral rating in a research note on Friday. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $107.63.

Eastman Chemical Stock Up 3.7 %

Shares of Eastman Chemical stock traded up $3.59 during trading hours on Friday, reaching $100.73. 1,431,588 shares of the company were exchanged, compared to its average volume of 981,780. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $105.98. The stock’s fifty day moving average is $98.84 and its 200 day moving average is $94.28. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39. The firm has a market cap of $11.85 billion, a PE ratio of 12.98, a PEG ratio of 1.06 and a beta of 1.46.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.99 by $0.16. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The business had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the prior year, the company earned $1.99 earnings per share. The company’s revenue was up 1.7% on a year-over-year basis. As a group, equities research analysts forecast that Eastman Chemical will post 7.69 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 9th. Investors of record on Monday, June 17th were issued a $0.81 dividend. This represents a $3.24 annualized dividend and a yield of 3.22%. The ex-dividend date of this dividend was Monday, June 17th. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

Insider Activity at Eastman Chemical

In related news, SVP Adrian James Holt sold 3,662 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $101.26, for a total value of $370,814.12. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Eastman Chemical news, SVP Adrian James Holt sold 3,662 shares of the firm’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $101.26, for a total transaction of $370,814.12. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Mark J. Costa sold 102,390 shares of the firm’s 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 in the company, valued at approximately $39,878,545.22. The disclosure for this sale can be found here. Insiders have sold 108,027 shares of company stock valued at $10,885,638 over the last quarter. 1.93% of the stock is 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.